Corona virus and threat to American supremacy

At the height of the Cold War, Ronald Reagan argued that if space was invaded by space creatures, hostilities between nations would end. The former US president was optimistic. Today, the United States and China face a common threat in the form of the coronavirus.  Instead of uniting the two rival nations, the epidemic seems to be intensifying their competition.

You can see why China could miss an opportunity in this crisis. The coronavirus has targeted the weaknesses of the United States, while many of its powers are temporarily unrelated. Even the world's most powerful military machine  But the lack of importance to global health care has suddenly become a threat not only to the poor but to American society as a whole.

 The Chinese government claims that it has almost completely eliminated the country's virus transmission. Combine the relative stability in China with the threat of a Great Depression and a severe political crisis in the United States, and it is clearly possible that  Code 19 The transition of power from the United States to China will be a major turning point. It could even end American supremacy.

 Both the US economy and the political system are faltering. One in ten workers in the US has lost his job in three weeks. Both Republicans and Democrats suspect the other side of using the epidemic in the presidential election or rigging.  Economist and columnist Paul Krugman recently argued that American democracy itself is in danger.

The Chinese government, meanwhile, claims to have almost completely eliminated the country's virus transmission. Combine the relative stability in China with the threat of a Great Depression and a severe political crisis in the United States, and this is clearly possible.  It is said that Code 19 will bring about a major change in the transfer of power from the United States to China. It may even end American dominance.

The debate over American decline has certainly been going on for decades. Broadly speaking, arguing that the end of American supremacy is real and inevitable, I am in the camp of conservatism.  At the same time, however, I have tried to recall two important questions that serve as a real assessment of the unjustified decline.

The US currency will gradually erode the confidence of the world. The barbaric talk of prominent US politicians that the US should not repay the Chinese-owned US debt as a punishment under Code 19 will certainly not be of any use.  This is due to the fact that all dollar alternatives still look worse.

The first question is which currency of the world do you trust the most?  Second question Would you like to send your children to university or abroad for employment?  The answers to these questions of the majority of the world's middle class have been the dollar and the United States, respectively. If the same situation persists after the epidemic, then American supremacy will survive in Code 19.

These two measures of American power may seem strange.  However, they have a wide range of significance.

The attractiveness of American universities and companies is a measure of the nation's ability to attract talent from around the world by popularizing American ideas and practices. It represents the confidence of the vote in American stability and openness.  Sometimes they are less important than they choose not to be. Xi Ping and Barack Obama have one thing in common: they are the daughters of two presidents who are studying at Harvard University.

In contrast, China is still trying to attract the best Chinese scholars, despite working in China. The country's "Thousand Talent" program attracts prominent academics by providing excellent salaries and research facilities.  Attempts have been made to do so. Some academics who have returned to China from the United States have become disillusioned with the country's political landscape.

Of course, it is possible that the United States will become less attractive to foreigners after an epidemic. The rise of xenophobia, a deep and lasting recession, is a threat to political freedoms, all or somehow the United States.  Will damage the power of mercy.

He will give up the powerful dollar. While the dominance of the US military is increasingly being challenged, the dollar's role as a safe haven for globalization and a significant currency for trade is undeniable.  The United States can use sanctions to keep a country or company away from the codler system. And, because it is a global currency, sanctions have an impact on the world. Just ask a few secret governments in Iran or Russia that  The United States has targeted. Although many foreign powers are dissatisfied with the strength of the dollar, no other country has a currency that leads to the same value.

However, the US response to the corona virus could test the world's confidence in the dollar. The recently approved 2 2 trillion stimulus package means the US national debt, which has already risen sharply under the Trump administration.  Yes, now it will increase further. Meanwhile, the Federal Reserve's balance sheet is also expanding exponentially as it buys not only treasury bonds but also corporate debt.  Will warn that the crisis is near.

There is a danger that the US currency will gradually erode the world's confidence. The barbaric talk of prominent US politicians that the US should not repay the Chinese-owned US debt as a punishment for Code 19 is certainly to no avail.  Maybe. But the United States is helped by the fact that all dollar alternatives still look worse. The epidemic has raised fears of a new euro crisis. And China's continued use of currency controls to save sugar.  People are afraid of the demand to withdraw money from the country. Other alternatives to the dollar, gold, bitcoin have their own major flaws.

The slogan on Greenback is "Trust us in God". The message of "We trust America" ​​lies in the hunger to send back the world's dollars. If this trust survives the Coronavirus, so will the United States.

Story by: Shaista khushi