Present domestic and international affairs put me in mind of these adages:
‘It’s easier to beg forgiveness than get permission’, ‘never let a crisis go to waste’, and ‘those who fail to learn from history are doomed to repeat it’…
In short, I’m waiting for the Self-Fulfilling Prophecy feedback cycle to catalyze into World War III.
If you want the short version:
World War II’s deficit to debt spending and FDR’s New Deal got the US out of the Great Depression, and Bretton-Woods II made the world’s sole superpower’s currency the US Dollar the world’s reserve currency status.
For the long version:
World War I preparations were administered by Herbert Hoover who was tasked with preparing the United States for World War I in which deficit to debt spending and rationing got the US out of the ‘Forgotten Depression’ during the Influenza aka Spanish Flu pandemic. After World War I, Herbert Hoover became President, and he attempted slamming the banking institutions for instigating another financial crisis under anti-trust provisions against profiteering-racketeering that dried up both liquidity-credit that the Great Depression worsened as the Dust Bowl encompassed much of the US’s food supply creating a very vicious feedback cycle. This lead to FDR’s winning the Presidency, and he dropped the anti-trust prosecutions in favor of forming public-private partnerships catalyzed by the New Deal that became central to Johnson’s Great Society ambitions that I’ll let whoever opts to read this follow the history of Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, JP Morgan Chase, and etc. During World War II, the FDR administration largely repeated deficit to debt spending cupped with rationing leaving consumers predominantly left with purchasing war bonds for ‘consumer spending’ after the US acquired the majority of the allies wealth particularly Britain’s selling military equipment and munitions prior to the bombing of Pearl Harbor, Hawaii. (The bombing of Pearl Harbor centers onto the Japan’s ambitions for a Pacific Empire that aimed to challenge the US for Hawaii and seek a conditional surrender meaning they get to keep the Philippines and Hawaii, and the US cut Japan off by resources by embargoing Japan that forced Japan to cut the supply lines at Pearl Harbor, Hawaii. Meanwhile the US also were aiding the Chinese and Communist Chinese using the Philippines as a launch pad for the ‘river rats’ at the time. These set the connections necessary for the Doolittle Raid).
After World War II, the US stood as the sole superpower, and Bretton-Woods II made the US Dollar aka Greenback derived by overpowering rival paper back currencies and gold and silver becoming the US Legal Tender. Now, why do I say sole superpower? The Soviets took a beating during World War II if they weren’t working in conjunction with the British and US in developing nuclear weapons as Churchill himself stated and referenced in “American Pageant” the development of nuclear weapons stated the intent was to develop and then use. The US simply beat Britain and Soviets to the punch if the British built it first; India would remain British and Sterling remain the world’s reserve currency status. If the Soviets made it, the world’s reserve currency status would have been their currency. The Soviets were in some major holes namely technology and doctrine.
Case and point, the British tank’s were easy pickings due to their bulk to the German models whereas the Soviet models outclassed Germany’s except doctrine.
Ultimately, as abroad analysts assessed the reason the Soviets imploded and lost the Cold War was the advantage of time determining the winner of Cold Wars is the nation possessing the world’s reserve currency status, and the Soviet’s failed to directly challenge the US citing specifically the Soviet’s backing down in the Cuban Missile Crisis. Why is directly challenging the US an issue? Cold Wars develop by acknowledging and recognizing buffer zones that prevent the Cold War escalating into a war. What’s another name for a Cold War? It’s balance of power through an arms race and positioning military assets.
There’s several key factors here to consider:
1). The US Dollar’s world’s reserve currency status is dependent on the Eurozone and OPEC members of the Arabian Alliance.
2). The Eurozone needs to decouple its dependency on Russia’s government-energy public-private mergers, and it can only do so by developing direct lines to OPEC members of the Arabian Alliance, and the Arabian Alliance seek dominance of the Middle East desiring Syria, Israel, and Iran destabilized aka regime changed to do so.
3). The groundwork for China’s AIIB banking system began in 2009 in an economic pact with Russia dropping the US Dollar in denominated trade. AIIB is BRICS ability to isolate the Developed World from the Developing World that will bring a hammer down on the present global economy structures linked closely to Too Big To Fail Banking institutions as Goldman Sachs, Bank of America, JP Morgan Chase, and etc from New York to London to Brussels to Singapore to Taiwan and etc.
No, the US today cannot be considered the sole superpower. Even Henry Kissinger states in “Diplomacy” the US is finding itself being able to less and less unilaterally influence foreign affairs. We most certainly live in a multi-polar world with multiple superpowers. Without taking this reality into account, the US will continue a horrendously catastrophic path trend that ends badly.