Russia’s Invasion Signifies The End Of An Era Of Unipolar American Power
If you are like me, you have been glued to the news about the Russian military operation in Ukraine and its implications for the world. Obviously, we cannot know about all of these implications at this point, and we may not for some time to come. Indeed, this recalls to mind Nixon’s query to Zhou Enlai in 1972 about his thoughts on the French Revolution. Zhou, with his long-term view of the world, responded simply, “too soon to say.”
However, we are seeing some developments emerge very quickly which may tell us where all of this is heading. First, in response to the U.S.’s extreme sanctions on Russia, including its removal of the Russian Central Bank from the SWIFT banking system, Russia and China have quickly pivoted to transferring money through other means and to trading on the Chinese Yuan.