Imperial Sunset? The `decline of U.S. hegemony' has been a favourite theme among many circles of the left since the early 1970s, not as an absolute event but as a relative decline, related to the growing power of its major capitalist competitors. Is that `decline' now becoming a real `sunset'?
A variety of factors have contributed to this question: the military debacle of the U.S. in Iraq and of Israel, its only 100 per cent ally, in Lebanon, which precipitated comprehensive domestic crises of confidence inside both countries; the immensity of U.S. deficits and instability of the dollar as the pre-eminent global currency; the challenges of the famous "pink tide" in Latin America; the resurgence of Russian power and high rates of growth in China and India; "resource wars", that is, the emergence of giant energy producers and consumers on the one hand and, on the other, what Michael Klare calls "energo-fascism" in which, he avers, the Pentagon has increasingly become a "global oil protection service". That is a very tall order, and no one article, or a set of articles as the current issue of Frontline is presenting them, can wholly answer questions of such magnitude. What follows here offers a basic outline, starting with the Achilles' heel, the historically unprecedented and currently unrivalled military power of the U.S., which is proving to be the principal cause of its hubris.
Continue reading here. H/T: "juan," in the comments at Maxspeak.
Update: Original link is dead, but this seems to be the same piece (link).