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It won’t be business as usual for very much longer.  The mantle of world power is quite possibly changing hands within my life time.  Lovely.  Alfred McCoy tackles the large geopolitical issues that we will all be facing in the future.

The Bipartisan Nature of U.S. Decline

America’s decline started at home as a distinctly bipartisan affair. After all, Washington wasted two decades in an extravagant fashion fighting costly conflicts in distant lands, in part to secure the Middle East’s oil at a time when that fuel was already destined to join cordwood and coal in the dustbin of history (though not faintly soon enough). Beijing, in contrast, used those same years to build industries that would make it the world’s workshop.

In 2001, in a major miscalculation, Washington admitted Beijing to the World Trade Organization, bizarrely confident that a compliant China would somehow join the world economy without challenging American global power. “Across the ideological spectrum, we in the U.S. foreign policy community,” wrote two former members of the Obama administration, “shared the underlying belief that U.S. power and hegemony could readily mold China to the United States’ liking… All sides of the policy debate erred.”

A bit more bluntly, foreign policy expert John Mearsheimer recently concluded that “both Democratic and Republican administrations… promoted investment in China and welcomed the country into the global trading system, thinking it would become a peace-loving democracy and a responsible stakeholder in a U.S.-led international order.”

In the 15 years since then, Beijing’s exports to the U.S. grew nearly fivefold to $462 billion annually. By 2014, its foreign currency reserves had surged from just $200 billion to an unprecedented $4 trillion — a vast hoard of cash it used to build a modern military and win allies across Eurasia and Africa. Meanwhile, Washington was wasting more than $8 trillion on profitless wars in the Greater Middle East and Africa in lieu of spending such funds domestically on infrastructure, innovation, or education — a time-tested formula for imperial decline.

When a Pentagon team assessing the war in Afghanistan interviewed Jeffrey Eggers, a former White House staffer and Navy SEAL veteran, he asked rhetorically: “What did we get for this $1 trillion effort? Was it worth a trillion? After the killing of Osama bin Laden, I said that Osama was probably laughing in his watery grave considering how much we have spent on Afghanistan.” (And keep in mind that the best estimate now is that the true cost to America of that lost war alone was $2.3 trillion.) Consider it an imperial lesson of the first order that the most extravagantly funded military on Earth has not won a war since the start of the twenty-first century.

Donald Trump’s presidency brought a growing realization, at home and abroad, that Washington’s world leadership was ending far sooner than anyone had imagined. For four years, Trump attacked long-standing U.S. alliances, while making an obvious effort to dismiss or demolish the international organizations that had been the hallmark of Washington’s world system. To top that off, he denounced a fair American election as “fraudulent” and sparked a mob attack on the U.S. Capitol, functionally making a mockery of America’s long history of promoting the idea of democracy to legitimate its global leadership (even as it overthrew unfriendly democratic governments in distant lands via covert interventions).

In that riot’s aftermath, most of the Republican Party has embraced Trump’s demagoguery about electoral fraud as an article of faith. As it happens, no nation can exercise global leadership if one of its ruling parties descends into persistent irrationality, something Britain’s Conservative Party demonstrated all too clearly during that country’s imperial decline in the 1950s.