Commentary
We don’t know how Russia’s invasion of Ukraine will end, but whatever the outcome, the world will be changed forever.
Already, the post WWII consensus—often called the Pax Americana—that has kept the world relatively peaceful is rapidly breaking down. China, Russia, and Iran have come together in a triumvirate that directly challenges that consensus. Individual parts, such as the hegemony of the American dollar, are threatened, as Russia and other nations within the Chinese orbit agree to use the Chinese yuan instead of the dollar. The global safety of shipping lanes—mainly protected by America—is now in jeopardy. Russia’s unprovoked invasion of a sovereign Ukraine is a direct assault on world order….