It's very popular these days to cry that American power is failing. That's not true, strictly speaking, or at least not the only perspective.
The big story here is that the tide of globalization is raising so many boats. China's so far peaceful rise needn't spell doom for America. It just marks the end of a crazy bit of history where we were unrivaled, especially in the free world.
And the rise of these other countries, including the somewhat-banding together of the EU to leverage a little more influence, is not a zero-sum game. In fact, I bet more wealth will be created in America by everyone growing than if we maintained our huge lead.
It does mean we will have to resort to more diplomacy if we want to get at least some of what we want on the international stage in the future. Wonder if we can revive that lost art. Probably another place where we will have to look to the private sector to find some people who have some experience with this...