by Radu Magdin

IN both of the previous Global Trends reports, Paradoxes of Progress and A More Contested World, the National Intelligence Council highlights front-and-centre that perhaps one of the greatest threats to Western countries doesn’t actually come from terrorism or, to the extent to which it may be seen as an independent variable, even a shifting balance of power between great powers. Instead, it comes from the West’s own internal dynamics, fiscal foremost.

Quite simply: the United States, which for decades has been able to enjoy the ‘exorbitant privilege’ of being the leading global reserve currency,  alongside many Western states, may soon spend more on servicing debt than on defence. 

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