The New World Order - A great reshuffle started in 2022 to disrupt the existing World Order!
Welcome to a new episode on Pascal's China Lens. Now we're going to talk about the New World Order and how I believe there's actually a great reshuffling that is happening as we speak. Now. The New World Order is not something new. It's something we've been talking about for a long time. But specifically, when we think about
this year, early in this year, 2022, on the 4th of February, Xi Jinping and Putin came to an agreement where in that agreement they were talking about a new world order. And this was really to change the existing world order. And the story was specifically after Putin invaded Ukraine, that it was all going to be about these autocracies like Russia and China, trying to create their own view of how the world should actually be kept in order. And I don't believe there's a new world order happening. But what I do believe is that the world of tomorrow will get a real reshuffling and the world order, the existing world order will actually get renewed. And this is something we need to think about.
Actually talking about the New World Order isn't something new at all. In 1974, there was already a resolution at the United Nations where most of the global South Africa, Asia, Latin America, many countries in the developing countries were asking for a resolution to actually have a more equal and fair treatment between developed and developing countries. And this was called a new international economic order. You could call it a new world order. So for 50 years, we've been asking most of the world has been asking for a new world order.
And when I say most of the world actually mean this literally. Just last week on the 14th of December, there was a new resolution again being presented at the United Nations of this new international economic order. And as we see from this map, 123 countries actually voted for a new international economic order or a new world order. You could say it. The 50 countries that voted against were all the countries in the West.
North America was Europe, Australia, New Zealand, and then it was Japan and South Korea. And although these last four are not really considered the West, we call that the global North or we call that the core economies contributing most to the GDP of this world. And definitely in 74 that was the case, they were contributing almost 80% of the world's GDP. Today it's a little bit different. So this new world order is something that we've been asking for.
And when I say we, I mean the Global South has been asking for for about 50 years and still we don't have it. And I don't believe it's going to come in the next years to come. But what we do see is a big change today. And so the big change is that the whole global south, most of the countries that are actually not part of the West or the core economies, as we call them, want a multiple polar worlds. They don't want a unipolar world where the US is the main driver of the world order.
They call that the rules based order, but they want a multipolar world where every country would actually have the same, say, a same vote, which we have at the United Nations. But it's often symbolic. And this and the new international economic order that was actually passed was just symbolic because it didn't make any difference. And that is where most of the countries in the global South want this multipolar world, where is actually everybody's vote actually counts and decides how the world should be run now because they didn't for 50 years get any influence at creating this new international economic order.
Some countries in the global South have been starting to create partnerships themselves. The BRICS is the most well known one Brazil, Russia, India, China and South Africa. It was started in 2009.
We started talking about it 20 years ago, but in 2009 it started taking shape. Of course, this was one year after the financial crisis of the United States led crisis. And the result of that. The problem with that is that actually these emerging countries, besides China, did never get its potential that they expected to have as one voice against that existing world order. Now, what also happened in 2013 is that China launched the Belt and Road Initiative, and that created a great reshuffle in itself because China started connecting actually the global South with China and with each other, and that by spending enormous amount of money on infrastructure and creating a different environment and hope for these countries to actually get out of their problems themselves. Now, there's a lot of debate whether this Belt and Road is soft power, whether it's a debt trap or whatever it is. But the reality is that from.
Many countries in the global South. It feels like now they are more connected in some fashion and that's something to think about. So this is all about connection.
The West has connected already for 50 years, but the Global South is starting to connect only for the past 1012 years. And so that is very, very fresh and very, very new. Now, the reality is when we talk about this new world order, it's not so easy to have the global South disrupting the global world order or the world order today because the US really has everybody somehow in a straitjacket, meaning that they are actually controlling most of the world order directly or indirectly.
Now we could overestimate what is really the power of the US, but I think we should definitely not underestimate the fact that most of the things that the world does is still linked to the power, the super power and the potential that the US still has. So I believe this world order where the US is really taking most of the countries in the world into one direction and creating some kind of environment where they have to work within a framework is something that we won't go away. That won't go away very quickly. It is there to stay for a very, very long time. This is the current world.
It's a current world where trade alliances are driven by Western powers, specifically the US, that has created deals in US dollars. Specifically if you think about oil or the petro dollar and so on. I mean, it's very clear that the US is driving trade because everything happens in US dollars or most of it. The military is also something that the US has expanded through the world. I mean with 800 military bases around the world to try and keep the peace into the whole world and keep the order according to how the US and NAITO actually see the future. The US dollar definitely is something that most countries in the world and most business people and most rich people are always going to in order to create and keep the stability of the world.
