The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
In the end, 2018 was not the year of U.S. foreign policy apocalypse. Normally, this would not be a cause for celebration. But given the anxiety about President Donald Trump and what his administration might do—pull out of NATO, start a war with Iran or North Korea—it was something to be grateful for. In fact, Trump’s first two years in office have been marked by a surprising degree of stability. The president has proved himself to be what many critics have long accused him of being: belligerent, bullying, impatient, irresponsible, intellectually lazy, short-tempered, and self-obsessed. Remarkably, however, those shortcomings have not yet translated into obvious disaster.
But the surface-level calm of the last two years should not distract from a building crisis of U.S. foreign policy, of which Trump is both a symptom and a cause. The president has outlined a deeply misguided foreign policy vision