4/30/2023 0 Comments Will world war 3 happen![]() ![]() ![]() So Todd is right in the sense that the Ukraine war is existential to the US because it may reduce US global hegemony. A Russian victory – or even just Russia keeping one or more of the four oblasts it recently occupied in Ukraine – may serve to highlight the limits of American power, and send a message that aggression can be rewarded. In short, the Ukrainian war has unleashed a number of forces that serve to diminish US global hegemony. For example, Saudi Arabia recently agreed to sell oil to the Chinese in yuan, weakening the status of the US dollar as global reserve currency. This diminishes the US dollar as the world reserve currency, which has allowed the US its “exorbitant privilege” of printing trillions of dollars, where the world accepts paper in exchange for providing the US with goods. Or even something seemingly innocuous as taking payment for oil in yuan or gold.
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