MCL - interesting that you think the shift of dominance to the East is hyperbole. I don't.
The shift of power from British Empire's pre-eminence Westward to the USA was very real - as were the declines of previous world powers. One interesting characteristic of Empires on the wane is the shift in them being net creditors to the world to becoming net debtors to the world.
From what I've read and studied, the racial differences emanating from genes don't explain the shifting patterns of economic and political dominance - Morris et al show that these can be explained by enviromental factors.
When the Chinese and Indians were the most advanced nations in the world and Europe was a considered a barbaric back-water, the difference in genes relating to eye colour etc weren't the reasons why Indians and Chinese were technologically so much ahead of their European cousins. Ditto post industrial revolution and the same will apply again when China overtakes the USA in pretty much every measure (give it a few more decades - they are already the biggest manufacturer, 2nd largest economy..)
Former superpowers retain some of their past glories - Greece, Rome, Spain, Portugal, Turkey and Great Britain (etc)- but they all declined.
But then again - perhaps 'this time it is different'. Historically, though, 'this time it is different' hardly ever is. π
Cheers,
Shafique