The Morning Edition Is this the beginning of the end of the American empire?
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May 28, 2025 Peter Hartcher, an esteemed international and political editor, dives deep into the growing U.S. national debt, now at a staggering $36.2 trillion. He discusses the implications of this decline, including the potential loss of the dollar's dominance as the global reserve currency. Hartcher also analyzes controversial proposed entitlement cuts and their impact on wealth distribution. He highlights Niall Ferguson's theory on political decline and examines America's waning influence amidst rising powers like China and Russia, questioning what this means for global stability.
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Dominant Hegemon Maintains Stability
- The world's post-WWII stability was historically unusual and dependent on a dominant hegemon.
- Without the U.S. enforcing stability, global conflicts may increase and spread.
U.S. Created Global Trade System
- The U.S. created global trade systems that fostered prosperity, including admitting China to the WTO.
- This admission turbocharged China's economy but is now being undermined by the Trump administration.
U.S. Debt Crisis Risks Global Chaos
- The U.S. government borrows heavily, raising concerns about repaying its massive debt.
- A default on U.S. debt could cause global financial chaos as Treasury bonds underpin markets.