In November 2024, a quiet but deeply symbolic financial event took place in Riyadh. The Chinese Ministry of Finance issued $2 billion in U.S. dollar-denominated bonds, its first such international debt sale in three years, not from the traditional financial centers of New York or London, but from the heart of Saudi Arabia. At first glance, there was nothing revolutionary. The bonds were denominated in dollars, structured by global banks, and carried coupon rates close to U.S. Treasuries. But the

US President Donald Trump’s latest threat to slap steep tariffs on Indian exports, in retaliation for India’s continued purchase of discounted Russian oil, might sound like classic Trumpian bluster. But peel back the outrage, the nationalism, and the electoral grandstanding, and a deeper, more structural reality comes into view: All major powers, regardless of ideology or administration, are being swept along by the same material megatrends shaping the emerging world order. Trump’s outburst, delivered via social media this week, accused

In the quiet corridors of Tokyo’s Ministry of Finance, an unspoken fear is beginning to crystallize: Japan’s bond market is breaking down, and the consequences are about to ripple far beyond its shores. As yields on Japanese government bonds (JGBs) surge to multi-decade highs, a fiscal reckoning is forcing Tokyo into choices that could shake the foundations of global finance—including the unthinkable prospect of selling U.S. Treasuries. The crisis was long in the making, but its eruption has been swift.

In 1948, the United States launched the Marshall Plan, pumping over $13 billion (equivalent to $150 billion today) into postwar Europe’s reconstruction. This strategic investment created stable European democracies, opened markets for U.S. goods, and cemented transatlantic relationships during the Cold War. Seventy-five years later, America is executing the exact opposite strategy, a Reverse Marshall Plan, where instead of building up Europe, it extracts wealth from it. The recent U.S.-EU “deal” is not a partnership but a one-way transfer of

Meta CEO Mark Zuckerberg is redirecting his company’s focus towards the elusive goal of artificial superintelligence, investing heavily in top-tier talent and infrastructure despite uncertain immediate business benefits. Mark Zuckerberg, the CEO of Meta, is resolutely pursuing the development of artificial superintelligence, a form of AI anticipated to surpass human capabilities in all areas of knowledge work. While this ambitious target might seem abstract and distant, and its immediate utility to Meta’s core operations is debatable, Zuckerberg is nonetheless committing

Trump’s administration unveils an ambitious plan to position the U.S. as the leader in AI technology by easing regulations. The Trump administration revealed its comprehensive plan for artificial intelligence on Wednesday, aiming to establish the United States as the foremost authority in a field anticipated to rival the impact of the internet. By diminishing AI regulations, the administration seeks to achieve this ambitious goal, with a particular focus on eliminating political biases within AI systems. The strategy comprises three main