When the question comes of does the European concept of “the balance of power” still have meaning the answer is yes. The balance of power today is exactly why we do not have sudden outbreak of wars. Living in the nuclear world, the power nations of the world understand that if you were to start war with another super power country you could easily potentially be starting World War III. A world war three in the nuclear world could easily mean destruction to a majority of earths population. Regarding does there need to be a counter balance to the US in the world, I believe that allies throughout the other continents and the United Nations would step in if the United States did something so unimaginably stupid regarding warfare. I personally believe that the US military is not that superior to other armies such as Russia or China so it's not necessary to have a counter balance to the US.
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Although I agree with you, I think it is important to consider the economic picture of the world too. The contemplation of the need of counterbalance to the U.S. power should not be only limited to the military power but to political and economic power. In this regard, I think there IS a need for a counterbalance power to the U.S., and perhaps EU can be a good example.
Mutually assured destruction
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