The tallest building in the world is now in Dubai, the biggest factory in the world is in China, the largest oil refinery is in India, the largest investment fund in the world is in Abu Dhabi, the largest Ferris wheel in the world is in Singapore.

In the 1990s, we were certain that Saddam Hussein had a nuclear arsenal. In fact, his factories could barely make soap.

There is no way to turn off this global economy, nor should one try. Every previous expansion of global capitalism has led to greater prosperity across the world.

But now, we are becoming suspicious of the very things we have long celebrated - free markets, trade, immigration, and technological change. And all this is happening when the tide is going our way. Just as the world is opening up, America is closing down.

Alaska itself is an unusual state.

Iran is a country of 80 million people, educated and dynamic. It sits astride a crucial part of the world. It cannot be sanctioned and pressed down forever. It is the last great civilization to sit outside the global order.

In a world awash in debt, power shifts to creditors.