I mean, having one stable coin like the US dollar as currency for the world, a stable currency for the world has had a lot of benefits because other currencies are really more volatile and so it's more dangerous. And then finally, the US is the number one tech superpower, and that's not going to go away any day soon. Specifically, if you look at all the universities that the US has set up, I mean, Harvard, I mean you call MIT or Stanford, all these universities, they're all in the top.
Why? Because talent has flown to the US and that is just a reality. So the current world order is very strong and basically still Western driven order, and that is not going to change very quickly. But there is a new paradigm coming today and that means that there's four events that have happened this year which have had a long history before that that really are going to start this reshuffle. And I wouldn't call it a new world order, but I would call it a new direction of the existing world order, because there's a paradigm shift and there's actually a disruption happening. And unless the existing world order led by the West pretty much is realizing that this new order or this new world you could call it, is actually wanting to have more of a say.
We're going to lose out a lot. And that is also a very dangerous situation if we don't accept that transformation, which is quite natural. Now the first thing is that it's about four different things.
It's about trade, it's about security, it's about finance and it's about technology. And these four things are getting disrupted somehow, specifically in 2022, which is really creating this new paradigm where this world order is reshuffling and is changing from the inside. And this is something I want to talk about now. The first thing trade is very obvious. I mean, we notice the US dollar is creating most of the trade and the US itself has the biggest trade deficit in the world.
What that means is that China become the factory of the world and everybody is relying on on the new factories, which is not in the US anymore. It's not in many countries in in Western Europe anymore. And so that means that the US has to have this US dollar as a stable coin to keep its economy going because they're actually having a trade deficit. This is what Trump was all about. We need to get these jobs back to America somehow the factories back to America, Otherwise, autocracies like China and others are going to decide our new world order.
So what we've seen over these past five, six years is a change into the decoupling of the world. But it's not just the decoupling. Since 2008 financial crisis, it's clearly be being about a de globalization. I mean, in the nineties we had. Globalization, where we went everywhere around the world to build and produce and assemble the things where it was the most efficient and the cheapest for all of us, and then transport that through logistics, which became a global concept on itself. Now, because of the pandemic, because
of the war in Ukraine, we've started to realize that we cannot be as dependent on other places in the world because they could disrupt our demand and our needs for the products or the services that we need. And if you look at this report from McKinsey is very clear that there's no region on the planet that actually can still be self sufficient today. We all need each other. But still, this despite the fact that we all need each other, there's a globalization happening where we want to reshore or offshore from risky environments like Russia or maybe China or other places where certain policies are not aligned with our policies in the West. And so the West really wants to decouple. Now, can they do it? Probably not.
Is just too expensive to decouple from the factory of the world and from many places that are contributing to the things that we don't have in the West. And so this is not going to be easy. So I don't believe in this story of a complete decoupling or de globalization. There is a real south to south trade environment happening today, and this is the new paradigm. This is a new paradigm which isn't going to change the existing world order, but it's going to reshuffle it, meaning that between the South and the South or within the global South, the trade is going to become more, much more important. And that is where globalisation 2.0 is going to happen. So while we in the West will try
to decouple and diversify our resources and our fabrication or production everywhere in the world, we are actually going to see that the Global South is going to Coppell where we are going to decouple and you see that a lot from trade agreements or free trade agreements that are being created these days, the biggest one being, of course, the RCP. These days the regional comprehensive economic partnership between all the Asian countries, which together already represents more than 30% of the global GDP. And so this is becoming more important than Europe or North America as a free trade zone. And so what you're seeing is that the global South is starting to connect. They're starting to consider trade doing between themselves. And the biggest disruption has happened over the past three years during the pandemic, while we weren't watching, if we look at China, it's very clear that in the last three years, in the past three years during the pandemic, that the export from China to the global South has just gone exponential.
What it means is that it doubled in export over the past three years, and we haven't really been watching this very much over the past ten years. It started growing and growing and growing. And so where we consider a decoupling, actually the opposite is happening from China with the global South specifically, if we put it on the graph and we put on one side the US and Europe and on the other side the global south, what we see is that in 2022, China has the global South as a bigger trading partner in total than the US and Europe together. And this is what I mean by the paradigm shift at the moment, and that is today that China feels that the global South is a bigger customer than the West. Then that is also the moment where actually priorities are shifting. And so China for the past 20 years have been very dependent on the West to grow through due to its exports. The next 20 years, they will want to
focus on consumption internally. But most importantly, when it's about export, it's going to be about the global south. And that is something that's a big disruption because that means if your client changes and your priority changes, well, the way you do trade also changes and that will have an effect on the world trade and the world order.
