The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
Dmitri Medvedev wishes "Good Luck!" to the Nord Stream pipeline. (Alexander Demianchuk / Courtesy Reuters)
The energy map of the world is being redrawn -- and the global geopolitical order is adrift in consequence. We are moving away from a world dominated by a few energy mega-suppliers, such as Russia, Saudi Arabia, and Venezuela, and toward one in which most countries have some domestic resources to meet their energy needs and can import the balance from suppliers in their own neighborhood. This new world will feature considerably lower energy prices, and in turn, geopolitics will hinge less on oil and gas. Within the next five to ten years, regimes that are dependent on energy exports will see their power diminished. No longer able to raise massive sums from energy sales to distribute patronage and project power abroad, they will have to tax their citizens.
The revolution in unconventional energy production results