American decline has once again become a fashionable prophecy in academic and media circles. This time, BRIC countries like China and India have replaced the specter of a rising Japan, the country that was often cited by ‘declinists’ as a challenger to American hegemony during the 1980s. This backgrounder will examine both sides of the debate and provide an objective analysis of the causes and possible effects of American decline.

The U.S. government’s swiftly arrived upon decision to pump massive amounts of money into a faltering banking system may come back to haunt policymakers as a trade-off between one disaster for another.

The 2008-2009 Israel-Gaza War enters its second week, with no signs of letting up any time soon.

On Friday, Pakistan redeployed thousands of troops to its border with India, making war imminent between the nuclear-armed rivals following last month’s terrorist attacks on Mumbai, India’s cultural and financial capital.

The resignation of hundreds of Pakistani police personnel due to fear of Taliban reprisals, and escalating tension along the Indo-Pak border eclipsing Islamabad's focus on militancy along its Afghan border, may result in Pakistan's NorthWest Frontier Province (NWFP) and Federally Administered Tribal Areas (FATA) falling to Pakistan Taliban control.

Wednesday, November 24th's dramatic terrorist attacks and siege of Mumbai, India’s commercial capital, threatens to unravel the precarious progress towards peace between nuclear rivals India and Pakistan.

The recently negotiated US-Iraq Status-of-Forces security pact signals the beginning of the end of the U.S. occupation of Iraq.

If the financial crisis caused by Wall Street manages to diminish Washington’s prestige, ability to influence policy, and deters allies from following the US’ lead on foreign policy, it will achieve what 50 years of near nuclear confrontation with the Soviet Union failed to do—the dissolution of the American Empire.

Far from being a routine reshuffling exercise, Pakistan’s appointment of a new chief for the Inter-Services Intelligence (ISI) comes amid growing US pressure for reform and concern about the premier spy agency’s loyalty in the “war on terror”. 

The recent collapse of investment bank Bear Stearns, the lack of market liquidity and the sub prime mortgage crisis are all representative of more fundamental flaws in the financial system and American economy.