The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
For the first time in recent memory, large numbers of Americans are openly questioning their country’s grand strategy. An April 2016 Pew poll found that 57 percent of Americans agree that the United States should “deal with its own problems and let others deal with theirs the best they can.” On the campaign trail, both the Democrat Bernie Sanders and the Republican Donald Trump found receptive audiences whenever they questioned the United States’ penchant for promoting democracy, subsidizing allies’ defense, and intervening militarily—leaving only the likely Democratic nominee Hillary Clinton to defend the status quo.
Americans’ distaste for the prevailing grand strategy should come as no surprise, given its abysmal record over the past quarter century. In Asia, India, Pakistan, and North Korea are expanding their nuclear arsenals, and China is challenging the status quo in regional waters. In Europe, Russia has annexed Crimea, and U.S. relations with Moscow