New Delhi, April 13 -- In an alternate world, the US could bask in the glory of pushing the frontier of science with a lunar flyby. Instead, the Moon evokes tales of tides that kings cannot push back. Truce talks held over the weekend between America and Iran have failed. The Strait of Hormuz remains a weapon of mass disruption.

As almost no economy has escaped Iran's war-time oil choke, the whole world was let down-barring, perhaps, America's partner in this war of choice against it, Israel. Renewed ravages of a rekindled war in West Asia now loom large as a risk. The big question, however, is whether that leaves Pax Americana, like the Raj of yore, staring at its sunset.

With the global economy already scarred by a war that has lasted...