Bush fiddles with economy while Baghdad burns
Could a faltering dollar and global rebellion against its values presage the decline, and eventual fall, of the American empire, asks Mark Tran

Yet there can be little doubt that the US, backed by Britain, its loyal junior ally, will eventually prevail. The conflict will bring the US little glory, pitting the world's most powerful military machine against a dilapidated army, but when American and British troops enter Baghdad, the US will surely cement its status as a hyperpower.

But does the US colossus have feet of clay? It takes a brave soul to argue that America, the world's largest economy and by far its most potent military power, is about to go into decline, when it is widely perceived as a hyperpower. But Independent Strategy, a financial research company for institutional investors, has made the case in a paper that is making the rounds of big investment banks such as Goldman Sachs.
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