It may be a dubious honor for the last remaining superpower, but the U.S. can now claim to be the bargain basement of the world. Signs of this distinction are everywhere this summer -- atop the Empire State Building, for instance, where Klaus Graumann, 27, a molecular biologist from Austria, is snapping pictures with his just acquired Olympus camera, wearing jeans, a polo shirt and running shoes also bought during his visit. "We say, 'O.K., we've seen the museums. Let's get a sandwich and go to the department store,' " notes Graumann.
The U.S. has long been one of the world's...
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