The future of the dollar

Plus, Arctic competition and China’s economy. JUNE 11, 2024  |  [VIEW IN BROWSER](  |  [SUBSCRIBE](     Brian Stauffer Illustration for Foreign Policy Pronouncements on the likelihood of the U.S. dollar’s decline are not a new trend. “But almost from the beginning, the debate about the future of the dollar has missed the mark,” Jared Cohen [writes]( in an essay this week in Foreign Policy. “The question isn’t about whether an event or a crisis or a new technology will knock the dollar off its pedestal,” Cohen argues. “Rather, it is about how the United States’ competitors, and even partners, are pushing the boundaries of the financial system in a global economy where the dollar still dominates but the post-Cold War consensus is breaking down.” To find out more, [check out]( the full essay. Also in FP: Kenneth R. Rosen writes from Kodiak, Alaska, [explaining]( how, as the Arctic has become a zone of competition between nations, “the United States is now playing catch-up in a region where it once held significant sway.” Scott Kennedy [seeks]( to answer the question: Why has China’s leadership not done more to address its economy? And this week on FP Live, Filippo Grandi, the United Nations high commissioner for refugees, joins editor in chief Ravi Agrawal to discuss the global refugee crisis. You can [register]( to attend this free live conversation here. —The editors   New and Noteworthy - Better at Governing: With three “Report Cards” that assess citizens’ well-being, governance, and citizens’ satisfaction with their governments, Graham Allison grades the U.S., Britain, and Singapore against each other—and one [stands out]( among the rest. - South Africa’s Next Government: “It’s official: The African National Congress (ANC) party will need to share power for the first time since apartheid ended in 1994 after losing its parliamentary majority,” Nosmot Gbadamosi [writes]( in the latest edition of Africa Brief recapping South Africa’s recent national elections. For a weekly roundup of essential news and analysis from the region, [sign up for Africa Brief today](. - Backfiring Campaign: China has ramped up aggression against other nations in the South China Sea—including against Philippine vessels working in their own exclusive economic zone. “Beijing’s nonstop aggression in the South China Sea risks becoming a likelier flash point for conflict,” FP’s Keith Johnson [writes](.   We don't break news. We break it down. [Subscribe to FP today.](   [FP Live]( [How to Solve the Refugee Crisis]( June 13 | 12 p.m. ETPeople flee their homes for a variety of reasons—persecution, poverty, conflict, climate change—and the situation has shown no signs of slowing down. What policies can make the world safer for refugees and displaced people? Filippo Grandi, the United Nations high commissioner for refugees, will join FP’s Ravi Agrawal to explore the trends and traumas of the global refugee crisis. [Register now]( and [submit your questions]( today. [Is Capitalism Broken?]( On Demand on June 20, 2024 | 11 a.m. ETIs capitalism broken? Ruchir Sharma argues that by simultaneously serving as regulator, borrower, and spender, the government has distorted the economy and created a system of “socialized risk.” He will join FP’s Ravi Agrawal for an in-depth conversation about his book, What Went Wrong with Capitalism. [Submit your questions]( today. [Analyzing India’s Election Results]( On DemandIndian Prime Minister Narendra Modi has declared victory in the country’s elections, but he’ll return a weakened leader after his Bharatiya Janata Party performed below expectations. How will Modi approach his third term, and what will that mean for the world? Two of the foremost experts on Indian politics, Milan Vaishnav and Yamini Aiyar, joined FP Live to analyze the results. [Watch]( the conversation now, or [read]( the edited transcript.   [And now a word from an FP reader…]( “FP avoids becoming a loudspeaker for White House bureaucrats and instead allows practitioners and academics alike to offer independent analyses of international events, speaking from research or past experiences of what works and what doesn’t work.” See it for yourself. Learn more about [joining FP]( today.   