Gyroscopic Investing

On Monday, the Right Honorable David Cameron, prime minister of Great Britain, gave his first major speech after being reelected to his high office — once held by Pitt, Gladstone, Disraeli, Lloyd George, Churchill and Thatcher. Confronting a world of challenges — including Greece’s possible exit from the euro, a massive migration crisis on Europe’s shores, Ukraine’s perilous state, Russia’s continued intransigence, the advance of the Islamic State and the continuing chaos in the Middle East — Cameron chose to talk about .?.?. a plan to ensure that hospitals in the United Kingdom will be better staffed on weekends.

Okay, that’s a bit unfair. Leaders everywhere, including in the United States, understand that “all politics is local.” But spending a few days recently in Britain, I was struck by just how parochial it has become. After an extraordinary 300-year run, Britain has essentially resigned as a global power.

Over the next few years, Britain’s army will shrink to about 80,000. A report from the Royal United Services Institute predicts that the number could get as low as 50,000, which, the Daily Telegraph points out, would be smaller than at any point since the 1770s — and, as David Rothkopf of Foreign Policy magazine notes, about the same size as the New York Police Department.