"The international chattering class has a label for these changes: American decline. The dots look so connectable: The financial crisis, say the pundits, comprehensively demonstrated the failure of "Anglo-Saxon" capitalism. The wars in Afghanistan and Iraq have sapped American strength and, allegedly, destroyed America's ability to act in the Middle East. China-style "state capitalism" is all the rage. Throw in the assertive new powers and there you have it—the portrait of America in decline.
Actually, what's been happening is just as fateful but much more complex. The United States isn't in decline, but it is in the midst of a major rebalancing. The alliances and coalitions America built in the Cold War no longer suffice for the tasks ahead. As a result, under both the George W. Bush and Barack Obama administrations, American foreign policy has been moving toward the creation of new, sometimes difficult partnerships as it retools for the tasks ahead.
http://www.realclearworld.com/articles/2012/04/09/the_myth_of_americas_decline_100001.html
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