You hear two things about the US in national capitals around the world. The first is that America is no longer the superpower it was; the second that they have put everything important on hold until they see the outcome of the US presidential election. Now add a third: a Donald Trump presidency is beyond their worst nightmares.

American declinism has long been overdone. The US remains the sole superpower: the only nation with the capacity to intervene just about everywhere. It stands at the apex of a formidable system of alliances. What has changed during the past decade or so is that there are now some checks — shifting power balances internationally and the political mood domestically.

That said, there is no one else to match the US. It will be decades, if at all, before China equals its military reach and technological prowess. Washington remains an indispensable guardian of global order. So yes, it is for Americans to decide who they want in the White House, but the choice matters hugely for everyone else.