The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
For all the acrimony in Washington today, the city’s foreign policy establishment is settling on a rare bipartisan consensus: that the world has entered a new era of great-power competition. The struggle between the United States and other great powers, the emerging consensus holds, will fundamentally shape geopolitics going forward, for good or ill. And more than terrorism, climate change, or nuclear weapons in Iran or North Korea, the threats posed by these other great powers—namely, China and Russia—will consume U.S. foreign-policy makers in the decades ahead.
President Donald Trump’s administration has been a prime mover in setting this new agenda. Its National Security Strategy, published in December 2017, portrayed China and Russia as seeking “to shape a world antithetical to U.S. values and interests,” with Beijing displacing the United States in the Indo-Pacific and Russia establishing spheres of influence near its borders. When he