THE BIG CYCLE RISE AND DECLINE OF THE UNITED STATES AND THE DOLLAR This chapter covers the Big Cycle rise of the US beginning in the 19th century, its gradual surpassing of the UK as the world’s most powerful empire, and its recent decline. As the story of the US as the world’s leading empire is still unfolding and is highly relevant to the world today, I will be going through its Big Cycle in more detail than I did for the Dutch and British, especially as it relates to the dollar’s status as a global reserve currency and the economic and monetary policy forces that have impacted it.
