The Overstretch Myth - Foreign Affairs, David H. Levey and Stuart S. Brown

(Italicized paragraphs are quotes. Bold is my emphasis.)

Begins:

The resurgence of U.S. economic and political power in the 1990s momentarily put such fears to rest. But recently, a new threat to the sustainability of U.S. hegemony has emerged: excessive dependence on foreign capital and growing foreign debt. As former Treasury Secretary Lawrence Summers has said, "there is something odd about the world's greatest power being the world's greatest debtor."

The U.S. economy, according to doubters, rests on an unsustainable accumulation of foreign debt.

Ends:

Focusing exclusively on the NIIP obscures the United States' institutional, technological, and demographic advantages. Such advantages are further bolstered by the underlying complementarities between the U.S. economy and the economies of the developing world -- especially those in Asia. The United States continues to reap major gains from what Charles de Gaulle called its "exorbitant privilege," its unique role in providing global liquidity by running chronic external imbalances. The resulting inflow of productivity-enhancing capital has strengthened its underlying economic position.

Only one development could upset this optimistic prognosis: an end to the technological dynamism, openness to trade, and flexibility that have powered the U.S. economy. The biggest threat to U.S. hegemony, accordingly, stems not from the sentiments of foreign investors, but from protectionism and isolationism at home.

The irony: So, on this reasoning, the agenda of the left in the U.S. is internally consistent. If the U.S. closes its doors to foreign investment in the U.S. its multi-dimensional worldwide hegemony will end.