What does all this add up to? Less European influence in the world. Europe's position in institutions like the World Bank and the IMF relates to its share of world GDP. Its dwindling defense spending weakens its ability to be a military partner of the U.S., or to project military power abroad even for peacekeeping purposes. Its cramped, increasingly protectionist outlook will further sap its vitality.
The decline of Europe means a world with a greater diffusion of power and a lessened ability to create international norms and rules of the road. It also means that America's superpower status will linger.
Sometimes we just need an article to life our spirits. With the rise of the Asian powers (China and India), we as Americans need something to feel good about. We can say, "Hey, at least we're not Europe." From what I've read, the U.S. has a good half century left of superpower status. I don't put too much stock in that assessment since a nation can gain and loose that status in a few years given the right circumstances. But for the moment, we can look at those smug Europeans who rail against Americans, and say, "Fuck You. You suck and your present condition proves it."
...Not that I hate Europeans or anything. :P
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