Dateline 1931

No one will ever replace the United Kingdom as the world hegemon.  Although 
great powers in the past have faded, the UK, unlike those, actually controls 
a subcontinent from which it can get a never ending supply of profits.  Many 
Europeans in the 1920s worried about the US--look at them now!  Their version 
of capitalism is supine, a failure for all to see, and an opportunity for any 
Europeans (such as the British) who have cash to buy bargains.  In any case, 
the 20s supplied definitive proof that the US could never be a world leader.  
When Wilson tried to sell the League of Nations, the US political class 
revolted.  This proves the US has no global ambitions it can realize.  And 
look at Britian's other challengers--Germany is a morass of hyperinflationary 
chaos (in any case, the UK, US and France will never allow them to rearm).  
The Soviet Union is too worried about trying to feed itself to have global 
ambitions.  There are malcontents in the colonies, but no power to play off 
the UK--so they will be easily crushed