That’s what the rest of the world is saying, anyway. The Spiegel staff writers, and hence a certain segment of Germany, certainly thinks that America’s world dominance has come to an end:

[Bush] talked [at the UN] about terrorism and terrorist regimes, and about governments that allegedly support terror. He failed to notice that the delegates sitting in front of and below him were shaking their heads, smiling and whispering, or if he did notice, he was no longer capable of reacting. [...]

“Absurd, absurd, absurd,” said one German diplomat. A French woman called him “yesterday’s man” over coffee on the East River. There is another way to put it, too: Bush was a laughing stock in the gray corridors of the UN.

The American president has always had enemies in these hallways and offices at the UN building on First Avenue in Manhattan. The Iranians and Syrians despise the eternal American-Israeli coalition, while many others are tired of Bush’s Americans telling the world about the blessings of deregulated markets and establishing rules “that only apply to others,” says the diplomat from Berlin.

But the ridicule was a new thing. It marked the end of respect.

The article continues,

Is it only President George W. Bush, the lame duck president, whom the rest of the world is no longer taking seriously, or are the remaining 191 UN member states already setting their sights on the United States, the giant brought to its knees? UN Secretary General Ban Ki Moon referred to a “new reality” and “new centers of power and leadership in Asia, Latin America and across the newly developed world.” Are they surprised, in these new centers, at the fall of America, of the system of the Western-style market economy?

The fall of America? We were always taught, as citizens of any great empire in history, that our global empire would last forever. The American middle class rules the world, right? Not anymore — the middle class is disappearing, and the UN Secretary General is already talking about “new centers of power.”

I don’t know if any news agencies are reporting about this kind of pessimism in Europe. Obama, though, at least recognizies America’s fall from grace. Does he see how bad it really is?

The banking crisis in the United States has shaken many things in recent days, not just the chancellor’s affection for America and the respect the rest of the world once had for the US as an economic and political superpower. Since the US investment bank Lehman Brothers plummeted into bankruptcy two weeks ago, the financial crisis has developed a destructive force of almost unimaginable strength. The proud US investment banks with globally recognized names like Merrill Lynch and Goldman Sachs have all gone bankrupt, been bought up or restructured. The American real estate market has essentially been nationalized. And the country’s biggest savings and loan, Washington Mutual, has failed and been sold at a loss.

In light of the almost daily reports of losses in the financial sector, it seemed almost secondary to note that the disaster had also turned into one of the biggest criminal investigations in American history. The Federal Bureau of Investigation (FBI) is already investigating 26 large financial corporations as well as 1,400 smaller companies and private citizens for possible fraud.

Economists now characterize what began two years ago with falling prices in the American real estate market as the biggest economic disaster since the world economic crisis of the 1930s. No one knows whether and how the meltdown of global financial markets, which would have grave consequences for the world economy, can still be prevented.

And now, of all times, the world is faced with a preeminent power that no longer seems capable of leading and a US president who is not even able to unite his divided country in an hour of need.

For weeks, Bush ignored the crisis, insisting on the strength of the market and telling Americans: “Everything will be fine.”

Indeed — we might finally be reaching the point at which Americans are no longer pacified by such platitudes. We are in a new America.

This is no longer the muscular and arrogant United States the world knows, the superpower that sets the rules for everyone else and that considers its way of thinking and doing business to be the only road to success.

A new America is on display, a country that no longer trusts its old values and its elites even less: the politicians, who failed to see the problems on the horizon, and the economic leaders, who tried to sell a fictitious world of prosperity to Americans.

It’s a very long series of articles, but take the time to read it: The End of Arrogance.