The dominance of US in the international arena be it on science and technology, finance, software, pharmaceuticals, energy security, military etc. may not be under question, even with the current financial debacle costing trillions of dollars for the economy.
What people fail to understand is that for all the luxury enjoyed by the Americans and through them by the rest of the world due to the inflated property prices and mad consumer spending, may after all start again, may be after two or three quarters , because, human beings seldom stop their addictions, even at any cost.