There has been talk about shifting the topic of the first presidential debate, if it occurs, from foreign policy to the economy. There is no need for any change. There are few things that could have damaged our standing in the world more than the gross incompetence — of government and financial institutions — shown by the current financial debacle.

Following is an excerpt from a recent book, “For the Soul of Mankind: The United States, the Soviet Union and the Cold War,” by Melvin P. Leffler, a historian at the University of Virginia. He is discussing Dwight Eisenhower’s policies when he became president in 1953. I have added the bold face for emphasis.

The real challenge, Ike maintained in one of his campaign speeches, “is to build the defense with wisdom and efficiency. We must achieve both security and solvency. In fact, the foundation of military strength is economic strength. A bankrupt America is more the Soviet goal than an America conquered on the field of battle.”

If Ike were able to hear what is going on now, he would probably cringe at the comments made today by Peer Steinbrueck, the German finance minister, as reported by Bloomberg:

“One thing seems probable to me: The U.S. will lose its status as the superpower of the global financial system.”

.