For decades, the world has run on the dollar. Oil is priced in dollars, most trade invoices are written in dollars only, and when a central bank anywhere from Lagos to Jakarta wants to build a reserve safety net, it still reaches for US Treasury Bonds First. This is not an accident, and it never should be. It is the result of America’s size, for its deep and liquid bond markets and the kind of institutional trust that took decades. Illustration by The Geostrata But lately a q

In this world where we live today, the primary threat of conflict has shifted from territorial borders to the digital ledgers of central banks and the invisible corridors of global finance. The author, Urjit Patel, who is currently serving as the Executive Director of the International Monetary Fund and a former Reserve Bank of India Governor, provides a clinical autopsy of this transformation. Illustration by The Geostrata While his earlier work, Overdraft, focused on the in

The Group of Twenty (G20), composed of 19 member nations—the European Union and now the African Union as well—serves as a pivotal global...