The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
In a little under three decades, nuclear weapons have gone from center stage to a sideshow in U.S. defense strategy. Since the 1990s, the United States has drastically reduced its stockpile and concentrated on its conventional and irregular warfare capabilities. Nuclear weapons policy has focused overwhelmingly on stemming proliferation to countries such as Iran and North Korea, and prominent political and national security figures have even called for abolishing nuclear weapons altogether. What was once the core of the country’s Cold War strategy has been reduced to an afterthought.
Immediately after the Cold War, when the United States enjoyed unprecedented global power, this approach seemed reasonable. Washington didn’t need much of a nuclear strategy against Iraq or Serbia. But now, great-power competition has returned. Russia wants to upend the post–Cold War status quo in Europe. A rising China seeks ascendancy, first over Asia and ultimately