When he won his first election four years ago, he promised to restore America's reputation in the world. But as he starts his second and final term following a strong election victory last night, president Barack Obama resumes service in the White House with a reputation abroad as a hard-nosed leader who killed Osama Bin Laden and who sent drones to pursue extremists in far-flung places.

Whatever the outcome of the US presidential election on 6 November is, events in Beijing on 8 November will undoubtedly prove of equal if not more significance for a southern hemisphere that has long suffered as a consequence of the unipolarity enjoyed by Washington.

According to UK defence and security experts, president Obama's Afghan and counter-terrorism policies are broadly on the right track, while popular perceptions of US decline, diminishing European importance and Chinese supremacy are overstated. However, the Obama administration is also seen as having failed to improve US foreign relations in most key areas, particular with regards to Russia and the Middle East.

American decline is an established reality and Barack Obama and Mitt Romney offer competing ideas about how to respond.

What do the British water system, a Greek container port, a Nobel literature prize and a torn national flag on a barren island have in common?

Romney is terminally stained by the awkward perfume of elitism, something Cameron is and always has been trying desperately to run away from

It is time we saw the India and China examples for what they are - a cynical and ruthless attempt to cheat us of our fundamental rights in the name of economic growth.