I've heard commnetary about Obama's speech this morning in...

I've heard commnetary about Obama's speech this morning in Canberra and the US' renewed focus on the Pacific - this has more to do with Obama's sense that China is in trouble than the sense that US power is soon to be eclipsed.

The US is putting forth it's rules for the region because it feels it can - it feels that China is much weaker than popular myth and that the US is much stronger than the popular myth.

The US in Aust is all about a very new feeling of US ascendency; it seems to have 'survived' where Europe is failing. It seems to have a sense of hope in its future; where China's seems to be faltering.

Note the Chinese response was quite vehement to what is - materially - a small US presence. But it is all about symbolism.

Yep, the USD for sure.