Undoubtably, a global economic war is developing. It is a new kind of Cold War, although not one based on ideology such as past geopolitical tensions between the Soviet Union and the United States, But it is a war for international legitimacy, a struggle for hearts, minds, and money in a very large part of the globe that is not aligned with America or with NATO. The global balance of power is shifting, and for many countries, the smart money might be on China now. Countries in Asia, like the Philippines as well as others, are closely watching the rise of this international order, led by China. Chinese Foreign Minister Wang Yi took his second trip to Middle East countries ; Turkey , Iran, the United Arab Emirates , Oman and Bahrain , right after the Alaska Summit which was held between China and the United States. Wang’s visit to the Middle East to promote the internationalization of the Chinese currency , and build a safe haven for U.S dollar depreciation. Last week, Iran and China signed a twenty-five year strategic cooperation agreement addressing economic issues arising during the U.S sanctions on Iran. However, the devil, as always, is in the details, and those details apparently remained to be sorted out in the form of specific contracts and plans for cooperation. But China is taking advantage of Iran’s sanction-ridden economy as the Iranian government fears its loss of sovereignty in the complex geopolitics of the Middle East. Continue reading
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Dr. Aland Mizell is with the University of Mindanao School of Social Science, President of the MCI and a regular contributor to The Kurdistan Tribune, Kurdishaspect.com, Mindanao Times and Kurdish Media.You may email the author at:aland_mizell2@hotmail.com.Become a Member today!
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