The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
On May 17, 1916, France and the United Kingdom signed the Sykes-Picot agreement, named after the two diplomats who conducted the negotiations. The agreement was the first in a series of treaties that would eventually create the modern states of the Middle East following the dissolution of the Ottoman Empire. One hundred years later, analysts such as Robin Wright and Jeffrey Goldberg predict that the region’s borders will soon be redrawn once more. Indeed, in Iraq and Syria, where proto-states outside the government’s control have already emerged, the idea of new borders does not appear so far-fetched. In Iraq, for example, the Kurds have already announced that they will hold a referendum on independence before the end of 2016.
New borders will not restore stability, however, because the present ones are not the cause of the region’s turmoil. The states themselves must change if there is to be any sort