Last summer, which already seems like a long time ago, it was commonplace to wonder why anyone would want to be the next president of the US, given the quantity, complexity and difficulty of the foreign policy problems awaiting him. He will have to deal with dangerously unstable countries such as Iraq, Afghanistan, and Pakistan; hostile ones like Iran and North Korea; a Russia that is back in the business of invading neighbouring states and the existential threats of climate change and nuclear proliferation.

Then came the “Black September” of the era of globalisation. By the end of that month, the turmoil on Wall Street had mushroomed into a worldwide crisis that will be the focus of a 20-nation emergency summit hosted by President George W. Bush on November 15.