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In OTL, Mexico was a monarchy twice. The first time was from 1821 to 1822 with Agustin de Iturbide. What if? he had remained in power and Mexico grew to become an important world power?
In this timeline, Mexico is able to become a militarily strong empire that is able to defeat the United States in the OTL Mexican-American War, as well as fighting off numerous other threats in the world. It is a dominant world power in 2007. You will notice one thing while reading this, in this world, Hispanic nations are richer, more powerful, and stronger. Good reading!