America suffered embarrassments both domestically and internationally in 2007.
President George W Bush, in his seventh year in office, set a most dubious record: 24 per cent job approval rating. It represented the culmination of a shocking tailspin. Just six years ago, in the immediate aftermath of 9/11 attacks, Bush actually achieved a 90 per cent approval rating, the highest recorded for any US President.
The new number - 24 per cent -- comes from an October 2007 Reuters/Zogby telephone poll, and represents the lowest Presidential job approval rating since Richard Nixon scored the same in the wake of the Watergate Scandal.
Research shows Americans are overwhelmingly against the US-led occupation of Iraq, and Bush's foreign policy initiatives have garnered near unanimous opposition from both political parties.
To make matters worse, impressions of America internationally have hit rock bottom as well, representing a complete reversal of fortune from the Clinton presidency.
Negativity and pessimism ruled elsewhere, particularly in economics. In general, the US dollar has depreciated over the past five years when compared to leading foreign currencies. But this year was the worst yet, as the dollar hit a new low against the Euro -- 0.67 -- and a 30-year low against the Canadian dollar and Indian rupee.
Analysts believe that high US trade deficits, falling interest rates and the Euro's emergence as an international reserve currency have contributed to the dollar's decline. Furthermore, the Freddie Mac index shows US home prices posted the largest drop in 25 years in the three months leading up to the end of September.
With the 2008 elections on the horizon, America seems ready to redirect its course. The two strongest Presidential candidates -- Hillary Clinton and Barack Obama -- are both Democrats and represent minority groups marginalised by the American political system.
If Obama wins, he will be the first person of African heritage elected to the presidency, and if Hillary wins, she'll be the first woman President in the United States' 230-plus years.
Image: A woman exits a shop displaying price tags in New York, November 7. The dollar tumbled to fresh lows against the euro, with already cautious sentiment hit by reports China might diversify its massive forex reserves away from the US unit.
Photographs: Emmanuel Dunand/AFP/Getty Images
Also read: The coming collapse of the US dollar
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