The world balance of power is changing. Countries like China, India, Turkey and Brazil are heard from more frequently and on a wider range of subjects. The European Union’s most ambitious global project—creating a universal treaty to reduce carbon emissions—has collapsed, and EU expansion has slowed to a crawl as Europe turns inward to deal with its debt crisis. Japan has ceded its place as the largest economy in Asia to China and appears increasingly on the defensive in the region as China’s hard and soft powers grow. The international specialists have a label for these changes: American decline. The dots look so connectable; The financial crisis, say the experts, comprehensively demonstrated the failure of "Anglo-Saxon" capitalism. The wars in Afghanistan and Iraq have sapped American strength and, allegedly , destroyed America’s ability to act in the Middle East. Actually, what’s been happening is just as fateful but much more complex. The United States isn’t in decline, but it is in the midst of a major rebalancing.