A New Cold War, a New Moscow–Beijing Axis, and the Decline of American Hegemony
Despite the warning by John Quincy Adams that US foreign policy should not go “abroad in search of monsters to destroy,” America has throughout its history tried to depose those regimes deemed hostile to its interests. It even created some monsters of its own, like NATO and the CIA. In the twenty-first century, Russia was once again elevated to the status of enemy, and the United States would not shy away from supporting actual Nazis in Ukraine in its efforts to oppose Putin and establish domination in Eurasia. But power relations had changed. American influence in Central Asia was waning, while Russia was building a new economic framework and security structure there. And big cracks were starting to appear in the status of the dollar as the international reserve currency, as both Russia and China were trying to build an alternative financial structure.
Ever since the Petrodollar standard, that role of the dollar in international trade had been the bedrock of American hegemony. With the dollar’s position now under threat, so was that hegemony. It was a hegemony vulnerable to a challenge by the Moscow–Beijing axis.