Could United States still be the falling babylon referred to here?

I don't think so, because United States is broke and there is no key city of United States like Rome is for Europe. As United States slowly drops out of the picture, the European Economic Union will take hold as the greatest nation the world has ever seen and be considered the youngest nation as well, for it is newly formed. It will be the center of Christendom (Christendom is not necessarily saved Christianity).

Moreover the ship masters, merchants and nations will no longer be able to sell their goods to her. It is one city in one great economic powerhouse of the European Union, not United States and Europe, but Europe only which will be destroyed politically and economically finally at the end of the Tribulation.

The EU rises to power because of USA's massive debt/GDP ratio now about 350%. It has 9 trillion in debt and over 50 trillion in unfunded liabilities. And the trade deficit is quickly approaching 1 trillion dollars per year. The only way to pay for this is to destroy the U.S. dollar. It has a long way to go down, slowly but surely. A lot of hegemony dollars are out there just begging to be sold.

The reason I believe it will not be a dramatic fall though, but slow and sure is because United States is not a horrifically heathen nation, but does have some good qualities, so the punishment will match the crime.

A lot of people are going to lose a lot of money holding U.S. currency, but it will be so slow it will be hardly noticeable over time.