It is a long time since London was the capital of the huge British Empire. Nonetheless London continues to be one of the most important cities of the world.
Nowadays New York still has the headquarters of the United Nations and Wall Street but I am afraid that in some decades New York will mean to the world what now London means to the world: it would be a very nice city with wonderful skycrapes and it would be an iconic city of what the US meant in the 20th century. In some way in some decades Old Europe will be joined by Old America.
I say that because while the US and Europe have a lot of problems with its debts China just has launched the fastest train: About 380 km/h.
There is no need to worry that progress is now beyond Europe and the US. It is good because it means that the good things are distributed around the planet. For the planet it maybe a good thing. But as I’m writing for Europe I am much worried that the fastest train now runs accross a dictatorship.