In the 50 years since Richard Nixon officially severed the dollar’s link to gold, many have claimed that the greenback’s strength rests primarily on America’s unchallenged power and prestige around the world. As the situation in Afghanistan moves from embarrassment to tragedy, we are witnessing the rapid evaporation of the remnants of American prestige.
These developments are likely to further decentralize the dollar’s role in global finance and increase the chances that the currency will experience substantial declines in the years to come.
While the wisdom maintaining a 20-year U.S. military presence in Afghanistan, can be honestly debated, it seems beyond doubt that our government’s strategic assessment of the situation in Afghanistan, and the timing and execution of the evacuation, have been epic, historic, failures. The picture that has emerged paints America not just as a paper tiger, but one that is also deaf and blind.
The pictures themselves tell the story. Those who put their lives on the line to advance American interests have been left standing outside the Kabul airport in flooded sewage trenches hemmed in by razor wire. There can be little hope that those we leave behind will escape the vengeance of the religious fanatics who have toppled the world’s largest military. In Washington, a doddering President comes to the podium and mumbles statements so obviously contradicted by the images we all see, that even the fawning, left-leaning press corps can’t pretend to swallow them.
In frantic calls under the auspices of the G-7 (the seven-nation bloc of the world’s leading industrial democracies) and NATO, America’s closest allies have publicly expressed their disbelief that Biden could so callously abandon his allies to pursue a domestic political agenda. The Left had accused Trump of looking to destroy NATO. But Biden may be able to accomplish that goal far quicker and more completely than Trump ever could.
It’s clear to everyone that Biden’s self-imposed August 31st evacuation deadline arose because the President feared that an attack on U.S. forces on the ground would blemish his image as a peacemaker. That attack came on Thursday, killing 13 U.S. servicemen and up to 80 Afghan civilians. By not committing the resources needed to execute a more robust and orderly withdrawal, Biden is prepared sacrifice the lives of Americans and our Allies to perpetuate a fantasy that he had planned for all contingencies.