If you’re an enterprising nine year old looking to top up your pocket money, get yourself a bar of bullion. Gold is up to $4000 an ounce for the first time ever – while the dollar is down ten per cent on the year. The biggest drop since, well, since the gold window closed in 1971. Dedollarisation will always mean something-else-isation — this week’s rally seems to be the latest shake out. 

Between 2021 and 2027 the EU budget for NGOs was around €1.5bn. The new EU budget proposal is advocating increasing that 600%. While America now thinks that USAID is outdated political technology, the EU is trying to buy the dip.   

Finally, we’ll have an update on three countries teetering on the brink: France, The Philippines and Georgia. Could the third world quasi-dictatorial basket case on that list actually topple over? And what about the Philippines? 

You can get special paywalled premium episodes of Multipolarity every month on Patreon: https://patreon.com/multipolarity

Welcome to Multipolarity Dialogues –  a series of interview that scan the geopolitical horizon. We talk to some of the sharpest analysts, thinkers and experts about how they see the world beyond the visible edge of the geopolitical now.

On this episode: Anusar Farooqui. Like the public intellectual equivalent of a DC comics superhero, Anusar lives a double life. By day he’s a man who wrote his PhD research on the geometric noise arising from black hole rotation, and went on to found Systematic Portfolios, the New York hedge fund he currently leads as CEO. 

By night, he is Policy Tensor the writer of a highly regarded Substack that focuses on international relations, grand strategy and economics. Policy Tensor was one of the few analysts to argue in 2022 that the Russian economy was far stronger than commonly believed – in other words, that sanctions would fail.

He joins Multipolarity with another warning – about an even greater danger, arguing that the United States might be preparing for the wrong war against China.

We will be looking at the big picture strategic position between the US and China – the Thucydides Trap – and why Xi Jinping might take an entirely different route to win back Taiwan. 

Modern Monetary Theory. Magical Money Tree. 

Whichever name you know it by, everywhere, these days, the intellectual salons hum with people trying to say that they’ve invented that most terrifying of things: a new paradigm. That they have the economic equivalent of Einsteinian Relativity. 

These people profess that debt is no issue. That a country that prints its own currency can’t go broke. And rather, that by a canny toe-heel on the brakes, countries can juice their economies without slamming into a wall.  

This week, after talking around the topic on any number of previous episodes, we’re tackling MMT head-on, in an hour long special edition.  

Andy Collingwood is grilling Philip Pilkington, who claims to have been there at the birth of modern monetary theory in 2013 — and asking him whether there is much more here than a placenta, some hair and three teeth.    

The answer, it transpires, is yes and no. MMT does indeed represent a new vein of insight. But that insight is only partial. Misapplied, it is as catastrophic to a monetary system as liquid Robert Mugabe.  

So join us, on a journey, to a magical money tree not so far away…

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This week, it's the sensual adventure in Geopolitical ASMR you've all been waiting for.

Our two men talking to themselves on their mobile phones in separate locations.

With Philip Pilkington presently locked in a hotel room in China, it seems Andrew is penning him Sleepless in Seattle-style voice notes from Northumberland. Dynamic. Digital. Dangerous. Disestablishmentarian.

How much of this you can handle is up to you? Two audio essays, half a world away.

Later, Phillip Pilkington talks about how much he hates Javier Milei and how hard you should short your pesos.

But first Andy Collingwood talking about a nuclear umbrella and how it could be flopped out right in the middle of a Persian Gulf.

This is geopolitics, as you've never heard it before.

You can get special paywalled premium episodes of Multipolarity every month on Patreon: https://patreon.com/multipolarity

Multipolarity Dialogues is a new series of interviews that scan the geopolitical horizon. We’ll be talking to some of the sharpest analysts, thinkers, experts, about how they see the world beyond the visible edge of the geopolitical now. 

This week: Carlos Roa is the Director of Research at the Washington DC Danube Institute. He was formerly the executive editor of National Interest magazine. 

Last time on the show – an episode well worth seeking out – he offered us a DC Rake’s Progress, sketching the shape of the technocrat class who run Washington, from first infant mewling as a Pentagon intern, to final wrinkled Cruise strike on a Middle Eastern country. 

This time, he’s got his eyes on something more global. The New Golden Road – and its rivals. 

There is the Silk Road, there is the Belt-and Road, but there is also a third way to move goods from East to West overland.  

It is this that Roa has been studying in his recent paper, also titled The New Golden Road. 

The India-Middle East-Europe Economic Corridor, quietly unveiled at a G20 summit in 2023, is designed to link India with Europe via the Arabian Peninsula, stitching together ports, railways, energy pipelines, and digital cables. 

