True. But we had to give most of the colonies away after the US let us bankrupt ourselves in the First and Second World Wars and as a result we also don’t have much of a navy anymore so we can’t take back the colonies.
It’s a vicious circle and the great success of US foreign policy.
We do still have lots of flags so if there any countries out there with the requisite ‘sharpened mango’ level of weapons technology, they’d better watch out!