One of the things I hear most often these days is, "The US is exporting dollars to the world." At some point, it's going to explode, and immediately afterwards, people will be saying, "The US is collapsing, the dollar's hegemony is crumbling, everything is over, its reserve currency status is ending." I find this very wrong and incomplete. Because it's not just about printing money; there's a much deeper, more tangible power behind it. The vast majority of critical technologies in the world still belong to the US, and this dominance is by no means something to be taken lightly.
Consider this: GPUs, CPUs, high-performance RAMs, the most advanced phone processors, Boeing's dominance in civil aviation, SpaceX and NASA's leadership in rocket and space technologies, fighter jets (like the F-35), the backbone of the internet, cloud computing infrastructure, artificial intelligence models, social media platforms, and the overwhelming majority of digital services… In almost all of these, the US is far ahead. The world is looking for alternatives; China with Huawei, Russia with its own solutions, and Europe is trying too, but let's be realistic, in 90% of these areas the US is still unrivaled or far ahead. This technological superiority isn't just a matter of "innovation"; it also forms the basis of economic and military power.
Of course, China also has very significant achievements. In manufacturing, energy, robotics, and some heavy industries, China is currently ahead of the US, especially in terms of growth rate and scale. If I remember correctly, a Morgan Stanley report predicted that China would surpass the US nuclear energy capacity by 2030. China, with its state-backed industrial policies, has made enormous strides to compete head-to-head with the US, and has largely succeeded. Everywhere you look, it says "Made in China." Years ago, this label was "Made in USA." China took over the US's former manufacturing dominance, improved it, scaled it up, and made it its own sphere of influence. With this strategy, it has become a critical player in global supply chains.
But now, the interesting thing is: the US is doing the same thing. The US has begun to adapt China's model of coordinating everything in strategic areas with strong state support, adapting it to its own conditions. It is now loosening some regulations, providing direct incentives and support to critical sectors, and even elevating some companies under its own umbrella or in close coordination. The most obvious example is Intel. Through laws like the CHIPS Act, it is bringing chip manufacturing back to the country and providing billions of dollars in support. Rare earth elements, energy infrastructure, nuclear power plants, advanced chip technologies, drones, space, and the defense industry… all of these are now progressing with more intensive state support. Regulations have become much more flexible than before, bureaucracy is being reduced, and action is being taken quickly on grounds of national security.
The logic behind all these moves is very simple and clear: "A nation that does not produce is doomed to extinction." This sentence also applies to our country. An economy focused solely on services and finance cannot survive in the long term. True wealth comes from tangible production, technological control, and strategic independence. If the US wants the dollar to remain the global reserve currency, it must revive this production and technological power behind it. Because the power of the dollar isn't just about "trust" or "habit." Behind that trust lies unparalleled innovation, military superiority, supply chain control, and high value-added production. The US had become complacent due to past complacency; when China made significant strides, the US saw itself progressing faster than China, and so it started exercising. That's all there is to it.
