The World Economic Forum ranks this as a top risk for 2026, noting that "multilateralism is in retreat" as powers like China and Russia seek alternatives to U.S. monetary hegemony.
As of April 2026, many of Rickards’ themes are being tested by real-world events. Geopolitical tensions, particularly the escalating conflict in the Middle East and renewed trade friction, have placed the international order under significant pressure. The Three Paths to Collapse The Death of Money: The Coming Collapse of the ...
A catastrophic deleveraging where debt becomes impossible to service, causing a systemic "freeze" in the financial system. The World Economic Forum ranks this as a