The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
When U.S. President Donald Trump spoke to the United Nations General Assembly yesterday, he deliberately signaled a definitive break with the internationalist consensus that has guided U.S. grand strategy since World War II. “We will never surrender America’s sovereignty to an unelected, unaccountable global bureaucracy,” he proclaimed. “Sovereign and independent nations are the only vehicle where freedom has ever survived, democracy has ever endured, or peace has ever prospered. And so we must protect our sovereignty and our cherished independence above all.” He was dumping cold war water on multilateralism and global governance—and the commentary that followed duly noted just how sharply his message diverged from those of his predecessors.
But Trump’s brand of statecraft is not in fact out of step with much of U.S. history. Rather, he is discarding the key tenets of U.S. foreign policy since World War II in