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Crisis of Global Financial System

Even before the war in Ukraine and the severe western sanctions imposed on Russia, the global economic and financial system was entering a period of  transition.

Changes in the relative economic power of nations, particularly those of rising powers in Asia, began to challenge America's global financial and economic hegemony.

For the first time, there are serious efforts to replace the US dollar as the international trade currency as well as efforts to create new international financial systems independent of the west, new systems which cannot be abused and weaponized by the west to wage economic war on peoples around the world.

It is not yet clear how these new global economic and financial systems will look like, but what is clear is that they will be centered in Asia and be very different than what existed previously.

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