It is an abiding mystery why the US, after leading the west to the greatest strategic victory in the history of the nation state in the cold war and the triumph of democracy in most of the world, has been for about 15 years, in public policy terms, an almost unrelievedly stupid country. America’s enemies could scarcely have devised a more suicidal programme than the one that was followed: outsourcing nearly 50m jobs while admitting 20m unskilled aliens; throwing American lives and $2tn after nation-building in the Middle East; and inundating the world with trillions of dollars of worthless real estate-backed debt, certified as investment-grade by the palsied lions of Wall Street. In comparison, even the hare-brained miscues that have endangered the eurozone seem Solomonic.

Americans realise their country has been mismanaged by both parties in all branches and levels of government and are frustrated that sweeping out the incumbents has not produced better politicians. This race is between a president most Americans think has done a poor job and a challenger most Americans think is not up to the great office he seeks. The Obama administration has generated almost $20,000 of increased deficit for every man, woman and child in the country, while net employment has declined in the absence of a real economic recovery.

Mr Obama retains some popularity in the world, mainly from those who like American leaders who rail against American capitalism and unilateralism, and don’t mind having America’s pockets picked by foreigners. This fits in with the usual eurohysteria that says all Republicans are knuckle-dragging robber barons and religious zealots. The Republican party is angry but it is generally sensible.