The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
For a decade and a half, from the mid-1990s through about 2010, the dominant national security narrative in the United States stressed the dangers posed by weak or failing states. These were seen to breed terrorism, regional chaos, crime, disease, and environmental catastrophe. To deal with such problems at their roots, the argument ran, the United States had to reach out and help stabilize the countries in question, engaging in state building on a neo-imperial scale. And reach out the United States did -- most obviously during the protracted campaigns in Afghanistan and Iraq.
After a decade of conflict and effort with precious little to show for it, however, the recent era of interventionist U.S. state building is drawing to a close. And although there are practical reasons for this shift -- the United States can no longer afford such missions, and the public has tired of them --