I think that his assesment may be closer to reality than most of us would like to think:

Russia’s new president, Dmitri Medvedev, less swaggering than his predecessor but as touchy about criticism from abroad, said in an interview that an America in “essentially a depression” was in no position to lecture other countries on how to conduct their affairs.

With soaring oil revenues bolstering the Russian economy and Kremlin confidence, Medvedev brushed aside American criticism of his country’s record on democracy and human rights. He also said that a revived Russia had a right to assume a larger role in a world economic system that he suggested should no longer be dominated by the United States.

If, in 2001, he had said this, most of the world would have been stunned and appalled at the concept that US hegemony is failing.

Today, I think that there are a lot of silent nods and smiles, because the Europeans understand what it means in a monopolar world if the single hyper-power is run by a group of madmen.