The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Since the end of the Cold War, every U.S. president has come into office promising to build better relations with Russia—and each one has watched that vision evaporate. The first three—Bill Clinton, George W. Bush, and Barack Obama—set out to integrate Russia into the Euro-Atlantic community and make it a partner in building a global liberal order. Each left office with relations in worse shape than he found them, and with Russia growing ever more distant.
President Donald Trump pledged to establish a close partnership with Vladimir Putin. Yet his administration has only toughened the more confrontational approach that the Obama administration adopted after Russia’s aggression against Ukraine in 2014. Russia remains entrenched in Ukraine, is opposing the United States in Europe and the Middle East with increasing brazenness, and continues to interfere in U.S. elections. As relations have soured, the risk of a military