In all honesty, a Cold War 2 scenario is good for the world. Why, you ask? Because America is infinitely better at projecting its soft power than its hard power. As long as America uses diplomacy, economic influence, supporting the opposiion and other such methods to get its way, in other words discrete, "peaceful" methods, they will be able to influence a significant portion of the world's nations. But as soon as the guns and hard rhetoric come out, as soon as they show their teeth, nations instinctivelly put up the barricades and start pushing back. For the price of the Iraq War America could have bought itself cooperation from the entire Middle East for a decade, if only it had been smart about it.
And since I am against any projection of American power, I support them when they use the less effective of two approaches. Look at the results of six years of Bush's militancy: Russia is kicking ass after a decade of poverty and powerlessness, South America is increasingly turning against America, the US is widely hated or at least mistrusted, especially in the Middle East with rival powers rising (Iran, Saudi, Turkey), China is allying with Russia to keep the US out of Asia, the US has lost whatever support it had in Central Asia and the Cauceses etc etc. My only hope is that Bush and/or his succeesor will increase the agressive rhetoric, increase their meddling in foreign countries, start more wars and abuse more rights, both at home and abroad. Because every day that a hawkish imperialist sits in the White House shortens the lifespan of the American empire. Althought I fear that the power vaccum left behind, at least in Europe, will quickly be filled by the EU, which is far better at doing the soft-power dance and will therefore be more successful in making everyone in the region its *****.