Regimes in Moscow, Pyongyang and Tehran simply pocket his concessions and carry on as before. The picture emerging from the White House is a disturbing one, of timidity, clumsiness and short-term calculation. Some say he is the weakest president since Jimmy Carter.
The President's domestic critics who accuse him of being the sinister wielder of a socialist master-plan are wide of the mark. The man who has run nothing more demanding than the Harvard Law Review is beginning to look out of his depth in the world's top job. His credibility is seeping away, and it will require concrete achievements rather than more soaring oratory to recover it.