@Invictus - I think by your words you may be missing the point on several issues.
1) You don't think that Cameron gets status and kudos from US support, of course he does. More importantly is the business investments that come from the US to the UK as a result of being a member of the EU. The uncertainty now caused by Cameron threatening to pull out of Europe will now shape investment decisions for multi-national companies the world over who have or want a base in Europe to do business with the EU. I expect our Irish cousins are rubbing their hands with glee as companies see them as a safer bet as a way into the single market, our loss will be someone elses gain.
2) "European Union is wildly undemocratic and its exercise of what is seen as arbitrary power is rekindling old hatreds and prejudices, as the Nazi caricatures of Angela Merkel and success of far-right and far-left political parties shows."
The success of all opposition parties is due to the failure of the incumbents to come up with a credible plan to deal with the financial debt crisis and very little to do with "arbitrary powers" that the EU have been wielding for the last 40 years.
The financial crisis being perpetuated by the failure of the "Euro Project" is leading to countries that are struggling economically by having an over-inflated currency making them expensive and uncompetitive. The Euro value is tied to the strongest economy in Europe i.e. Germany, but it is doing unto;ld damage to the smaller economies.
If the Euro Project fails many govts will fall and so Merkel marches blindly ahead with proposals to finance sovereign debt for companies that can't afford to pay, it is a Euro-shambles. But of course Merkel knows that the fate of the Euro and her own are so closely tied she cannot consider any other options.
European finance ministers have apparently been working on a plan that allows some of the weaker countries to leave and float their currency again but the problem with this now is if that should happen loans given to these countries would almost certainly have to be written down or written off which would make the German and French banks technically bankrupt and we would have another banking crisis on our hands.
The simplest and easiest and cheapest solution would be for Germany to leave the Eurozone and go back to the Deutschemark, this would allow the Euro to depreciate to a level that would make other European countries competitive again and would attract inward investment from outside the EU.
3) The average person in the street is not overly concerned that the EU is undemocratic but more concerned about having a job and putting food on the tablr for their children . This is whar we call 'bread & butter issues', these are the subjects that consume the masses, not the vagaries and complexities of European political institutuions, those subjects consume the chattering classes.
As someone famous once said 'it's the economy stupid'.
4) The biggest issues that consume the British Conservatives is the European Court of Human Rights that challenges them on matters of social and employment law and these drives right-wingers crazy. They see it as political correctness gone mad.
Also freedom of movement within the EU has caused a huge influx of Eastern European economic migrants that works in time of growth but causes resentment in times of hardship.
Thet are also upset about rules that give workers rights because the UK Tories believe our best way for the UK to compete in the world is by forcing down wage costs and making people work longer, if that were true why has Germany been so successful? The Tories have not learnt the lessons from the failed Reaganomics/Thatcherite era of the early '80's.
Cameron is a well meaning fuckwit who realised he had to do something to try and re-unite his party and jingoism and wrapping yourself in the Union Jack whilst bashing Europe will always work for the right-wing.
Sadly the more intelligent are not as easily bought by the all of the nationalistic flag waving, the majority of British people got over the Europe issue years ago, we've moved on.
What Cameron has highlighted in his speech is that his party is still split on Europe and he is appealing to the UK equivalent of the US 'Tea Party' because Tory Party support is leeching to UKIP.who support coming out of Europe.
5) The real issue is still economic growth and current policies are still failing so Cameron regularly comes up with random topics to divert the British people.
I kind of like his random clutch of subjects at inappropriate moments, a fortnight ago he suddenly came out in support of churches having to conduct gay marriages, this week it is Europe, next week could be anything, As people come under pressure their ability to think in straight lines seems to diminish.
He might send some troops down to the Falklands, that will win him a few votes.
UK politics would be a duller place without Cameron, never a dull moment.