‘One Quiet Early Morning in Beijing, the Dollar’s Crown Slipped’
Should China succeed, the U.S. would lose its ‘magic weapon’ of monetary dominance.
“I believe we must start from the notion of defeat leading to revolution – to grasp the Trump revolution”.
“The experience underway in the United States, even if we don’t know exactly what it will be, is revolution. Is it a revolution in the strict sense? Is it a counter-revolution?”
So spoke the French historian and philosopher Emmanuel Todd in his April Moscow lecture, From Russia With Love.
“This [Trump revolution] is, in my opinion, linked to defeat. Various people have reported to me conversations between members of the Trump team, and what is striking is their awareness of defeat. People like J.D. Vance, the Vice President, and many others, are people who understood that America had lost this war”.
This American awareness of defeat, however, contrasts markedly with the Europeans’ surprising lack of awareness – rather it is denial – at their defeat:
“For the United States, it is fundamentally an economic defeat. The sanctions policy showed that the financial power of the West was not omnipotent. The Americans were reminded of the fragility of their military industry. The people at the Pentagon know very well that one of the limits to their action is the limited capacity of the American military-industrial complex”.
“That America is in the midst of a serious revolution, right now – easily comparable to the end of the USSR – is understood by a few”. Yet our preconceptions – political and intellectual – often prevent us from seeing and assimilating the import of this reality”.
Todd, to his credit, admits the difficulty with perception readily:
“I must admit that when the Soviet system actually collapsed, I was unable to foresee the extent of the dislocation and the level of suffering this dislocation would cause for Russia. My experience taught me one important thing: The collapse of a system is as much mental as economic ... I didn’t understand that communism was not only an economic organization but also a belief system, a quasi-religion, that structured Soviet and Russian social life. The dislocation of belief would lead to psychological disorganization far beyond economic disorganization. We are reaching a situation of this type in the West today”.
The psychological dislocation caused by ‘defeat’ may explain (but not justify) the West’s ‘curious’ inability to understand world events: The almost pathological dissociation from the real world that it displays in its words and actions: It’s blindness – for example, to the Russian experience of history and to the long history behind Shi’a defiance in Iran. Yet, even as the political situation deteriorates … there is no sign of the We
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
