I think the same, this is disadvantageous long run, but I'm not in power and the people in power appear to be complete morons with little understanding of history or nuance.

I'm pretty sure we're rapidly heading into a West vs China military conflict. I think part of the reason we've held rates higher for longer is that it hurts China more than the West as a way to undermine the Chinese economy. Coupled with the sanctions the West is getting ready for a 'timing attack'. But if the West is wrong and loses that war then we're effed. I would prefer a graceful stepping down from world hegemon and taking our seat at a multipolar world where we can focus on getting our own house in order. But obviously those in charge have other incentives.