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In its pursuit for unipolar primacy, the Biden administration is risking the economic stability of China, the West, emerging Asia, and the futures of the Global South.
Recently, Brian Deese, Biden’s economic advisor, told CNN that high gas prices, thanks to the US proxy war against Russia in Ukraine, were worth the pain. “This is about the future of the liberal world order,” Deese added.
The US Federal Reserve recently raised its benchmark interest rate by half a percentage point, shifting the target range to 0.75 percent to 1 percent, following a smaller increase in March. It was the Fed's biggest increase in 22 years.
The Philippine 2022 presidential election is just days away. The highly popular president Duterte is likely to be succeeded by the “Bong Bong” Marcos and Sara Duterte, who will build on his legacies. The opposition’s proxy campaign has failed.
The Russia-Ukraine war was not warranted. Ukrainians despair for peace. Russia needs security. China offers development. But Blackwater, US, NATO and the far-right Ukrainian paramilitaries seek something very different.