Look after your own interest

Dear Editor,

The Caribbean’s relationship with the U.S. is complex but enduring as a result of the 1821 Monroe Doctrine that designate the region under U.S. sphere of influence.

During the cold war between the Soviet Union and the U.S., the Caribbean was both beneficiaries and victims of U.S. power.

The Caribbean Basin Initiative helped the Caribbean to develop while U.S. intervention in Guyana, Grenada and Jamaica precipitated major social upheaval.

Most countries have adjusted to U.S. dominance of global affairs.

Today the world has changed. The U.S. is not the only hegemon.

China has risen to be a global leader with the second largest economy in nominal terms but the largest in terms of purchasing power, according to the International Monetary Fund.

In 2013, China launched its Belt and Road Initiative. So far, China has invested US$1 trillion in hard and soft infrastructure and has signed a memorandum of understanding with 138 countries.

A recent White House document state, “The CCP (Chinese Communist Party) has chosen to exploit the free and open rules-based order and attempt to reshape the international system in its favor”.

There is a global competition between China and the U.S. for global dominance.

The COVID-19 pandemic has enhanced this fight for power. This pandemic shows the world’s dependence on China for manufactured products and the wakening of U.S. power.

The U.S’. inability to manage the novel coronavirus pandemic and its mismanagement of the George Floyd police killing has pulverized U.S. majestic status.

I view the U.S. Constitution as the greatest political document, but if they could dutifully implement it.

The foundation of U.S. power is the U.S. dollar being the world reserve currency. The U.S. debt being $26.3 trillion, which is 132 percent of its GDP.

Fifty-one cents of every dollar the U.S. spends is borrowed.

According to Peter Schift, U.S. economist, and Stephen Roach, a Yale University economist, the U.S. dollar’s exorbitant privilege as the world’s reserve currency is coming to an end.

The fact that Iran has made many shipments of fuel and food to Venezuela and the U.S. tried to prevent this but was impotent, demonstrates the U.S. is no longer the master of the universe.

It is best to have China and the U.S. equally matched to preserve global flexibility but China global power is starting to eclipse the U.S.

Decisions by the U.S. pulling out of W.H.O., the Paris Climate Agreement, the Trans-Pacific Partnership and other international initiatives, weaken U.S. global leadership.

Conversely, China is on the rise with her Made in China 2025 and China Standards 2035. China will spend US$ 14 trillion on digital infrastructure in order to dominate in technologies and industries of the future.

Huawei owns most of the patent on 5G technology, therefore, any use of 5G technology benefits Huawei and that is why the U.S. reversed its policy on Huawei.

The Bahamas trades with both China and the U.S.

In my view, it does not matter which country dominates the world because power corrupts.

Global politics is similar to local politics; leaders do what benefits them and candy coat their intentions.

The Bahamas must secure its own interests because global hegemon reward is small but their extraction is large.

Brian E. Plummer

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