The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
The dollar will decline, not fall
English Summary
The dollar will experience gradual decline rather than sudden collapse in global dominance, following the historical pattern of sterling's century-long transition. While the dollar faces emerging rivals like the euro (which already invoices more trade) and renminbi, deep structural entanglements and universal holdings make rapid displacement unlikely. The decline will be punctuated by periodic crises rather than steady erosion, similar to sterling's 1931, 1949, and 1968 shocks. Policymakers should prepare for managed transition and coordinated global monetary adjustments to avoid destabilizing disruptions.
中文摘要
美元的全球主導地位不會經歷突然崩潰，而是會像英鎊經歷的百年過渡一樣，呈現逐漸衰退的趨勢。儘管美元面臨歐元（目前貿易開票額已超過美元）和人民幣等新興競爭對手，但其深層的結構交織性與普遍持有性使得快速取代的可能性較低。其衰退不會是平穩的侵蝕，而是會以週期性的危機為節點，類似於英鎊在1931年、1949年和1968年所經歷的衝擊。政策制定者應為管理式過渡和協調的全球貨幣調整做好準備，以避免造成不穩定的衝擊。
Related Entries
-
1.
-
2.
The Chatham House analysis concludes that the UK's Defence Investment Plan (DIP) will be viewed by NATO allies as a mixed bag, primarily due to its failure to commit to higher GDP spending targets. However, the plan signals critical strategic improvements by emphasizing novel technologies—such as autonomous systems and digital infrastructure—and enhancing readiness. Crucially, the DIP adopts an international focus through major collaborative programs (e.g., AUKUS, GCAP) and establishes a new National Armaments Director Group (NADG). This structural shift toward flexible, portfolio-based collaboration is strategically valuable for NATO allies seeking reliable partners as US conventional forces reduce their European presence.
-
3.
The article argues that the U.S., through recent policy signals—such as questioning NATO's value or sympathizing with great-power territorial claims—is inadvertently adopting the core tenets of non-alignment, prioritizing transactional national interests over binding alliances. Historically, while non-alignment allowed developing nations to gain benefits without commitment, the analysis notes that this approach lacks the deep trust and shared obligations necessary for robust security structures. The implication is critical: by undermining established alliances, the U.S. risks losing its greatest strategic asset—the network of mutual commitments—as allies actively seek alternative bilateral or regional defense pacts.
-
4.
The CSIS analysis finds that the U.S. grid's regulatory framework for connecting large loads is severely fragmented and unprepared for the massive electricity demands posed by AI data centers. FERC has mandated significant reforms across six regional operators, requiring them to modernize interconnection studies, prevent cost-shifting, and establish clear tariffs for co-located generation. Evidence shows that most operators fall far short of these new standards, necessitating complex, multi-year policy adjustments rather than simple compliance. Policymakers must coordinate federal regulation (FERC) with state utilities to accelerate grid modernization, ensuring energy affordability while maintaining technological competitiveness.
-
5.
The article argues that while Ukraine's deep strikes and Russia's mounting economic instability create a window for peace talks, President Putin remains committed to maximalist demands and may escalate conflict through increased air assaults. Key evidence supporting this tension includes the strain on Russian energy infrastructure versus Moscow's refusal to negotiate in good faith, preferring instead to expand its claims. Consequently, the immediate strategic implication is that Washington must lead intensive diplomacy—a 'shuttle diplomacy'—to establish a framework agreement centered on a ceasefire along current lines and defining long-term European security arrangements.