Each of these deteriorating relationships has specific narratives. But there are two larger themes linking them together. First, the world is adjusting to declining US power. America retains by far the world’s largest military force. But it gets a little less so each year. China’s defence budget continues to grow by double digits while that of the US is falling in real terms. The US miscalculated badly in its 2003 invasion of Iraq.Mr Obama’s latest defence budget would preclude another Iraq-style invasion. That, of course, is a good thing. But other observers, including those who are beginning to resist American power around the world, are adjusting their behaviour. They see a US that is increasingly unwilling to project global force – except using remote control. Meanwhile, the Brics’ economic growth rates are slowing. But they are still growing faster than the US, and are likely to continue to do so. The economic centre of gravity will continue to shift their way.
Less and less relevant. Just as the MEC has planned all along.
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