America has lost its world leadership in a dizzyingly short time

America has lost its world leadership in a dizzyingly short time: "The 'political capital' which Bush claims that he has gained by virtue of this election ends at our shores. Overseas he is bankrupt. The Bush presidency was viewed as the most powerful catalyst in bringing the 25 nations of the 'old' and 'new' Europe together in approving their new constitution for the European Union (EU) in Rome last month. The driving force in its ratification is the hope of creating a major collective economic and political entity on the world scene which could challenge American hegemony in world affairs."