Although the world has advanced significantly since the fall of the Soviet Union, the geopolitical landscape has undergone significant change. The US, once the undisputed leader of the world’s superpowers, is now in competition for global dominance with Iran, India, China, and other developing countries. As the US dollar’s role as the world’s reserve currency is increasingly questioned, we must consider the potential effects of this shift in power dynamics.
Since the US dollar is the main reserve currency, the US has been able to maintain a sizable influence over the global economy. The US’s ability to print USD, which are essentially debt receipts, has allowed it to export inflation throughout the world and pay off its debt with paper money. But as nations like China and Russia attempt to change the game’s rules, this advantage is now under attack.
China’s ascent to the position of a major global economic force has led to rising tensions with the US, particularly in regard to Taiwan. This struggle for dominance may already be the start of World War 3, even though we have not yet fully felt its effects. As tensions rise, world leaders must prioritize peace, food, education, and human welfare over conflict and weapons.
We must take the lessons of history to heart if we are to prevent the catastrophes that have befallen earlier civilizations. It is the responsibility of all nations to work together while promoting understanding and cooperation in order to make the world a more peaceful and prosperous place for everyone. Never should the pursuit of power mean sacrificing another person’s life or the future of the planet.
In this era of ambiguity and change, it is more important than ever for world leaders to unite and work together to realize a peaceful, stable, and just world. By focusing on the needs of our people rather than engaging in a destructive arms race, we can create a better future for future generations.
Author: Pooyan Ghamari, Swiss Economist