Jose Miguel Alonso-Trabanco
As a regular conflict, the ongoing Ukraine war is being fought with kinetic weapons and traditional power projection platforms in conventional operational battlefields. However, its span transcends the domain of military statecraft. It goes much further. In fact, this unfolding confrontation must also be understood as a major clash in the rising strategic competition to determine the future architecture of the global financial and monetary system – a dangerous game played for the highest stakes. On this chessboard, currencies, monetary assets and financial vehicles are being weaponized as instruments of coercion, manipulation, disruption, subordination and conquest. Therefore, said arena is one the key dimensions of the Second Cold War, in which the Western bloc of maritime powers ‒ under US leadership ‒ and the Eurasian axis of continental powers ‒ headed by Russia and China ‒ are struggling with each other to advance their corresponding views of what the world order should be like. The realm of money is now at the forefront of the current rivalry between Leviathan and Behemoth.
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