The Global Credibility Gap

Jared Cohen

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After decades of relative geopolitical calm, the world has entered its most volatile and dangerous period since the depths of the Cold War. Consider recent events. Despite U.S. President Joe Biden’s high-profile meeting with Chinese President Xi Jinping in San Francisco last month, relations between their two countries have deteriorated so sharply that a war between them, though unlikely, is no longer unthinkable. The COVID-19 pandemic, although largely in the rearview mirror, unleashed political and economic shocks that continue to reverberate across the global system. Russia’s brutal invasion of Ukraine plunged Europe into a destabilizing war with far-reaching consequences for trade and markets worldwide. And on Oct. 7, Hamas’s terror attacks against Israel sparked a new Middle East war that threatens to destroy years of progress toward economic transformation and regional stability.