America’s loss has been relative: its share of world GDP has declined. It has also devalued its global credibility by prosecuting reckless wars in the false name of democracy. Europe’s geopolitical loss has been absolute. It is barely any longer capable of projecting power beyond its own borders. Indeed, the very openness of Europe’s borders presents a growing threat in itself. The world’s centre of gravity, meanwhile, is shifting inexorably towards the east.
