The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
The liberal international order has always depended on the idea of progress. Since 1945, Western policymakers have believed that open markets, democracy, and individual human rights would gradually spread across the entire globe. Today, such hopes seem naive.
In Asia, the rise of China threatens to challenge U.S. military and economic hegemony, as Beijing seeks to draw American allies such as the Philippines and Thailand into its political orbit. In the Middle East, the United States and its European allies have failed to guide the region toward a more liberal and peaceful future in the wake of the Arab Spring and have proved powerless to halt the conflict in Syria. Russia’s geopolitical influence has reached heights unseen since the Cold War, as the country attempts to roll back liberal advances on its periphery.
But the more important threats to the order are internal. For over 50 years, the European Union