And so, dollar ‘hegemony’ has shifted from being a tool of power projection to being the prime source of U.S. vulnerability. Plainly put, Washington’s massive oversupply of dollars and dollar-debt has turned ‘the dollar’ into a distinctly double-edged sword; It cuts against the West now. Financially top-heavy, the western manufacturing base has atrophied and shrunk –triggering a two-tier U.S. society of huge inequalities.
The present conflict in Ukraine has underlined the deficiencies in hegemonic power that specifically arise from a neglected manufacturing base.
Full text:
https://www.unz.com/article/the-mackinder-strategic-bible-reconsidered/