Always interesting to see the CFR's take on things. Two articles, first by Fareed Zakaria which discusses how the rise of non-us power will diminish US power. This occurs not by taking away from US power per se, but rather by 'growing the pie' and the US with a lesser rate of 'growth' (multifactorial) having a declining percentage of power as other powers rise. Key points: -Comparison to British empire decline; similarities refuted -America: Good economy, bad politics. American political system cited as 'dysfunctional', 'antiquated & overly rigid' -Growth industries: Nanotech and Biotech -Primacy of american higher education -Benefit of Immigration -Favorable US demographics (vs eurozone/japan) The second article is even more interesting as it is written by Richard Haass, president of the CFR. The article discusses non-polarity arising out of the prior unipolar US hegemony after the cold war ended. However, what's really interesting (for a trader anyway) is this statement buried in the middle of the article. I'll cite it : FA 87:3: p52 "These threats can take the form of rogue states, terrorist groups,energy producers, or central banks whose action or inaction can create conditions that affect the role and strength of the U.S. Dollar.(italics mine) The Federal Reserve might want to think twice before continuing to lower interest rates, lest it precipitate a further move away from the dollar. There can be worse things than a recession. Well, there you have it. You may draw your own conclusions. In any case, I do recommend purchasing the journal and reading the articles.