All good things eventually come to an end.
Since the end of World War II, the US dollar has remained supreme when it comes to its use as a medium of exchange worldwide.
For many people, dollar supremacy seemed like a given. The US has the biggest economy and the biggest and baddest military on the planet. As a result, it has had full-spectrum dominance when it comes to economic activity, military affairs, and innovation.
However, that could be changing now. The US has backed itself into a corner due to its loose monetary policy, big spending, and the never ending wars it has pursued in recent decades.
Coupled with the rise of China and Russia, America no longer finds itself as the global hegemon. It now has legitimate challengers abroad and flimsy internal politics that are slowly tarnishing its otherwise pristine image.
Many members of the American ruling class are far too wedded to the country’s hegemonic past and continue to operate on outdated premises.
America is entering uncharted waters as the world becomes more multipolar and competitive. A serious ruling class would recognize these new dynamics and adjust accordingly i.e. limit America’s interventions abroad, get on a free market monetary standard, downsize the state, and respect individual freedoms.
Sadly, America doesn’t have the right leadership to rise up to the occasion and pass the bold reforms the country needs to get back on its feet.