The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Throughout 2011, a rhythmic chant echoed across the Arab lands: "The people want to topple the regime." It skipped borders with ease, carried in newspapers and magazines, on Twitter and Facebook, on the airwaves of al Jazeera and al Arabiya. Arab nationalism had been written off, but here, in full bloom, was what certainly looked like a pan-Arab awakening. Young people in search of political freedom and economic opportunity, weary of waking up to the same tedium day after day, rose up against their sclerotic masters.
It came as a surprise. For almost two generations, waves of democracy had swept over other regions, from southern and eastern Europe to Latin America, from East Asia to Africa. But not the Middle East. There, tyrants had closed up the political world, become owners of their countries in all but name. It was a bleak landscape: terrible rulers, sullen populations, a terrorist fringe that