Global alliances are crystallizing into two distinct formations: an autocratic alliance led by China with Russia as a subordinate partner; and a democratic alliance led by the United States. These alliances draw in N-factor states, countries that do not align formally with either camp. The intricate dance to entice or coerce these states becomes a crucial aspect of the evolving geopolitical landscape. The grayzone world has profound economic implications. As grayzone conflicts unfold, economic models shift, leading to the end of globalization and the resurgence of big government intervention. The grayzone conflict introduces a paradigm shift in monetary and fiscal policies. Central banks are tasked with anchoring inflation in the face of supply shocks, while fiscal policies aim to de-bottleneck economic systems. The acceptance of big government emerges as a positive force, as seen in the new Washington Consensus focusing on reversing capital misallocation and promoting industrial rejuvenation through state-private partnerships. The grayzone conflict introduces the possibility of de-dollarisation as alliances influence the composition of global reserves. The rise of the renminbi as a potential challenger to the dollar, coupled with the weaponisation of FX reserves and changing economic structures, will reshape the global reserve currency landscape. As the grayzone conflict unfolds, global geopolitics is navigating uncharted territory. The balance between alliances, economic models and major currencies will shape the future world order.
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