Borrowed Time: The U.S. Economy at the End of Exceptionalism

by Shahed Hannanaly

In this paper we discuss:

• The US debt dynamics and the “R Minus G” trap;
• The historical comparison between Britain’s decline and America’s situation;
• The US Dollar’s inertia vs. the momentum of alternatives;
• The US structural dysfunction: deficits, and the vanishing demand for Treasuries;
• The Emerging Market within: How the U.S. now mirrors the fragility it once cured;
• Reshoring illusions and the reality of industrial fragility;
• The US digital currency strategy: U.S. stablecoins vs. global CBDCs; and
• How US dominance masks the absence of a grand strategy. 

Download PDF: US Exceptionalism June 2025