Now, the second thing has to do with security, and that's very clear. I'm from Belgium and in Belgium, we all know the Second World War. It's the Americans who liberated us. And every American pretty much thinks that they are the liberators of the world, and they will make sure that the world keeps at peace because they have actually spent their spending $800 Billion every year on military just to make sure that the world keeps at peace.
If you look at NAITO, they're the biggest investor, bigger than any of the countries, other countries, even all the countries, other countries in NATO together. And so the US is a contributor to actually that military build up to make sure that the world is at peace. And they really believe that they're at peace. For 70 years, the NAITO says the world has been at peace because of naito, because of the. Investment into the military.
Now, if you ask that too many places outside of Naito and outside of the West, specifically in the Global South, they often have a very different opinion about that military peace keeping that the US has done. I mean, they are, after all, the country that has invaded most of the countries bomb attacks. They also did a lot of reshuffling or changing regimes, try trials and so on. And so from a lot of countries in the global South, they don't really feel that the military or the US hegemony has really benefited them as much as we believe in the West, that we need this strong world order kept by the US or led by the US to make sure that we keep at peace.
The rest of the world doesn't feel that same peace on itself. And so there's a real paradigm shift happening when it comes to security, and that means that the old world is all about the US now. So let's peacekeeping around the world and UN peacekeeping around the world and the New World Order or the new world that is being created is much more about peaceful coexistence. What that means is that many countries in the world outside of the West feel that they should come together to cooperate, to actually make sure that everybody is at peace, even though their regimes might be very different, even though some of these countries might actually not be friendly to each other, they somehow need to coexist and live together. This is a rhetoric and narrative
from China coming up, but it feels like many countries are following that direction because they didn't feel that the US led military build up and military peacekeeping has always been so beneficial for the global South. So specifically, if you think about the SCO, the Shanghai Cooperation Organization, that is something that was built or started in 2001, 21 years ago, and this is all about the Central Asian countries. So Russia and all the stance you have Tajikistan, Uzbekistan, you have Kazakhstan and of course Kyrgyzstan. So all these countries together are forming one big organization that wants to cooperate to secure somehow a security blanket for their area. Of course, part of it is because of NAITO that has become very much closer to their borders over the past many, many years.
And specifically with the war in Ukraine today. This has been very current as a dialogue today. But what's interesting is that this SCO has been growing in members actually India joint, Pakistan joint Iran joint.
And then you have to ask yourself, how is it possible that a country like Pakistan and India are both in the same security organization? And the answer is because it's about cooperation and peaceful coexistence, even though they don't agree and they might want to fight with each other at the borders, the reality is they have to live together. And this is something that in Asia I think we understand much better than some places in the US where we want to intervene or actually believe that people can only be or there can only be peace in the world if they are looking more like us, which means liberal democracies. And so you see more and more members, even Saudi Arabia is considering to join. And then you have Saudi Arabia and Iran. I mean, two enemies that would be part of the same organization.
So that tells you a lot about the mindset of the new direction of security. It's not about telling people what they should do. It's about dialogue. And this is specifically emphasized in the Global Security Initiative that China has launched a few years ago. And today Xi Jinping is talking about it lots and lots of times.
And this is really about creating more dialogue and having sovereignty and territory, territory integrity for every country on itself and not trying to intervene in the internal policies or trying to change regimes. And so this is a new way of thinking that China is, of course, promoting. It's not that every country in the global South is just going to follow China because this is something that they feel this power is stronger than the power of the US. It's more that they have had a lot of problems and challenges from the US military led peacekeeping.
While they haven't had experience on how China would deal with it. So the story that China tells the world actually sounds better today than the story that is heard for the past 100 years or at least 70 years coming from the West. And so this is not about choosing. It's about having both and listening to both.
And so I think specifically what the Belt and Road Initiative that China launched in 2013, they're connecting the whole world and they're telling the whole world that they can keep being as they are so they don't have to change, but their security has to be agreed on between all the members. And we need to all somehow figure out how to keep everything secure and. Economy is driving the security more than military in these cases.
