As Americans head to the polls to select their next leader, the U.S. faces growing threats on the world stage---geopolitically, militarily, and now economically. Last week, Russia hosted an international summit of the BRICS coalition of nations. BRICS is a group of nine countries, including Russia, China and Iran, who are seeking to challenge the U.S. as an economic power and re-set the world order. One of the ways the coalition wants to accomplish that is by creating its own currency to compete with the U.S. dollar, which has long been the global standard.
Russia is a geopolitical foe to the U.S., but economically it is relatively weak, reliant mostly on oil and energy revenues. China, on the other hand, is a much bigger threat with its massive population, economic reach, control over production, and desire to dominate global commerce. In recent years, China has manipulated currency, tried to infiltrate U.S. companies, and bought up large amounts of American land. Add to that Iran, with its open hostility toward America and Israel, and the BRICS coalition must be taken seriously. "We're in a very dangerous situation, we've got Russia, we've got China, we've got Iran," says Jonathan D.T. Ward, author and China expert in an interview with Fox Business. "This entire axis is becoming more and more intertwined."
"Now you've got North Koreans in Russia helping Putin with his war," he continues. "It's really all coming together, and it's happened in the last four years."
Complicating matters even more for the U.S. are the threats to our economy from inside, namely massive debt and inflation. The International Monetary Fund has warned that high debt and low economic growth is an "unforgiving combination" for economies around the world.
Getting our fiscal house in order should be a priority for the next U.S. president, but Ward warns we should also heed lessons from the past. "Our best strategists in the Cold War were the ones that understood that American military and economic superiority were the two non-negotiables," he tells Fox. "That's how you win a long game, that's how you keep it peaceful, and that's how you deal with ruthless, vicious opponents like Vladimir Putin and Xi Jinping."
"We still can win, but we have to do a lot."
Photo: AFP