America in Terminal Decline? No Way, Says Geopolitical Expert George Friedman

With its slumping economy, mountains of debt, ungodly deficits and overseas entanglements, many observers believe the end of the American era is at hand.

Not so, according to George Friedman, founder of STRATFOR, a global intelligence company.

In his latest book, The Next 100 Years, Friedman argues America's power on the world stage will actually increase in the 21st Century for three major reason:

• The immense size of the U.S. economy: The current crisis is painful and America's deficits are shocking on an absolute basis but are "trivial" relative to the country's net worth, which Friedman estimates is about $340 trillion.
• The unrivaled dominance of the U.S. Navy: Even in the digital age, control of the high seas is paramount in geopolitics.
• The ability of the U.S. to absorb immigrants, both culturally and in terms of the nation's relatively low population density.

This last point is controversial, considering the nation's current anti-immigration mood and worries about ongoing job losses. But the global population is shrinking, especially in the developed world, and Friedman foresees labor shortages leading to competition for immigrants in the next 20-30 years. America's ability to attract and absorb those workers, especially relative to economic rivals like Germany and Japan, will thus be key to its continued status as the world's leading power, he argues.