I don't believe the GC is going to have a huge impact on the world because it's still NATO and the US military led with 800 bases and most of the the budget in the world I mean US is spending more budget and the other nine countries following the US and including China. So the US military is not going to go away any day soon and that will still keep our existing world order. We're seeing this paradigm changing and that means that little by little people are going to take care of their own security with new partners and new alliances. That is today. Happening now, the third thing has everything to do with finance, and we all know the US is driving or the US dollar is driving the finance of the world. I mean, that's also when there was
the financial crisis in 2008 that it was very, very clear that if there's a problem in the US, I mean it goes through the whole world very, very quickly. But at the same time, the US have kept the US dollar as stable as possible and that has benefited the world a lot because a stable currency actually help us to do trade. It helps us to keep a reserve or a currency reserve. It helps us with volatility, with inflation, with all the things that we need. So this isn't going to go away any day soon.
And if you just look at how much money is being done or trade is being done in US dollars, it's still 40%. And the other two currencies is your the euro as well as the pound, the British pound. That's almost 80% of all the trade in the world. So this isn't going to go away any day soon and people aren't going to go and buy Chinese yuan or renminbi or rubles or anything like that rupees, because this is not as interesting.
Why? Because there's a lot of risk to buy these currencies much more than the US dollar. And at the same time, it's also the fact that many of these countries like China are not having a free convertible of their currency and they're still keeping control over the currency and the the currency flows or the the cash flows outside of the country. And so this is not helping for trade. So that isn't going to go away any day
soon. And if specifically, if you look at the foreign reserve, I mean, it's all in used dollars, rich people, traders, I mean, people, countries, even everybody is putting the money in the US dollars. And that really helps the US economy because that means they can provide cheap loans to you, to US companies which can then innovate. And and so the circle is completely round. And so what that means is that actually
the US dollar is benefiting from having that stable currency for the world in making sure the economy is very stable. And because of that, we want the US dollar as a stable currency. So it totally makes sense. The problem is there are some countries, if you think about Russia today, I mean they wouldn't agree very much, right? Because they've been having 10,000 sanctions almost since they invaded Ukraine. And their invasion, according to them, has a different reason from according to the West.
Now, I'm not debating who's right and who's wrong. I mean, for me, the invasion is not the right choice that was made by Putin and it's terrible war. But the reality is that many countries in the global South are seeing that the US dollar is using. The US dollar is being used as a weapon to actually make sure that they keep the world order as it is.
And that scares many countries in the rest of the world. And you could talk, of course, about countries like North Korea and Syria. I mean, these are countries and places that we know why they are sanctioned and we kind of in the West feel that this is okay to sanction them because they're a threat to our peace in the world. But the problem is that even if you look at a country like Cuba, where you see at the United Nations, there was a resolution to end the US embargo on Cuba and all the countries in the world except the US and Israel voted actually for ending the US embargo. But it still is there and it will still continue because the US decided together with Israel, that they would actually keep the US embargo. And so it's very interesting to see that if the whole world decides what the US is doing wrong, they can still still keep going and doing the exact same thing because they have the power of the US dollar, the power of swift, the power of the banks and the power of the currency reserve or the Federal Reserve that really can shake any country in the world. And so what's happening is
a new paradigm shift where many people, many countries in the world have started to realize that the old world, the US dollar and the financial system of the old World is all about using can be used as a weapon and could be used against them. This is why the dollarization is a process that is slowly starting now. I don't have any illusions. I don't believe it's going. Happen any day soon. And I think for the next decades to come, the dollar will always be the prominent, the most important currency in the world for both trade and foreign exchange reserves.
But there is something happening. What's happened last week is that Xi Jinping visited Saudi Arabia and he visited the king and basically was talking about the fact that they wanted to do big business with Saudi Arabia. And they did a trade agreement of $30 Billion last week. Most important here is that for until
now, until today, everything that is sold from oil from Saudi Arabia and they're the biggest producer in the world of oil actually is done in US dollars. And this was an agreement with the US a long, long time ago that if they keep everything in the petrodollar or the US dollar, then ultimately the US would send them weapons and give them security. And that is needed, of course, in the region of terrorism and the region of the conflicts with with Iran and other places. So there were a real ally of the US, but now China is the biggest customer of Saudi Arabia is the biggest customer of most of the Gulf oil nations that are actually wanting to keep China friendly because it's the biggest customer. But at the same time, China is something that the West doesn't have anymore, and that has to do with technology. It has to do with innovation, it has to do with things that China didn't have 20 years ago but does have today.
