Chicago a has-been?

The most immediate problem facing the U.S. is not that we have too much capitalism, but that we don't have enough of it.

In a recent visit to the Journal's offices, New Zealand Prime Minister John Key suggested Americans and Europeans don't quite comprehend the enormous "wealth" rising in Asia. Add to that Brazil. This isn't just fat cats but the wealth of billions rising on commerce—on crude, potent capitalism.

The Olympic Committee's rejection of Chicago played here as yet another Obama story. The real, less entertaining message is that from where the well-traveled committee members sit, Chicago is a has-been. Rio is the future.