Australia has made its big bet on the US based on the key assumption that Asia really matters to Washington. Australia is placing a lot of chips on the red, white and blue, so we had better be sure that this assumption holds up. Does it? Some who question American staying power in Asia argue that the US simply isn’t strong enough to maintain its leadership – it is too politically dysfunctional, racially divided and economically unequal. We shouldn’t dismiss such concerns, especially the increasingly realistic fear that the next…