The Economist, exactly on the mark as usual, weighs in on the Obama victory.

On the state of racial affairs in America, and by implication the rest of the western world:

This week America can claim more credibly than any other western country to have at last become politically colour-blind.

A sprinkling of optomism:

... he won almost exactly same share of it [the white vote] as the last three (white) Democratic candidates; Bill Clinton, Al Gore and John Kerry. And he won heavily among younger white voters. America will now have a president with half-brothers in Kenya, old schoolmates in Indonesia and a view of the world that seems to be based on respect rather than confrontation.

On the challenges that lie ahead:

Non-Americans must also brace for disappointment. America will certainly change under Mr Obama; the world of extraordinary rendition and licensed torture should thankfully soon be gone. But America will, as it must, continue to put its own interests, and those of its allies, first. Withdrawing from Iraq will be harder than Mr Obama’s supporters hope; the war in Afghanistan will demand more sacrifices from Americans and Europeans than he has yet prepared them for. The problems of the Middle East will hardly be solved overnight. Getting a climate-change bill through Congress will be hard.

Hope and perspective:

Like most politicians, Mr Obama will surely fail more than he succeeds. But he is a man of great dignity, superior talents and high ideals. In choosing him, America has shown once again its unrivalled capacity to renew itself, and to surprise.