Is today's leadership over?

In Sunday's UK Observer, is an article by John Gray entitled "A Shattering Moment in America's fall from power. Everyone is watching the USA news and it is not surprising to find such articles. My company's headquarters is in Germany, and a recent traveler there said that is on the minds of many people who perhaps believe their country may be the next to fall. John Gray's article maintains that the era of American global leadership, dating back to World War II, is over. He cites the falling domination as it slips away in it's own back yard. Nationalization of the American financial system precipitates the end of the free market enterprise as we knew it. He goes on to note that time and time again, American administrations have stressed the need for sound finance, yet apparently has not heeded it's own advice. China has been cited multiple times for a weak banking system although China's success has been based on it's rejection of Western advice. A fitting sight is that China has someone in space and America has it's secretary on his knees begging for approval of the proposed bail out package. According to Gray, America preaches one rule for everyone else which it does not follow itself.
Further in the article, Gray compares the fall out to that of the British Empire, blaming the interaction between war and debt. The Soviet Union' s demise can be attributed to the fall in Afghanistan, and Reagan's "technically flawed and politically extremely effective Star Wars program". The cost of the Iraq war coupled with the credit bubble have had a severe affect on the American economy. The cost of the surge, while producing a relative peach in certain parts of the country, cannot be sustained in the current economy. If America does retreat, Iran becomes the victor, and will this increase the likely hood of nuclear weapons?
Gray closes by concluding that America's leaders apparently do not fully understand the depth of the issues and the possible ramifications that will put America in danger of collapse.

He maintains "the American global leadership is fast ebbing away."
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A sobering thought on a night that has yet to produce an agreement between the house and the senate on the bail out package - and one might ask, those that are up for reelections are being swayed by their constituents, and not what they believe is good for the future of the country?