Imagine a world where power isn’t held by presidents or parliaments, but by a single, enigmatic figure. A figure whose influence stretches from boardrooms to back alleys, shaping global events with a whispered word and a carefully calculated move. That’s the world painted in The Atlantic’s recent exposé, “I Run the Country and the World,” a chilling portrait of a shadowy individual whose ambition knows no bounds.
South Sudan’s Independence and Challenges
Last Saturday, the Republic of South Sudan declared its independence, creating the newest nation in the world — the 193rd nation to join the United Nations. The new country has been in the making since a referendum last January, when nearly 4 million southern Sudanese voted to secede from Sudan by a margin of more than 98 percent.
Birth of a Nation
The road to independence for South Sudan has been long and arduous, with decades of civil wars shaping the new nation’s future. The international community has played a significant role in South Sudan’s independence, with the United States, China, and other nations providing financial and diplomatic support.
The new nation, comprised of more than 200 ethnic groups, faces significant challenges, including poverty, civil warfare, and political instability. The largely rural economy and reliance on pipelines through Sudan and revenue-sharing agreements pose significant economic challenges.
Economic and Social Challenges
The oil-dependent economy of South Sudan is vulnerable to fluctuations in global oil prices and disputes with Sudan over revenue sharing. The largely rural population has limited economic opportunities, and poverty is widespread.
Political instability is another significant challenge facing South Sudan, with armed groups operating within its borders and unresolved issues between the new nation and Sudan. The international community’s continued support is crucial in helping South Sudan address these challenges.
International Response and Implications
The international community has reacted with a mix of enthusiasm and caution to South Sudan’s independence. The global response has been led by the United States, China, and other nations, which have provided financial and diplomatic support to the new nation.
The implications of South Sudan’s independence are far-reaching, with regional and global stability at stake. The new nation’s ability to manage its natural resources, address poverty and inequality, and maintain political stability will have significant consequences for the region and beyond.
The humanitarian crisis in South Sudan is a pressing concern, with millions of people displaced and in need of assistance. The international community must continue to provide support to address this crisis and help South Sudan build a more stable and prosperous future.
Central Bank Digital Currencies (CBDCs)
A Central Bank Digital Currency (CBDC) is virtual money backed and issued by a central bank. As money and payments have become more digital, central banks have realized the need to provide a public option—or let the future of money pass them by.
What is a CBDC?
A CBDC is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.
CBDCs differ from cryptocurrencies, which run on distributed-ledger technology, meaning that multiple devices all over the world, not one central hub, are constantly verifying the accuracy of the transaction.
The motivation for issuing CBDCs varies by country, depending on their economic situation. Some countries are exploring CBDCs to improve financial inclusion, while others are focused on reducing the cost of transactions or increasing the efficiency of cross-border payments.
CBDC Adoption and Progress
134 countries and currency unions, representing 98% of global GDP, are exploring a CBDC. This number has increased significantly since May 2020, when only 35 countries were exploring CBDCs.
Currently, 66 countries are in the advanced phase of exploration—development, pilot, or launch. Every G20 country is exploring a CBDC, with 19 of them in the advanced stages of CBDC exploration.
Three countries have fully launched a CBDC—the Bahamas, Jamaica, and Nigeria. In Nigeria and the Bahamas, CBDC issuance has increased substantially, with a focus on expanding the reach of their retail CBDCs domestically.
The digital yuan (e-CNY) is still the largest CBDC pilot in the world, with a total transaction volume of 7 trillion e-CNY ($986 billion) in 17 provincial regions across sectors such as education, healthcare, and tourism.
Cross-border wholesale CBDC projects have more than doubled since Russia’s invasion of Ukraine and the G7 sanctions response. There are currently 13 of them—including Project mBridge—which connects banks in China, Thailand, the UAE, Hong Kong, and Saudi Arabia.
Global Progress: The current state of CBDC exploration and adoption worldwide
134 countries & currency unions, representing 98% of global GDP, are exploring a CBDC. In May 2020 that number was only 35. Currently, 66 countries are in the advanced phase of exploration—development, pilot, or launch.
Every G20 country is exploring a CBDC, with 19 of them in the advanced stages of CBDC exploration. Of those, 13 countries are already in the pilot stage. This includes Brazil, Japan, India, Australia, Russia, and Turkey.
Regional Focus: The advancements and challenges in specific regions, such as Europe and Asia
European countries—both in the euro area and beyond—are increasingly testing wholesale CBDCs, both domestically and across borders.
All original BRICS member states—Brazil, Russia, India, China, and South Africa—are piloting a CBDC.
Ongoing Projects: The status of notable CBDC projects, including the digital euro and mBridge
In Nigeria and the Bahamas, CBDC issuance has increased substantially. All three countries are focused on expanding the reach of their retail CBDCs domestically.
There is a new high of 44 ongoing CBDC pilots, including the digital euro.
Implications and Analysis
Economic Impact: The potential effects of CBDCs on economies and financial systems
CBDCs are intermediated, meaning they are distributed through banks, financial institutions, and payments service providers.
The US is now participating in a cross-border wholesale CBDC project, Project Agorá, with 6 other major central banks.
