Eric Margolis sums up the situation very well.
For the entire twenty-five years of my political activism and writing, I have considered the defeat of the American empire to be the most pressing political question. Now, it finally seems to be happening. The empire is essentially bankrupt, and is incapable of pacifying the indigenous resistance on the periphery. The post-WW2 alliances that formed the structure of the empire during the Cold War and post-Cold War periods seem to be falling apart as Europe is becoming more assertive of its own interests independently of the U.S. and the BRIC axis is rising as a potent economic force. Perhaps we can refer to this situation as “Noam Chomsky’s Revenge.”