Michael Hudson and Richard Wolff argue the new US national security strategy implicitly concedes a world the US can no longer dominate, while doubling down on coercion through bases, sanctions, energy leverage, and captive alliances. They link America’s weakening industrial base to decades of financialization, warning that de-dollarization and reduced foreign appetite for Treasuries threaten the fiscal engine behind US military power. The conversation ranges from Europe’s “tribute” politics and asset-seizure fantasies to a renewed Monroe Doctrine posture, with Venezuela flagged as a potential flashpoint in a harsher, more contested hemisphere.