This and Canada are just kneejerk reactions against the chaos of the Trump administration. While that makes sense, my prediction is that in the short-term it won't amount to much. In the long-term, history books will write about these years as redefining the world order that's existed largely since 1945.

As for Canada, nobody really knows what associate membership means. Given that EU freedoms are reciprocal I just don't see this going anywhere. Plus there's been a free trade deal with the EU on the table for a decade that hasn't been ratified.

As for redefining the world order, that's what this war of choice in Iran will amount to. In the short-to-medium term it's going to redefine the Gulf security architecture. The refusal to restrain Israel probably means Russia will swallow the eastern chunk of Ukraine they occupy.

And of course the big winner in all of this is China who have had to do absolutely nothing.

Empires don't die overnight and they die violently. This is going to be bad but I honestly see no way the US can restore its position as the global hegemon. It's influence has peaked. And I don't believe anything will reverse that.

So I don't know what this means for Australia. It has operated essentially as an American colonial outpost since the Cold War. The geography was once much more important to cover the sky for receiving satellite communications.

Selling raw resources is ultimately untenable for an economy (IMHO) but Australia has gone down the path of turning the entire economy into a massive Ponzi scheme of housing, like almost every other developed nation. When housing is the only logical investment, it dominates capital and lending and productive output falls off a cliff, which is exactly what happened.