The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Describing how totalitarian regimes create revisionist histories to justify new and often sweeping social and political arrangements, George Orwell famously wrote, “Who controls the past controls the future; who controls the present controls the past.” But in today’s aspirational democracies, Orwell’s maxim is often inverted: who controls the future controls the present.
Nowhere has this been more the case than in contemporary debates about energy and the environment. Over a half century ago, nuclear advocates promoted a future in which nuclear energy would be too cheap to meter. In the three decades that followed, the United States and other advanced developed economies embarked on a massive build out of nuclear power plants. For almost as long, renewable energy advocates have promised a hyper-efficient future powered entirely by the sun and the wind, and in recent decades nations around the world have invested hundreds of billions of dollars to