The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
In February 1946, as the Cold War was coming into being, George Kennan, the chargé d’affaires at the U.S. embassy in Moscow, sent the State Department a 5,000-word cable in which he tried to explain Soviet behavior and outline a response to it. A year later, the text of his famous “Long Telegram” was expanded into a Foreign Affairs article, “The Sources of Soviet Conduct.” Writing under the byline “X,” Kennan argued that the Soviets’ Marxist-Leninist ideology was for real and that this worldview, plus a deep sense of insecurity, was what drove Soviet expansionism. But this didn’t mean that outright confrontation was inevitable, he pointed out, since “the Kremlin has no compunction about retreating in the face of superior force.” What the United States had to do to ensure its own long-term security, then, was contain the Soviet threat. If it did, then Soviet power would ultimately
Are Washington and Beijing Fighting a New Cold War?