THEY used to say any boy in America could grow up and one day find himself being elected President - but that was a risk he had to take.

This was, of course, never true. It was just another take on the idea of the American dream in a land of endless opportunity.

If that old saying was being rekindled today, it would certainly have to reflect the changed times; primarily the fact there's now every chance of a woman being in the Oval Office next year.

Anyone tempted to think what happens in the 2008 race for the White House doesn't have much to do with us ought to reflect a little longer.

The global credit squeeze and the Northern Rock crisis have been a direct result of events in the US sub prime mortgage market last summer. It has long been accepted that when America sneezes, Britain catches a cold.

This country would not have been at war on two fronts for the past six years and dozens of British military personnel would not have died but for decisions made in Washington since September 11, 2001.

These are just two examples of how our fortunes are inextricably tied to those of America, whether we like or it or not.

There'll also be no peace between Israel and the Palestinians without the involvement of United States and we should all care about that.

Whether the 44th President of the United States is a woman, an African American, a Vietnam war hero, New York's former mayor, a Mormon, or anyone else, it matters to us. And it's already clear what the winner must deliver above anything else, at home and abroad - hope and inspiration in equal measure.