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This is not the Cold War; this is a lot worse.
First, there are no Superpowers today. You can't have one Superpower without at least one other to define itself in opposition to.
And the US and the West are significantly weaker than in the past due to both the oil situation and the rising economic power of rest of the world (but in particular China).
The US and Europe have also proven that they are incapable of either advancing their ideals or taking decisive action to defend their strategic interests.
There's no chance of an apocalyptic nuclear war ? but that is what you frighten you the most. Without the credible threat of MAD (that one side or the other actually would escalate to that level), there is nothing to stop a return to the world of the 18th century ? with nations building empires both by economic coercion and by piecemeal conquest.
When the Cold War ended there were only two possibilities ? a world where economic cooperation and competition (via Capitalism) became the centerpiece of international relations ? or the total collapse of the world order into chaos. You had your chance ? and you won't get another.
The West is now collapsing in on itself just like Rome did ? not defeated by some greater power, but nibbled to death by opportunists while the core withers and decays.
Our economy is no longer dominant and is rapidly becoming second-tier. We have accepted Euro-style pacifism and isolationism as the definition of "constructive engagement" with the world. It doesn't matter how powerful your military is if you are politically incapable of using it effectively.
In short we have squandered the political, economic, and military leverage that made us preeminent. The US won't disappear from the face of the earth ? but if no one listens to us, we might just as well. You will not enjoy living in a world where your country has no control over its destiny. (Think the Russians don't believe that?)
The real problem, however, is nuclear. Without the ultimate superpower opposition of the Cold War, there is nothing to stop limited nuclear war from becoming first, imaginable, and then commonplace.
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