Why cant Europe be #1.
The US is having problems financially - think Enron, Anderson etc. Plumeting stock values and a president with his head up his a*** (Kyoto - where's that?) The way everything is going, global firms are taking over - why shouldn't Europe have the lions share of it. 250 million people and 4 of the G8 nations.
Sure Asia has slack employment laws and sweat shops - but until they sort out that they will never have a global economy. Japan possibly, but they have nowhere to develop. They are seriously overcrowded and still trying to sort out their economy after years of reform.
The Russian federation - now thats a possibility if they can recover from communism quickly - huge natural resources and untapped potenial, but i think that will take more than 20 years (but keep a close eye on them)
Now if Canada becomes the 51 st state then we could have something to worry about

But as it stands if any one nation is to replace the US as top dog economically it will be the European Federation, but only after the UK joins and the other member nations actually try to make it work. None of this peicemeal stuff - one in all in. Government, money and social unity.