Watch Ian Bremmer's Quick Take:
When I look at the United States, it is certainly true that our ability to lead by example, our ability to say, the Belarus elections are rigged is hard because, you know, we're claiming that our own elections may well be rigged. So, it's harder to lead by example. And we aren't as happy with our institutions. And the post office is having problems, some self-inflicted, in delivering mail. And when you see, you know, 8,000 chicks being sent to a farmer in Maine, and they all show up and they're dead, you're like, "what the hell?" I mean, it's like the DMV, the US Postal System. We should be able to fix that. And the American dream doesn't apply to a lot of Americans in the way that it did 20, 30, 50 years ago. Inequalities, much more structural. All these things are true. But the idea that the US is in inextricable decline just flies on its face against realities of the country.
A few examples: The relevance of the US dollar, its strength is uncontested. There's nothing else close. The Eurozone is getting weaker. And the Chinese are not moving towards internationalizing and floating the RMB. The Japanese yen, certainly not. So, the willingness of international investors to continue to pile money into the United States has been undaunted and undiminished by everything we've seen in the past years, whether you talk about the financial crisis or more recently, the Trump election or most recently the pandemic. The pandemic tells you that the most important companies out there are the tech companies. Brick and mortar are really going to get hurt. And there are a lot of Americans that are getting hurt on the back of that, and particularly a lot of poorer Americans, particularly a lot of minorities in the United States who are getting hurt the hardest. By the way, that's true in all the other major advanced industrial democracies, too.