It is almost possible to hear the tectonic plates grinding. The whole international landscape is once again on the move, tumbling old structures and turning old assumptions upside-down.

The catalyst this time is the arrival of U.S. President Barack Obama on the world scene and the major shift in American foreign policy and attitudes that this appears to signify. But in reality the shift has been going on for some time, even under Obama's much-criticized predecessor, George W. Bush.

U.S. dominance has been declining for almost a decade. The balance of power and wealth has shifted to Asia, with the present global financial chaos accelerating this trend. A new map of the Middle East is emerging, with Turkey,...