Anatole Kaletsky thinks that the rollercoaster of events during 2005 point to one main conclusion:
The unravelling of the Bush Administration, which started immediately after the President’s re-election, came as no surprise to those of us who found Mr Bush an absurdly implausible leader and were expecting open warfare to break out within the Republican Party’s strange coalition of economic liberals, social conservatives and trigger-happy militarists. This early in-fighting in Washington is not necessarily bad news for the American Right or good news for the Democrats. The various Republican factions have plenty of time to let off steam and settle on a plausible candidate by 2008. But the rapid decay of the Bush presidency has broad significance for it could inspire a profound reassessment of America’s global hegemony and its role in the world. After 9/11, and especially after the easy invasions of Afghanistan and Iraq, America has been widely believed to dominate the world because of its unchallengeable military power. But this year’s events in Iraq and Washington have shown this assessment to be simply wrong.
It is America's economic and cultural power that have enabled it to continue to dominate the world — perhaps something that (and I hesitate to give the content industry cartel ideas) is yet to enter the debate over intellectual property law in the US.