US, Europe, China: A Tripolar World hastened by the Russia-Ukraine War
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The US has re-established itself as the 'global policeman', using sanctions much more than its military power
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Germany is re-arming and leading Europe, for now aligned with US, but this may not always be the case
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China is building itself up within the global system for now, but Russia's fall confirms its need to break away
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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