While we talk about America's massive debt load, and high unemployment rates I don't think we'll ever see a true shrinkage of American Military and Poilitical power on the world stage.
A lot of the world's economy does depend on trade with America who run a massive trade deficit.
If they ever decided to address that the ripples on the world wide economy would be disasterous. So while China can claim to own a majority of America's debt for example, what China can't afford is a trade war with the U.S. The old saying is that China needs America to buy its products more then America needs to buy thier products.
If America ever decided to isolate itself and focus on its own internal issues the world would suffer.
Militarily America still leads the way, and invests a huge amount of their economy in military applications.
Naval wise the American's not only won the game, but the game is closed
Same with their air force and naval aviation.
In terms of boots on the ground, America really effectively learned a lot of lessons in vietnam and I believe that they're learning valuable lessons in Afghanistan and in Iran, I don't think that there's a military in the world that can kill as efficiently and quickly as the Americans.
Personally, I would prefer that America remains a world power or even the world power, because a world with China and some of the Eurasiac states in control of the world economy is frightening.
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My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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