And so Xi Jinping suggested to deal with this oil in the Petra un and have the Shanghai Exchange to actually make that deal happening. And it might sound like a very small thing, but actually it could become a bigger thing in itself, because if you see how many deals that China is dealing on the energy level with Qatar, they have a 27 year deal on liquid natural gas. Well, what you see is if all these things start being traded in Chinese renminbi in exchange for buying some products from from China, I mean, this is like a barter trade that is starting to happen and that is going to change or dollarized slowly what is happening. But the biggest change is going to happen when the BRICS countries, the Brazil, Russia, India, China and South Africa not only keep together but actually add more members.
And this is something this year, 2022, again, is happening. What that means is that countries like Saudi Arabia and many other countries in the Global South are now considering to join BRICS. And you have to just imagine, and this is a request that Eurasia has actually have had, is to actually create a currency of all these multi country environments. So basically that the currency is like spreading out all the currencies of the different countries like Brazil, Russia, India, China and South Africa and Saudi Arabia and maybe Argentina or other countries. And this is the whole idea.
If many of these countries are now suddenly making one coin, one currency, then it becomes a lot less risky than actually these separate currencies on itself. And that could actually be a real challenger for the US dollar. And so I think the biggest change this year and the paradigm shift that could happen is actually a BRICS plus BRICS plus 14 members kind of currency that is probably going to come up in the next years to come. And then of course, you have the central bank digital currency. This is still the biggest disruption of the world, which I made a video about about a year ago. If you want to go and see it, the reality here is very clear that the central bank, digital currency is a digital currency that can be used specifically for trade between countries.
And what that means is that China and Nigeria or China and Saudi Arabia or China with with Brazil or Argentina or whatever country can now deal in a digital currency, which is actually pretty stable because it's linked to the currency of these countries and don't need to go through the US dollars. So from a logistic point of view, it's going to be cheaper, it's going to be faster, it's going to be more efficient. And basically you don't need to get loans or letter of credit and so on. So this is really going to improve the transparency of trade if this is going to happen. And China, along with many other countries in this global South, are actually driving this digital currency.
So I see a lot of things happening in the financial trade. That does not mean the US dollar is going to end and de dollarization is really going to start, but is this going to become eroded, which means that the US economy will get more and more affected. Now the last thing I want to talk about is about technology, because for me this is one of the most biggest disruptions happening today. The big disruption today is actually there is a real tech war between China and the US. It's a tech war.
It's a cold war in a way, using technology. Where the US has decided that China could not get most of the high end chips and probably going to actually forbid the rest of the world as well to ship anything to China that is high tech. Specifically if you go into the chip industry and if you go into TSMC to the Taiwanese Manufacturing Corp for chips, what you see is that many of these countries in the world, many of these producers in the world of chips, of high end chips, the highest end chips are below 28 nanometer, are not allowed to sell any software, hardware equipment, basically EDA tools, whatever, to China in order to block them from their own development and their own innovation that they're trying to do. And so from a Chinese point of view, this is a real war and a real attack that the US is doing on China. And they've issued that that that challenge to the WTO, the World Trade Organization saying that this is unfair competition. But the US feels this is what they
need to do to keep their global security or their national security, at least because if China keeps up with the innovation of the rest of the world and their military actually gets built up, that's again a security challenge that we see is going to happen. The reality is very different because the military very often doesn't need the highest end chips. It's actually other environments like self-driving cars and smart cities.
And these need the high end chips, specifically in smartphones and small devices. But that is a different story. The reality is there is a tech war going up, but I believe China is now responding to this in a very different way than we would have expected. And that, in my view, again, is going to create a paradigm shift where the old world is all about the US having the technology supremacy and now trying to block China from development.
We've seen it with Huawei and where we expect China then basically to try to innovate, but we expect also that they're going to fail because you need the world today to innovate. You can't innovate on yourself anymore. Everything is connected. But at the same time, you need the talent of the world. And much of that talent is still today into the Western universities and Western companies. Even the Chinese are all flocking to
the US for building the best chips and the best technology. And so we are convinced this is not going to happen. But what China's going to do, and this is what we've seen last week, is they're going to flood the markets with high tech.
And so in my view, China's strategy is not to compete on giving them best seven nanometer or five nanometer and just keep going up with the rest of the world. They're going to try that, but they're not going to bet all their all all on these horses. They're also going to bet place bets on actually quantity. And I think this is interesting. We've never really seen China actually betting on quantity when it's about high quality.
And this is going to change. So what I predict is going to happen, and you see that in the announcements these days, is that China is going to flood the market with very high tech chips and products at very low prices supported by the Chinese government, by Beijing. And they will say, well, we know that it's not fair market competitive practices, but at the same time, if the US is blocking us, we have no other option. And what we're going to see is that a lot of technology is going to flood the markets, electrical vehicles, but also things like drone software, five G, six G and so on. And who will be the biggest customer for that? That is something to think about. It's going to be the global South.
