Pundits have been saying last rites for the dollar’s global dominance since the 1960s – that is, for more than half a century now. But the pundits may finally be right, because the greenback’s dominance has been sustained by geopolitical alliances that are now fraying badly.
China’s trillion-dollar Belt and Road Initiative could potentially transform relations with over 60 countries across Eurasia, Africa and beyond. But to bring the concept to fruition, Beijing must overcome mammoth logistical obstacles, navigate fragile political situations and placate growing regional apprehension surrounding its ambitions.
U.S. Secretary of State Rex Tillerson meets with Chinese Vice Premier Liu Yandong at the U.S. Department of State in Washington, D.C. on September 28, 2017. [State Department Photo]
…much like economic globalisation and interdependence has slowly eroded the traditional concept of sovereignty, so has the expansion of the global internet. The physical infrastructure of cyberspace – the undersea fiber optic cables – is likely to continue connecting nations for trade and economic inclusion in global markets. But governments across the political spectrum – from Russia and China to Western liberal democracies – are now seeking to impose their sovereign authority on the content and data that transverse their borders across those very cables.
A number of concerns – ranging from exchange rates to accusations of intellectual property theft – are likely to feature prominently when Donald Trump visits Beijing later this year.
As Singapore is the chairman of the Association of Southeast Asian Nations next year, how Beijing manages its ties with the city state will be crucial to the relationship between China and the Southeast Asian nations – some of which have their own claims to the South China Sea.
Where does North Korea, whose gross domestic product is less than that of some American cities, get the money to fund its nuclear efforts? Kim Jong-un and his regime obtain much of their money from a vast series of criminal enterprises that trade in everything from goods made by forced labor to counterfeit currency to narcotics.
Sanctions on North Korea have been tried, and failed. Serious negotiations seem like a pipedream. And any military strike would almost surely bring mass devastation and horrific civilian casualties. The Trump administration’s options are going from bad to worse as Kim Jong-un’s military marches ever closer to being able to strike the US mainland with nuclear weapons.
Also Read: North Korea’s Nuke Test Reveals Terrifying Capabilities
The confirmation that Indian Prime Minister Narendra Modi will show up in the coastal city of Xiamen has cleared a major obstacle to a “successful” BRICS leader summit – an event that China has been preparing for months to showcase its global influence. However, a ceremonial summit may not heal deep cracks in the club of Brazil, Russia, India, China and South Africa.
Read Here – South China Morning Post
Also Read: Five Things To Watch Out For At The BRICS Nations Summit
The stakes are high for the U.S. as tensions in Asia ramp up. The country has $1.3 trillion of two-way trade with the region, based on annualised data in the first six months of this year. That’s 52.5 percent of America’s total foreign trade. But that is only part of U.S. linkage with Asian economies. Fixed-asset investments generating those trade flows have also to be taken into account as they directly affect employment and income levels in about one-third of American aggregate demand.
