How Obama lost friends and influence in the Brics - FT.com: "....Each of these deteriorating relationships has specific narratives. But there are two larger themes linking them together. First, the world is adjusting to declining US power. America retains by far the world’s largest military force. But it gets a little less so each year. China’s defence budget continues to grow by double digits while that of the US is falling in real terms. The US miscalculated badly in its 2003 invasion of Iraq...."