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Richard Hanania's avatar

I don’t think that this analysis of the importance of the dollar is correct. Everything I’ve read says reserve currency is a minor issue when it comes to living standards, and I don’t see the connection between it and US interventionism anyway. Who have you been reading on this?

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Luke Croft's avatar

The rising tide of right-wing populism is a consequence of a fundamental breakdown of trust and expectations between the people and elites and it's largely centred around immigration and identity.

If right-wing populism was driven by concerns about wokeness it would have withered away as did wokeness (at least in its most aggressive manifestations, retreating circa 2022).

Any society functions on an unwritten social contract. Expectations, rights and duties. Large-scale immigration transforms society and often leads to social and political instability that degrades said social contract.

Nationalism is dying and elites are not being honest about it. They also have no other vision beyond vague appeals to "our values" and the most tepid and watered-down version of patriotism to still keep the idea of having a nation alive for purely practical reasons (national armies to fight geopolitical adversaries/taxation/social cohesion). They're not brave enough to advocate for global federalism because that would require leadership and risk. They're lying to the people and they're out of ideas.

Right-wing populists are delusional in their own way, believing we can return to a world prior to the internet and commercial air travel. They're also unwilling to talk about pension systems/social security which incentivise governments to continually engage in biomass QE via immigration of disproportionately younger people to prop up gerontocracy.

I don't know the exact practical solutions to these massive problems but we need vision and leadership from our elites which is something we're lacking greatly.

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