Hmm... back in 1981, the USSR was one of two super powers. But I know... we should just ignore that right?
Bottom line, while the counterbalance to the US may have changed, one still existed. The US has become MORE dominant economically relative to the rest of the world, not less since 1981. China has also become far more relevant than they were, as have Brazil and India. Now tell us what any of these has to do with the lack of recovery in the US.
Yes. As I stated, the countries that formed the Euro existed in 1981. So what is your point? Are you suggesting that the currency change is the reason Obama can't get the economy to recover? I know that is one of the million excuses Obama uses as to why its 'not his fault' or 'its out of his control', but is it reality when it comes to our recovery?