What has gone wrong with the world? There is chaos everywhere – from Europe, Asia and the Middle East to Africa. The economic order established after World War II, with a strong institutional setup led by the World Bank and the International Monetary Fund (IMF), is now on the brink due to multiple factors.
The main factors leading to the erosion of the current international financial system are the emergence of new forms of currency, including cryptocurrencies and digital currency, as well as the digital capitalisation of the world market backed by artificial intelligence (AI). There is already widespread speculation in the power circles of capital markets that the dollar may no longer remain the world’s dominant reserve currency for much longer. Cracks are already beginning to emerge in the system. An economic disorder is unfolding, one that urgently requires the attention of world powers to be transformed into an opportunity for a more refined global economic order.
The crisis in the Middle East may also undermine American influence in global affairs, especially its economic reach. The rise and fall of great empires is an old but time-tested concept in history. Apparently, the time is ripe for that theory to repeat itself, as many of the policies currently being pursued by the powerful are flawed. Hence, decline seems imminent.
Noam Chomsky offers his own perspective: he argues that the inherent contradictions and self-destructive tendencies within imperial systems
