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I have long argued that U.S. decline as a hegemonic power began circa 1970 and that a slow decline became a precipitate one during the presidency of George W. Bush. I first started writing about this in 1980 or so. At that time the reaction to this argument, from all political camps, was to reject it as absurd. In the 1990s, quite to the contrary, it was widely believed, again on all sides of the political spectrum, that the United States had reached the height of unipolar dominance.|
However, after the burst bubble of 2008, opinion of politicians, pundits, and the general public began to change. Today, a large percentage of people (albeit not everyone) accepts the reality of at least some relative decline of U.S. power, prestige, and influence. In the United States this is accepted quite reluctantly. Politicians and pundits rival each other in recommending how this decline can still be reversed. I believe it is irreversible.
Finally, there are two real consequences of which we can be fairly sure in the decade to come. The first is the end of the U.S. dollar as the currency of last resort. When this happens, the United States will have lost a major protection for its national budget and for the cost of its economic operations. The second is the decline, probably a serious decline, in the relative standard of living of U.S. citizens and residents. The political consequences of this latter development are hard to predict in detail but will not be insubstantial.
by Immanuel Wallerstein