The "50-50 nation" elects a new president in November. With the invasion of Iraq, the search for the missing WMD and the "war on terror" as a backdrop, the stakes are high for both the Democrats and the Republicans. If Bush succeeds, he will be able to dismiss qualms over the "stolen" election of 2000. Only around half the electorate will bother to vote, yet the race is crucial for the rest of the world, as a Bush triumph could mean the "conservatisation" of the country's institutions, and its participation in the multilateral system.