Empires live and die by their illusions. Visions of empowerment can inspire nations to scale the heights of global hegemony. Similarly, however, illusions of omnipotence can send fading empires crashing into oblivion. So it was with Great Britain in the 1950s and so it may be with the United States today.

By 1956, Britain had exploited its global empire shamelessly for a decade in an effort to lift its domestic economy out of the rubble of World War II. It was looking forward to doing so for many decades to come. Then an obscure Egyptian army colonel named Gamal Abdel Nasser seized the Suez Canal and Britain's establishment erupted in a paroxysm of racist outrage. The prime minister of the day, Sir Antony Eden, forged an alliance with France and Israel to send six aircraft carriers to the Suez area, smash Egypt's tank force in the Sinai desert, and sweep its air force from the skies.