The Yankee supposes that though he could only be a factory foreman in the 19th century, he's the most powerful man in the world in the 6th. He's pretty stoked about his 6th century option, and decides to rule the medieval world like a god.
He also notes how most of the British population are slaves—in deed if not in name—and blames the growing Roman Catholic Church for it.
The Yankee resists noble titles, since he doesn't trust the nobility that gives it to him (you know, since they tried to burn him at the stake), so instead he asks for a title voted upon by the people themselves.
England holds the vote and the Yankee gets his title: The Boss (sorry, Bruce).
The Yankee ends the chapter by saying that while he likes and respects the king as a king, he looks down on him and the nobles as men.