Unfortunately, as someone who the intelligence agency in my land said, ultimate power brings ultimate corruption. If there is no #2 then no one can police #1
Yes, sadly this is more true than ever. America is all about due process and socialism for the rich and powerful, and plea bargains and rugged capitalism for the poor and unfortunate.
We have no right to preach rule of law (which more than anything means consequences for billionaires and politicians), when we don't practice it at home.
I suppose the best the argument can get is that many governments would be much worse police at least for the time being.
I think Europe does have the capacity (but maybe not the will) to check America's power.