Drought, climate crisis, fertilizer shortages and war threaten world food security and inflation; the Molotov cocktail fuse of hunger is burning. As the special military operation continues, it is not clear whether classical monetary theory will control inflation nor whether it will solve the problem of hunger.
Since the late 2020s, the world began to experience a sustained rise in inflation that has not stopped. As the outbreak of the COVID-19 pandemic began to subside, the world experienced a sustained increase in price levels that has not stopped. The Russian military operation on Ukrainian territory has become a further force pushing up prices globally. While several commodity-exporting countries see rising commodity prices as an opportunity to improve their external economic balances, they will also have to face the pressure that prices will put on them.
The war in Ukraine has made evident the old US-led unipolar world order is dead, and a new one is in the making. Kissinger said, "Far too often the Ukrainian issue is posed as a showdown: whether Ukraine joins the East or the West. But if Ukraine is to survive and thrive, it must not be either side’s outpost against the other — it should function as a bridge between them.” There are three ways of understanding the Ukrainian war. One is the recovery of Ukraine by Russia after thirty years of independence to prevent Nato and the US from stepping in.
Sanctions on Russia stemming from the war with Ukraine will affect the European and Western economies and could strengthen Sino-Russian relations. In the consequences of the war's non-Armis strategies, Western hegemonic strength and the global consolidation of the Eurasian bloc led by China and Russia would be at stake.