In a warning reminiscent of past fallen empires, historians predict that America's position as the world's greatest power may soon come to an end due to an overwhelming mountain of debt. Professor Niall Ferguson, an esteemed historian, has coined "Ferguson's Law," stating that any great power that prioritizes debt service over defense spending will not remain great for long. This pattern has been observed in previous dominant nations such as Spain, France, Britain, and the Ottoman Empire.

The United States' debt to GDP ratio steadily declined during the 1990s and reached a low of 32 percent in 2001. However, experts estimate that it is expected to soar to an unprecedented 122 percent within the next ten years. The Congressional Budget Office (CBO) predicts that an additional $1.9 trillion will be added to the national debt this year alone, bringing the total debt to a staggering $36 trillion.

Factors exacerbating the debt crisis include rising costs of healthcare, with Medicare expenses contributing to the financial burden. Additionally, the bank rate is currently at a 23-year high. Disturbingly, both presidential contenders, Joe Biden and Donald Trump, have contributed around $7 trillion each to the national debt during their respective terms in office.

The historical parallels of previous superpowers facing similar declines due to fiscal irresponsibility are alarming. Overspending led to the downfall of the Roman Empire, while France and Britain also succumbed to debt-related issues. Britain, for example, lost its status as the dominant power to the United States following World War II, with debt skyrocketing during and after the conflict.

Furthermore, the threat of Asian countries fueling America's downfall looms large. China, along with other Asian nations, holds significant amounts of US debt in the form of Treasury bonds. Experts caution that if these countries decide to sell off their bonds, it could pose a seismic threat to America's status. Yale historian Professor Paul Kennedy emphasizes the potential consequences of a political quarrel leading to a mass dumping of Treasury bonds by these nations.

While the US has relied on the global need for dollars for international trade to mitigate the impact of its high debt levels, warning signs emerge that its status as the world's reserve currency is under threat. Credit rating agency Fitch downgraded the US debt rating from AAA to AA+ in August last year, citing a deterioration in governance standards. Moody's followed suit in November, signaling a potential downgrade.

The issue of national debt has surprisingly taken a back seat in the presidential race, with Republicans promising tax cuts and Joe Biden assuring no tax increases for families earning less than $400,000 a year. President Trump's 2017 tax cuts are set to expire next year, although he has indicated plans to extend them if re-elected. Economists and experts stress the unsustainability of high debt coupled with interest rate increases.

As the national debt reaches a record high of $34 trillion in America, concerns about the nation's future as the world's dominant power grow. The need for fiscal responsibility and an urgent focus on reducing debt burden become paramount, as historians caution against ignoring the perils of excessive debt accumulation.

(Note: This article is based solely on the information provided and does not include any additional entities, numbers, or dates.