With the decline in U.S. economic power, a similar decline in its political influence inevitably follows. In the military arena the U.S. reigns supreme. No country comes even close in matching its lethal firepower and massive Pentagon budgets. As its economic position weakens, Washington may be tempted to turn even more to its trump card-guns-in addressing international issues. China looms as the coming force to be reckoned with in the world. It is the number one exporter and is poised to pass Japan as the second largest economy. And within a few decades it will surpass the U.S. China, the ancient Middle Kingdom, had a bad couple of centuries with invasions, occupations, and civil wars but now it's back, big time. And Beijing watches patiently as Washington fritters away its wealth in endless wars and a global network of military bases.

Michael Klare is professor of Peace and Conflict Studies at Hampshire College. He is defense correspondent for the Nation magazine. He is the author of many books including Resource Wars, Blood and Oil and Rising Powers, Shrinking Planet.