According to this AP article, the magnetic north pole is drifting:

SAN FRANCISCO – Earth’s north magnetic pole is drifting away from North America and toward Siberia at such a clip that Alaska might lose its spectacular Northern Lights in the next 50 years, scientists said Thursday. Despite accelerated movement over the past century, the possibility that Earth’s modestly fading magnetic field will collapse is remote. But the shift could mean Alaska may no longer see the sky lights known as auroras, which might then be more visible in more southerly areas of Siberia and Europe.

No indications yet on how exactly President Bush is involved, but scientists are working on it.