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America’s plan to stay No. 1
America’s “dishonourable retreat” from Kabul might feel like “the latest act in the grand drama of western decline”, says Adam Tooze. But that story is “misleading”. While China is gaining ground as an economic player, American monetary and military power still give Washington a clear lead in the global power stakes.
Consider US financial dominance. The Taliban might overrun Kabul, but they can’t access Afghanistan’s national-exchange reserves, which are largely held at the New York Fed. The Afghan economy only works thanks to western aid, which funds a trade deficit