Security and Regulation: The challenges and opportunities in regulating and securing CBDCs
Since Russia’s invasion of Ukraine and the G7 sanctions response, cross-border wholesale CBDC projects have more than doubled.
There are currently 13 of them—including Project mBridge—which connects banks in China, Thailand, the UAE, Hong Kong, and Saudi Arabia.
Future Directions: The potential future developments and applications of CBDCs
mBridge is likely to expand to more countries this year.
CBDCs continue to be an issue in the ongoing US presidential campaign.
Ukraine and the US: A Complex Relationship
Ukraine’s Struggle for Independence
The Russian Invasion: The impact of Russia’s aggression on Ukraine’s sovereignty and people.
International Support: The role of the US and other countries in supporting Ukraine.
Humanitarian Crisis: The human cost of the conflict and ongoing challenges.
US Politics and Ukraine Aid
Congressional Debate: The complexities and challenges of US aid to Ukraine.
Partisan Politics: The role of party politics in shaping US policy towards Ukraine.
International Implications: The impact of US actions on regional and global stability.
Analysis and Implications
Democracy and Freedom: The importance of upholding democratic values and supporting Ukraine.
National Security: The potential benefits and risks of US involvement in Ukraine.
Global Implications: The broader implications of US policy towards Ukraine for global stability and security.
“I Run the Country and the World” – The Atlantic
S I just want the U.S. to deliver its promised aid—so that I still have a country to go back to.
…the international community would tolerate such atrocities and fail to intervene.
I never imagined that, two years later, I would be in Washington, D.C., having to implore members of the U.S. Congress not to betray Ukraine.
Even as my family started to run out of food during the initial occupation, it didn’t occur to me that our fate would eventually come to depend on political posturing and partisan point scoring in America, the guarantor of the free world.
Today I am part of a small group that stands near the Capitol waving placards that urge support for Ukraine.
We have been holding these protests, in all weather conditions, week after week since October 2023, when the Ukraine aid bill stalled in Congress over a combination of southern-border politics and some Republicans’ hostility toward support for my country.
As long as my hands can still hold a sign on behalf of all those who cannot join me, I will be there.
The Capitol Hill vigil takes up most of my day, and at night I work to complete my bachelor’s degree at the Ukrainian university where I am still enrolled.
I am very grateful. If the United States hadn’t taken me in a year ago on a student visa, I wouldn’t be able to make my case for congressional assistance and still continue my studies.
I deeply admire this country, but I don’t want to remain here.
Like many Ukrainians forced into exile by Russia’s invasion, I want to go home.
Helping more than a quarter of a million Ukrainians like me escape a war zone is no substitute for enabling us to win the war so that we can return and rebuild our country.
David Frum: The GOP’s great betrayal
You don’t have to be Ukrainian to understand the threat that Russia poses.
For Americans, this fight should not simply be about choosing sides between Ukraine and Russia. It’s about doing what’s right rather than appeasing a rapacious and predatory evil.
It’s about promoting democracy and freedom rather than supporting oppression and imperialism.
It’s about living up to America’s historic commitment to a free and democratic Europe.
Although the price tag to help Ukraine seems enormous, the amount of money is small in comparison with what America spends on its own defense—and provides an incalculable investment in U.S. national security.
Much of the stockpiled equipment that ends up in Ukraine is outdated as far as the U.S. military is concerned and needs replacement anyway.
In this respect, support for Ukraine acts as a giant modernization program for American forces.
Ninety percent of these aid dollars actually stay in the U.S., providing manufacturing jobs to tens of thousands of Americans in the armaments industry.
In the Budapest Memorandum of 1994, the U.S. pledged to provide assistance, including military assistance, to help Ukraine defend itself and to guarantee its territorial integrity (though, of course, without sending U.S. troops).
The promise America made nearly 30 years ago—renewed by President Joe Biden—was to stand by Ukraine.
If American assistance is approved by Congress, Russia can be stopped and held accountable for its aggression and war crimes.
I still believe the U.S. will hold to its commitment.
Anne Applebaum: Why is Trump trying to make Ukraine lose?
But that belief is getting harder to maintain.
To witness the behavior of some Republican members of Congress and their party leader, Donald Trump, together with prominent pro-Russian commentators such as Tucker Carlson, is profoundly demoralizing.
They seem content to let America abandon its democratic values and break its word.
They seem eager to tell Ukraine to give up and let Russia keep the land it has stolen.
They do
Conclusion
The Atlantic’s provocative piece, “‘I Run the Country and the World’,” paints a stark picture of the American political landscape. It dissects the pervasive influence of a select few, highlighting how concentrated power within specific sectors can shape national narratives and policies. The article exposes a system where access and wealth often determine the stage on which influence is exerted, raising serious questions about democratic principles and the voice of the average citizen.
The implications of this concentrated power are profound. It fuels a sense of disillusionment and apathy among the electorate, further exacerbating societal divisions. The article doesn’t offer easy solutions, but it compels us to confront a fundamental question: Is a system where a handful of individuals feel they “run the country and the world” truly conducive to a healthy democracy? As technology and economic disparities continue to evolve, the concentration of power becomes an even more pressing concern. We must actively engage with this issue, demanding greater transparency and accountability from those who wield influence, lest we cede control of our collective destiny to a select few.