Islamabad – Dr. Murtaza Mughal, President of Pakistan Economy Watch (PEW) on Tuesday said the world is uniting against the US hegemony for a better future which will result in the US’s demise and the birth of a new world order.
Many countries cannot tolerate the political, military, economic, technological and cultural hegemony of the US and want a new global system that can keep their interests safe and insulate them from US interference, he said.
With the US’s foreign policy failures, its domestic rifts, and the China-led de-dollarization initiative, the current global landscape finds itself in a state of turmoil which will be settled down after China emerges victorious from the conflict, he added.
Dr Murtaza Mughal said that since becoming the world’s most powerful country, the US has acted more boldly to interfere in the internal affairs of other countries, pursue, maintain and abuse hegemony, advance subversion and infiltration, and willfully waged wars, bringing harm to the international community.
The US has not only instigated regional disputes but directly launch wars under the guise of promoting democracy, freedom and human rights.
Washington has always abused export controls, forced unilateral sanctions upon others and repeatedly used dollar as a weapon resulting in widespread chaos and disaster in many countries.
The US exercises double standards and places its self-interest first while conveniently walking away from international treaties and organizations when it suits her and it is the biggest obstacle to a world free of chemical weapons.
Since 1776, the US has slaughtered Indians, invaded Canada, waged a war against Mexico, instigated the American-Spanish War, and annexed Hawaii. It also started the Korean War, the Vietnam War, the Gulf War, the Kosovo War, the War in Afghanistan, the Iraq War, the Libyan War and the Syrian War. The US has 800 overseas military bases, with 173,000 troops deployed in 159 countries.
Since 2001, the wars and military operations launched by the United States in the name of fighting terrorism have claimed over 900,000 lives with some 335,000 of them civilians, injured millions and displaced tens of millions.
After World War II, the United States led efforts to set up the Bretton Woods System, the International Monetary Fund and the World Bank, which, together with the Marshall Plan, formed the international monetary system centred around the US dollar to exploit the world’s wealth.
The hegemony of the US dollar is the main source of instability and uncertainty in the world economy. During the COVID-19 pandemic, the United States abused its global financial hegemony and injected trillions of dollars into the global market, leaving other countries, especially emerging economies, to pay the price.
In 2022, the Fed ended its ultra-easy monetary policy and turned to aggressive interest rate hikes, causing turmoil in the international financial market and substantial depreciation of others as a result, a large number of developing countries were challenged by high inflation, currency depreciation and capital outflows.
The United States willfully suppresses its opponents with economic coercion. America’s economic and financial hegemony has become a geopolitical weapon.
The United States seeks to deter other countries’ scientific, technological and economic development by wielding monopoly power, suppression measures and technology restrictions in high-tech fields.
The US also monopolizes intellectual property in the name of protection. Taking advantage of the weak position of other countries, especially developing ones, on intellectual property rights and the institutional vacancy in relevant fields, the United States reaps excessive profits through monopoly.
The global expansion of American culture is an important part of its external strategy. The United States has often used cultural tools to strengthen and maintain its hegemony in the world.
Dr Mughal said that the world would be a better place in the absence of US hegemonic, domineering, and bullying practices.
Dr. Murtaza Mughal, President of Pakistan Economy Watch (PEW)
