Forget the US dollar. Watch water and energy resources instead

As 2025 draws to a close, it marks an important milestone in the reconfiguration of the global economic system. Every century is defined not only by changes in technological leadership and shifts in global power, but also by the restructuring of the global financial system. The 20th century was the century of the US dollar, but with the arrival of the 21st century, the contours of the global macroeconomic system have begun to change. A recent International Monetary Fund study, “Playing with...