Yhdysvallat tulee jatkamaan maailman johtavana valtiona tämänkin kriisin jälkeen.
"Question one is: what currency in the world do you most trust? Question two: where, outside your home country, would you most like your children to go to university or to work? For a majority of the global middle-class, the answers to those questions have been, respectively, the dollar and the US. If that continues to be the case after the pandemic, then American primacy will have survived Covid-19.
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The attractions of America’s universities and companies are a measure of the country’s ability to draw in talent from all over the world, while spreading American ideas and practices. It also represents a vote-of-confidence in US stability and openness. The political views that people espouse are sometimes less significant than how they vote with their feet. One thing that Xi Jinping and Barack Obama have in common is that the two presidents both have daughters who studied at Harvard.
By contrast, Beijing still struggles to attract even the best Chinese scholars to work in China. The country’s “Thousand Talents” programme has sought to attract leading academics by providing excellent salaries and research facilities. But some academics, who returned to China from the US, have been dismayed by the political atmosphere at home. It is far more intrusive and threatening than anything they encountered in Donald Trump’s America.
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But the US is aided by the fact that all the alternatives to the dollar still look worse. The pandemic has raised fears of a new euro crisis. And China still uses currency controls, fearing the pent-up demand from Chinese savers to get money out of the country. Other touted alternatives to the dollar — gold, bitcoin — have major drawbacks.
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The slogan on the greenback is “In God we Trust.” The world’s appetite for dollars sends back the implicit message — “In America we Trust.” If that trust survives coronavirus, so will American primacy."
FT: Coronavirus and the threat to US supremacy
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