Think about Saudi Arabia, for example, and that's the deal they want. Saudi Arabia wants to build the most advanced and modern city called the Neom City in Saudi Arabia, which is going to be completely carbon neutral, green city, most advanced technologies, there's going to be six G is going to be Iot industry, 4.0, whatever all these buzzwords that we all know, it's all going to be in there to be a smart city as possible. And so they will need China's technology or the US technology. The only difference is China is
going to give it a cheaper prices because it's going to be subsidized. That is true, but also because they're going to trade it into oil and other resources that these countries have. And so this is going to make a lot of sense for many Gulf countries that want to get away of the dependency of oil and create innovation and technology and sustainability for the planet for the future. We're going to see flying cars coming from China all the way to Africa, all the way to the global south. And this is where I believe the technology war is going to be fought in Africa.
What I mean by that is that China is going to flood Africa with probably as much products and services to help the African countries to build. They're smart future for themselves. Well, what we've seen just last week with the the summit in Washington of African countries where Biden invited them in Washington, is that we're still talking in the West about aid. We're still talking about helping them with financials. This is not about helping them to develop from actually using the tools. It's more about how help they need.
So the big difference, in my view, because between the way that China approaches Africa and China approaches the global south and the way that we in the West, Europe and America approaches the global South is simply that we in the West, we believe we need to help the global South to actually solve their problems. And we're telling them what we think we should do and what they should do. Well, in China, they're listening specifically what the needs are of these countries and then individually, not the whole continent of Africa, but individually. All these countries try to
understand what their specific needs are and then make barter. Barter. Trade. You give me this, I give you that. And it might not sound fair in a way, because you're we think that we're not helping.
But at the same time, China is by doing that flooding the market with technology. And that is exactly going to help them solve their problems on themselves, not because they are dependent on our help. And that is a paradigm shift in itself. So if you think about the saying, the Chinese proverb saying that give a man a fish and you feed him for a day, teach a man how to fish and you feed him for a lifetime. Well, that is true in this case as well.
But I think we should change that proverb. And the proverb that I have created just here is that give a man a fish and you feed him for a day. Give a man fishing gear and you'll feed him for a lifetime. And this is a difference between the Western view and the Chinese view in how to help the global South to develop itself. And so we believe we still need to help, which is great altruism. It's really helpful.
It's been the way that we've been helping the Global South so far with education, with hospitals, with lots of things. This is all great and China is doing that as well. But what we're forgetting sometimes is that it's better to not give them a fish but actually give them the fishing gear.
And so once they have the technology, once they have the smart cities, once they have the communication, then they will figure out themselves, hopefully how to get out of some of the miseries they are in today. And so I think China understands this better and understands better that Africa and South, the southern hemisphere, is more a customer you need to listen to than actually trying to think how you can help them because you feel that they need help. And so this is where I believe new paradigms are starting. And so there's four big events in 2022 that happened, which I believe is not going to create a new world order, but is going to be a great reshuffle of the existing world order. One is about the globalization to point to to south to south trade that is actually enforcing in China, that sees the south as the number one customer. The other thing is about security, where it's more about economic development and global development and how we can help each other to actually be more advanced as countries and basically be less at risk, which means more security. It's also about the US dollar that is
going to get challenged by new concept like Cbdc and the BRICS plus currency that is coming up. And it's specifically about technology, trade that is happening between China and the rest of the world. And this is creating a new environment where the rest of the world can create its own smart future. And so I think this is not about a new world order, because China and many countries in the world has really benefited from the existing world order. So why would they want to change it? But they want to adapt it to their needs and they want to adapt it to their needs by actually making sure that the Global South is actually having a voice that is heard more than it is today. And so as long as we in the West in the
next decade are going to keep closed and protect everything that we have, and don't let the rest of the global South, including China, get access to these things. China and many other countries in the world are going to be more open for business, more open for dialogue, more open for a different way of thinking and investing in helping people to get out of their own problems. And if we don't realize this is the paradigm shift that is happening, I think the old world order is going to be so challenged that a new world order could actually become a reality. And this has nothing to do with China or Russia trying to create a new world order.
It's about us in the West, forgetting about the needs of the rest of the southern hemisphere. And so I believe this is how we have. Have to look at this new world order. It's not going to change, but there's a great reshuffling happening and we need to take that all into account.