Fairy Tale of American Decline and China’s Rise

Has the power and influence of the United States declined in recent years? Does the current global recession, the outcome of the US invasion of Iraq and the resilience of the Taliban in Afghanistan provide adequate rationale to profess waning of US influence? Has China’s power and influence grown to an extent that can effortlessly put it on the top of the global hierarchy of power? Is the US–China interdependence equitable enough to work as a deterrent against unbolted conflict?