Some may continue to point to the structural advantages enjoyed by the United States...of its rare combination of hard and soft power; of the fact that it remains the only serious power with true global reach... But in the current climate such facts appear to be cutting little ice with those who now insist that as result of Bush's ill-conceived war on terror, followed by the financial crisis, American decline is now a foregone conclusion.

Obama "seems to be a passive figure at a time when the world needs a leader." Obama and his advisers should pay heed to this quietly devastating observation. Even if they're right about where Obama is positioned politically, they have to worry whether all the concessions and maneuvering undercut a president's most important asset: an earned image of strength rooted in principle.

It's the economy that will increasingly set the limits on commitments Western powers are willing to make abroad, whether in the form of military intervention or even of aid. And, on the flip side, it will be economic pain that will increasingly serve as the main driver of rebellion and political instability across the global spectrum.

While Ankara has political influence in Syria, soft power has little sway when Bashir al-Assad’s survival is at stake. Yet as long as Turkey remains committed to a noninterventionist approach, it can offer little more than diplomatic efforts and attempts at persuasion.

Among foreign leaders and in global markets, the political histrionics have eroded America’s already diminishing aura as the world’s economic haven and the sole country with the power to lead the rest of the world out of financial crisis and recession. Now the topic of discussion...is whether the Age of Obama is giving way to an Age of Austerity, one that will reduce America’s influence internationally.

Day to day we each have our routines and along the way are bombarded by images, messages, and endless information. But what breaks through the information overload and influences us? What captures our attention, our imagination and ultimately lodges itself in our memory?

I’ve been thinking a lot lately on what influences us. Day to day we each have our routines and along the way are bombarded by images, messages, and endless information. But what breaks through the information overload and influences us? What captures our attention, our imagination and ultimately lodges itself in our memory? Maybe I’m paying closer attention to the details of everyday more acutely after reading Joe Nye’s latest book The Future of Power.

Tony Blair's faith foundation works with universities in countries including the US, China, the UK, Canada and Sierra Leone. He also lectures at Yale. Mr Blair gave his views on university globalization to the BBC News website.