It is not Bush's fault that history will mark his presidency as the beginning of the decline of America's global hegemony. The policies of one administration does not topple a superpower, no matter how much an affront the US national security program is to the rest of the world. Rather, a concatenation of global political and economic shifts will cause the US to suffer a fate similar to that of UK, where few thought in the 1920s that the British empire, by the 1990s, would be no more.

While the Bush administration's bravado may have accelerated the union of European volk, the European Union itself set the stage for a resurgence on the continent that has been crowned by the ongoing strength of the Euro. The Euro is now a legitimate alternative for countries to hold foreign reserves and price commodities (see Russian oil); it is also flourishing on the black market, a sign of real strength. The day may come (in the next hundred years) where the US will not enjoy the luxury of denominating all of its foreign borrowing in its own currency and instead have to issue Eurobonds to investors.

The US is also losing its leadership in Asia Pacific as China continues to plug itself into the global economy. As the largest market (4mm new cellphone users every two weeks), Asian countries are increasingly finding China to supersede the US in its commercial priorities and eventually its political alliances.

Over time, as China and the EU rise, the US sphere of influence will diminish and be more focused on the Americas. When our great grandchildren read their history books, the turn of the millennium will be highlighted by an account of the "Decline of US Superpower."