America Is History’s Most Successful Failing State

Edward Luce: “A key sign of a fading power is its currency losing value. Britain, like ancient Rome, could tell you a thing or two about that. By this yardstick America is close to an imperial peak. The euro is too fragmented, and China’s yuan too restricted, to threaten King Dollar’s primacy. Bitcoin is a pyramid scheme. Yet political science tells us that America is more divided than at any point since the eve of its civil war in the 1850s. Could it be defying the laws of historical gravity — a failing state that outshines its rivals?”

“The answer is yes, for the time being. A nation can be both rich and ungovernable for long periods. The last country anyone would compare to America is Belgium, which has been dubbed the richest “failed state” in the world. Yet US politics looks more like Belgium’s every day.”