Yes - our clout is gone. Past Presidents used to get out of the country and go on "foreign tours" when things were bad at home. Perhaps that is part of Mr. Obama's motivation for his current excursion to Asia. But when those who used to be strong allies turn, it is a true indication of world standing. I know of no honest assessment from any unbiased source which says the United States is now held in higher esteem than we were in 2008. Our foreign policy shifts and general withdrawal from being a reliable ally have resulted in a weaker position throughout the world across the board.
But we are fortunate in one regard: the four year term/two term limit of our president has provided a relatively short window for damage to be done - both foreign and domestic. Throughout history, we have been able to rebound from whatever dumb stuff our president has gotten us into (or out of). Hopefully this will be the case this time.