After the One Ring was destroyed...

[Orodhromeus]

JRRT's letter already quoted by Bruce:

The action of the story takes place in the North-west of 'Middle-earth', equivalent in latitude to the coastlands of Europe and the north shores of the Mediterranean. But this is not a purely 'Nordic' area in any sense. If Hobbiton and Rivendell are taken (as intended) to be at about the latitude of Oxford, then Minas Tirith, 600 miles south, is at about the latitude of Florence. The Mouths of Anduin and the ancient city of Pelargir are at about the latitude of ancient Troy.

I have yet to read the letters (kinda long) but I had already thought of the analogies between M-E & Europe. And appearantly, Greece could very well be Gondor. Indeed, Atlantis was originally a Greek myth, and Gondor was the realm in exile of Numenor/Atlantis. I always believed I was a Dunadan!

If we expand this a bit, America would be Aman, Russia Rhun, and Middle East the Near Harad!