Very good point about the "redistribution" of economic power among the nations in the world, rather than "transferring" of dominance position to another country, like many people have predicted or expected. Interesting you mentioned Jim Rogers, I am just reading his "Bulls in China". Good book!
I am just trying to add that American's economical dominance is not only it's own doing but also a result of what's happening around the world. War, is probably the fastest way of changing power and wealth in the history of human kind. Every war is a turning point for US. The world war II, the Vietnam war and this war too. The downward spiral of currency is defintely a vote of no confidence in US's economic leadership. This war, the Europian Union, oil price(I do, respectfully disagree here. Oil, as a main source of energy,it's demand, supply and price absolutely affect significantly almost every thing we make, consume and maintain. It is almost sole factor in mid-east economy and major economical support line in quite a number of other countries) and boomings of China, India and Russia is dramatically redistributing, rather than depleting the wealth of the world. US is just not benefiting much from it. yes, Solos and Jim Rogers(Bulls in China) and etc have been predicting it, but this war hammers it down.
This is Soros's position ever since the Asian financial crisis. I think sometimes he's a littlbe bit too "anti-American" :). IF this is the turning point for the US, which other countries will be the next leading nation of the century? China? India? Are they well prepared for this challenge? That would be an interesting topic!
The oil price is definitely "frost on the snow"!!!
I think some of the authorities are agreeing with ZJ check the following link http://finance.sina.com.cn/world/gjjj/20080125/03404450834.shtml
The problem is also compounded by the fact that the oil price is going up which could or have brouhgt up CPI. The fed wants to boost the economy by lowering the interest rate, but the oil price is implying great danger of inflation. which does not help with a lower interest rate. What a delimma.