In this episode Andrew Collingwood talks to Carlos about the deep mechanics, the economics, and the distortions of geopolitical gravity that this grand new interconnector will bring.

You can get special paywalled premium episodes of Multipolarity every month on Patreon: https://patreon.com/multipolarity

Recently, Philip Pilkington and David Lloyd Dusenbury published a couple of papers and an article on the long story of China's intellectual history with the West. A story that extends beyond Marco Polo, and has far more breadth and interchange in pre-modern times than most would suspect.

Lloyd Dusenbury is an Associate Professor of Humanities at the University of Florida, author of three well-regarded books of religious history, and a frequent writer and thinker on the history of ideas.

Last month, our duo sat down to comb over what they'd learned in the project for the Danube Culture podcast.

We're bringing you their exchange as a bonus this week.

Friend of the Pod Malcom Kyeyune is back, and he’s got that late empire feeling. After the Chinese Military staged an extraordinary parade in Beijing, Washington is worried. The top dog question has resurfaced. 

In the same week, Elbridge Colby released a new strategic document effectively telling Washington it needs to be far more selective in military affairs. 

After they spent a quarter of their entire interceptor missile stocks shoring up Israel, and with the Abrams tanks proving ineffectively heavy in Ukraine, US procurement is looking shoddy in a way it never has before. No wonder Colby increasingly senses the Taiwan question must be gently settled. 

As  Malcom puts it: “Times were when the US could just pick up a small country and smack it against a wall in order to show who’s boss.” Are recent manoeuvres off the Venezuelan coast a last gasp of smack-it-against-the-wall hegemonic diplomacy?

In this typically ranging hour long special, The Lads look into the abyss called Kyeyune – and he stares back.

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Narendra Modi. In Shanghai. In the back of a car. With Vladimir Putin. Positively glowing.  

The tweets the Indians sent out at the Shanghai Co-Operation Organisation were the equivalent of a taken for granted girlfriend openly flirting with the jocks at the big keg party. The key question: is this obvious piece of signalling going to be stronger than the thick skulls of the lugs in Washington? 

Meanwhile, in Venezuela, US destroyers are patrolling the coastline. Ostensibly to stop cartel shipments. Are they about to make a Noriega of Maduro? 

Finally, in Britain, the bond yield has hit a thirty year high. At the same time, France can’t pass a budget, and has 114% debt to GDP. What’s going to happen when two of Europe’s big three economies both try to squeeze through the door of the IMF at the same time? 

All this and more in an hour of super soaraway subscriber special. That’s right – it’s that time of the month. Time to put down five Dollars, Pounds, Euros to get to eavesdrop with your fellow subscribers in the secret Multipolarity green room. 

Go to patreon.com/multipolarity. Slap down your cash. And get backstage, where the real action is.

As they say in the Economist: "Serbia is at a crossroads..."

Anti-corruption protests after the collapse of the station roof in Novi Sad have not gone away, now many months after the event. The country's leader, President Vučić, is under pressure as never before, after 13 years in power. He has offered 'televised dialogues': his opponents have declined. The standoff continues.

Meanwhile, in the tiny breakaway relic of the Bosnian War, Republika Srpska, the crossroads has come to a fork.

In February 2025, the President of the RS region of Bosnia, Milorad Dodik, was stripped of his office, for planning to hold an independence referendum to break away from Bosnia. He was handed a one-year prison sentence plus a six-year political ban. Christian Schmidt, Bosnia’s High Representative, froze budgetary support for RS ruling parties after attempts to arrest Dodik were thwarted by Republika Srpska police.

Two concurrent crises, oddly twinned: as we all know, when Serbia goes off, the world needs to stand well back.

Miša Đurković is head of the MCC-MKI Center for Geopolitics at the School of International Relations at MCC. . This week, he joins us to unpack the dense politics of this geopolitical pocket rocket.

With EU leaders summoned to the White House to take dictation, it seems as though the Ukraine War is entering its final phase. Can the Europeans take their medicine? Or will they stay doolally on the happy pills? 

India has made it easier for Russian banks to operate. Turns out, Trump’s capricious decision to threaten them with swingeing sanctions has had second order consequences. These days, the monkey’s paw is twitching so hard it’s tapping out morse code. 

Finally, Goldman Sachs has estimated the winners and losers of the tariff wars. And the loser is – US consumers, who can expect to bear 64 per cent of costs before Xmas.

You can get special paywalled premium episodes of Multipolarity every month on Patreon: https://patreon.com/multipolarity