One idea that you will never hear expressed by either Barack Obama or John McCain in this presidential race is the notion that a chief task of US foreign policy in the next administration will be to gracefully manage an adversely shifting global power balance and significantly diminished US influence. This is not a hypothetical issue, but one that stares us in the face today.

The failure to recognise this shift in power has been all too evident in the events leading up to the Russian intervention in Georgia. Since the Yeltsin years, the US has had a series of policy differences with the Russians, including Nato expansion, the Balkans, missile defence, policy towards Iran and human rights in Russia itself. Diplomacy, such as it was, consisted of persuading Russia to accept all of the items on our list and telling them their fears and concerns were groundless. The US never regarded the relationship as a bargaining situation in which it would give up things it wanted in return for things the Russians wanted. Like the proverbial Englishman speaking to a foreigner, we thought we could make them understand us by repeating ourselves in a louder voice.