Most Popular [Tino Chrupalla and Alice Weidel, co-leaders of the far-right Alternative for Germany party, celebrate election results in European parliamentary elections in Berlin on June 9.]( [Europe Faces a Far-Right Reckoning]( Right-wing parties secured record wins in European Parliament and regional elections. By Alexandra Sharp [Ukrainian President Volodymyr Zelensky and U.S. President Joe Biden walk past a Ukrainian flag as they depart following the announcement of the G-7 nations’ joint declaration for the support of Ukraine in Vilnius, Lithuania, on July 12, 2023.]( [G-7 Leaders Meet to Ramp Up New Pressure on Russia]( Leaders look to lock in commitments ahead of tumultuous election cycles. By Robbie Gramer [A worker looks on amid a pile of logs at a holding area along the Yangon River in Yangon, Myanmar, on July 23, 2015. ]( [How Myanmar’s Wood Funds Its Brutal Military]( Conflict timber flows to India and China By Audrey Thill [Anat Elkabets stands at the entrance of her daughter's house in Kfar Aza, Israel, on April 7. Hamas militants killed her daughter, Sivan Elkabetz, and her daughter's boyfriend, Naor Hassidim, during the Oct. 7 attack on the kibbutz. ]( [Inside Israel, the Gaza War Looks Very Different]( Mired in the trauma of Oct. 7, many see the war as one of existential necessity. By Amy Mackinnon [Europe Faces a Far-Right Reckoning]( Right-wing parties secured record wins in European Parliament and regional elections. By Alexandra Sharp [G-7 Leaders Meet to Ramp Up New Pressure on Russia](Leaders look to lock in commitments ahead of tumultuous election cycles. By Robbie Gramer [How Myanmar’s Wood Funds Its Brutal Military](Conflict timber flows to India and China By Audrey Thill [Inside Israel, the Gaza War Looks Very Different](Mired in the trauma of Oct. 7, many see the war as one of existential necessity. By Amy Mackinnon   From Around FP - After Hotel Rwanda: As the world marks 30 years since the Rwandan genocide, FP has released all episodes of a four-part series called [After Hotel Rwanda](. Listen to the journey of Paul Rusesabagina, a human rights activist who in 2020 was lured from his home in San Antonio, Texas, to his former country of Rwanda, where he was tried on terrorism charges and sentenced to 25 years in prison. Reported by FP’s Robbie Gramer, the show can be found in the [I Spy]( feed on [Apple](, [Spotify](, or wherever you enjoy podcasts. - Elections, Elections, Elections: From [political violence in Germany]( to [partisan tensions across the European Union](, elections across the globe have been volatile and intertwined. Explore essays from FP’s Winter ’24 print magazine, “[The Year the World Votes](,” for a wider view on how these elections will shape geopolitics and the world. (And keep an eye out for the upcoming Summer ’24 print magazine on concerns for Europe in a dynamic geopolitical arena.) - Search Just Got Better: Have you noticed a change on [ForeignPolicy.com](? If you try looking for a keyword or article, you’ll find that search functionality on the site (and in the [mobile app]() is faster than ever. Now, you can explore years of FP’s news and analysis while optimizing your search results through improved sort and filter tools.   Are you interested in learning more about FP Analytics’ cutting-edge research services, hosting an FP Virtual Dialogue event, or building a podcast with FP Studios? [Explore partnership opportunities](. [Subscribe to Foreign Policy]( [The world, at your fingertips]( Keeping up with global moments has never been more essential. Save up to 50% when you join our community of readers today. [SUBSCRIBE NOW](   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( You’re receiving this email at {EMAIL} because you signed up for FP's This Week newsletter. [MANAGE YOUR EMAIL PREFERENCES]( | [VIEW OUR PRIVACY POLICY]( | [UNSUBSCRIBE]( Interested in partnering with FP on events, podcasts, or research? [Explore FP Solutions](. [Foreign Policy]( is a division of Graham Holdings Company. All contents © 2023 Graham Digital Holding Company LLC. All rights reserved. Foreign Policy, 655 15th St NW, Suite 300, Washington, DC, 20005.