Oct 27, 2025

John Maynard Keynes’ The Economic Consequences of the Peace (1919) remains one of the most prescient critiques of postwar settlement in modern history. In it, Keynes warned that victory can hollow itself out when the victors lose their sense of humility. The punitive reparations imposed upon Germany after World War I, he argued, sowed the seeds for future instability by humiliating and impoverishing a nation that, once stripped of dignity and hope, would not long consent to the order imposed upon it. His insight was both economic as well as moral and political: sustainable peace requires magnanimity, not vengeance; it presupposes an architecture of inclusion, not one of exclusion. In today’s parlance, it rejects blocs aimed at those outside and seeks to ground relations in the idea of indivisible peace.

Sep 26, 2025

The United States remains committed to global primacy. That’s been a longstanding ambition that cuts across party lines inside the Beltway. Its security doctrines, diplomatic rhetoric and military posture continue to project the image of an indispensable nation whose umbrella guarantees the survival of allies from Europe to Asia. Yet beneath this facade, a widening gap has emerged between Washington’s strategic ambitions and its material capabilities.

Aug 22, 2025

The war in Ukraine grinds on into its fourth year, and yet peace seems elusive. American President Donald Trump recently met Russian President Vladimir Putin in Anchorage, Alaska. Some hailed this as a breakthrough; others derided it as Trump being “played.”

Jul 28, 2025

While Washington continues to dress up its economic strategy as innovation-driven and market-oriented, the passage of the so-called GENIUS Act suggests the emergence of a desperation, leading to the reckless engineering of systemic financial instability under the guise of modenisation. By enabling U.S. Treasuries to be used to underpin the issuance of so-called stablecoins, the new laws create a synthetic loop of leverage, which could threaten the very stability of the American and global financial systems.

Jun 30, 2025

The genius of China’s approach is that it never triggers a full-scale crisis. It ensures that American companies and politicians exist in a state of perpetual anxiety. Inventories shrink to manage costs and procurement becomes a game of roulette. Meanwhile, Beijing can modulate the pressure.

May 30, 2025

In the week of 25th May 2025, Kuala Lumpur played host to a landmark event: the inaugural ASEAN-GCC-China Summit. It brought together Southeast Asian nations, the Gulf states, and China - three pillars of the emerging multipolar order - in a signal moment of strategic realignment. While headlines may focus on trade, energy, and infrastructure cooperation, the deeper story lies in a quiet revolution in how the world’s fastest-growing economies trade, settle, and invest - increasingly without the U.S. dollar.

May 02, 2025

The recent Financial Times editorial by economist Michael Pettis, in which he advocates for U.S. capital controls to achieve balance in its external accounts, is emblematic of a deeper and more troubling reality: American economic policy has entered a conceptual dead end.

Apr 18, 2025

America needs to come to peace with itself before it can come to peace with the rest of the world. Negotiating an economic detente that contributes to American national healing is, arguably, a question of global interest. But there won’t be any free lunches for the Americans.

Mar 18, 2025

The more things change, the more they seem to stay the same.

Feb 27, 2025

If one takes Marco Rubio’s recent remarks on the end of unipolarity at face value, one could be mistaken for believing that the question of a multipolar world is settled. On the contrary, Rubio’s ruminations, together with remarks from members of the new Trump Administration, including the President himself, buttressed with decisions made in the first few weeks of the new administration, suggest that the issue of multipolarity is very much in question.