When talking about monetary policy, one cannot analyze the dollar’s value in a vacuum. One must remember that we live in a thoroughly globalized economy where there are many currencies being exchanged. 

Moreover, there are over 150 nations with their own currencies and fiscal policies. Some countries are more restrained on fiscal and monetary matters, while others go bonkers. As degraded as the West has become in monetary affairs, there are still many developing economies that are notorious for having demagogic economic policies which include easy money, profligate spending, and the destruction of property rights. 

The two most notable examples of economic collapse of the past two decades can be found in countries such as Zimbabwe and Venezuela. These countries pursued massive land confiscation policies in addition to monetary expansion measures. The result? Hyperinflation and wholesale economic collapses. 

Indeed, there are many countries in the world with crazier monetary, fiscal, and property rights regimes. As a result, many countries who implement sub-optimal economic policies will look saner in comparison.

Often times, a lot of positive economic developments that fall on the West's lap are largely because they’re the cleanest dirty shirt in the hamper. Nevertheless, bad economic policy will eventually catch up to nations. 

The same West that’s pursuing a slow motion economic suicide by maintaining a welfare state, government intervention, and easy money will meet its inevitable demise sooner or later. The West still has time to reverse course but it will need a completely different ruling class for it to pursue more rational economic policies.

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