Every time I visit Washington, DC, I feel that the ground has shifted. My sense now is that America has entered what this week we are calling the Anything Goes Era. Skirting the rules is all right if you have political protection. Wealthy individuals rest easy knowing that their tax returns will not be audited. The Department of Justice has dropped prosecutions of politicians for corruption. Its public-integrity unit has been gutted. The Foreign Corrupt Practices Act, a post-Water­gate piece of good-government reform, has in effect been shelved. President Donald Trump has pardoned a cryptocurrency mogul jailed for money-laundering and the son of someone who gave his political movement $1m.

Presidents reflect the mores of their times and the Anything Goes Era did not start with Mr Trump. However, he has upped the tempo and removed constraints that once held others back. His family members have enriched themselves. When there is one decision-maker and he often changes his mind, it is worth spending a lot to win his favour. Our cover in most of the world asks what this means for America.

In Europe, meanwhile, we argue that the European Union urgently needs to find a new tough-minded way of using power. It was designed to thrive in a predictable world of rules and procedures, but it is at risk of being torn apart by China and America—two snarling silverbacks who think that might is right. China is out-competing and out-innovating Europe, and increasingly sees the continent as a has-been. Mr Trump has cast doubt on America’s commitment to guarantee the security of NATO. As if that were not bad enough, he has exploited Europe’s lingering military dependence, to impose a trade deal that Europeans hate.

If Europe is to avoid drifting into irrelevance, we outline what the continent needs to take control of its destiny—or China and America will force crushing change upon it.

In this week’s Insider Zanny Minton Beddoes, our editor-in-chief, and I talk to two of our colleagues who returned to London this morning from a rare and fascinating reporting trip to Iran. Five months after America and Israel struck the country in a 12-day war, we wanted to know how brittle the Iranian regime is and how much of a threat it still poses. They brought back some fascinating and illuminating insights.