The US — its bankrupt mortgage institutions nationalised and its gigantic war machine effectively funded by foreign borrowing — is in steep decline. With its financial system in the worst mess since the 1930s, the west's ability to shape events is dwindling by the day. Sermonising about "law-based international relations" is laughable after Iraq, and at bottom not much more than nostalgia for a vanished hegemony.

"Folly of the progressive fairytale," The Observer (2008-09-08)