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A New Cold War Will Damage the Interests of Humanity

A new cold war, maybe more hazardous than the one that followed World War II, is being witnessed by the entire world. The two largest economies in the world at the moment - the United States and China - are at war. This new cold war poses serious threats that, if not addressed, could have disastrous effects.

There are serious risks associated with this new cold war. The possibility of nuclear war is one of the potential threats. The chance of a mistake that may start a nuclear war increases as the US and China continue to compete. The US needs to reflect on whether it is worthwhile to risk nuclear war in order to retain its position as the world's superpower.

The conflict in Ukraine, which is aiding in the development of a "partnership" between China and Russia, is the current hotspot in the new cold war. Additionally, both nations are strengthening their ties with Iran. China is advancing its position in the Middle East thanks to US errors and its withdrawal from the region under the Obama administration.

Due to its expanding economic interests throughout the majority of the world, China is now required to assume an increasingly important diplomatic role in troubled areas. For its part, Saudi Arabia has demonstrated a willingness to defy Washington, joining much of the rest of the globe in disobeying Western sanctions against Russia. It has also decided to normalize ties with its archenemy Iran.

The dominance of the dollar in the international financial system is also being challenged by a number of nations. Financial and trade sanctions on Cuba, Venezuela, Iran, Afghanistan, and Russia as a result of the US's "weaponization" of the dollar have included the freezing of foreign assets and exclusion from the SWIFT messaging system.

In order to lessen their vulnerability to the damaging impacts of US economic and monetary policy, other nations share Russia's aim in creating new financial institutions and networks independent of the US-led system. It makes sense for China to encourage the usage of the yuan or at the very least non-dollar currencies as it develops.

In order to avoid using the dollar as a reserve currency, the BRICS nations have been developing new institutions and market processes. They are also looking at the idea of developing a new reserve currency based on the BRICS currency basket. This is paving the way for a future monetary system that is bilateral or at the very least international.

As it happens, the current Cold War between the US and China poses a greater threat than the one that developed following World War II. Global power struggles, the possibility of nuclear war, and economic instability all pose grave dangers to civilization. Finding a method for the US and China to coexist peacefully and cooperate to address global concerns is essential as they continue to compete with one another.


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