THE END OF AN EMPIRE: The United States' economic monopoly and its downfall
Author : Taehyun (Thomas) Sa
Earl of March Secondary School
Abstract
The Executive Order 13224 and the Patriot Attack allows the United States to exile anyone they wish from the global financial system, in addition to the countless sanctions programs and agreements the country holds, including the United Nations Monetary and Financial Conference, the 1971 Nixon shock, and the 1985 Plaza Accord Agreement that guarantees the United States with an exclusive monopoly over the global economy. However, the American global economic monopoly might just shift and thus pave the way for the end—and the beginning—of an empire as some of the world’s most powerful countries are pushing back from the U.S.’ firm economic grip. Moreover, the current COVID-19 pandemic has finally pulled the trigger to a new era of hyper-inflation in the United States and the beginning of a downfall of an empire, in addition to the country’s numerous internal issues such as the decreasing middle-class crisis, increasing household debt, and the continuous rise in economic inequality.