Thanks to One Tweezy for this joke
George W. Bush was having afternoon tea with Queen Elizabeth in Buckingham Palace, outlining his plans for the future of the USA.
"As I'm the President" said Bush, "I'm thinking of changing how the country is referred to, and I'm thinking that it should be a Kingdom", to which the Queen replies, "I'm sorry Mr Bush, but to be a Kingdom, you have to have a King in charge - and you're not a King."
George Bush thought a while and then said: "How about a Principality then?", to which the Queen replied "Again, to be a Principality you have to be a Prince - and you're not a Prince, Mr Bush". Bush thought long and hard and came up with "How about an Empire then?"
The Queen, getting a little p****d off by now replied "Sorry again, Mr Bush, but to be an Empire you must have an Emperor in charge - and you are not an Emperor."
Before George Bush could utter another word, The Queen said: "I think you're doing quite nicely as a Country".