Many in the West see China as the real victor in the Iran war, with the US's failures clearing Beijing's path to global dominance. In reality, it has little to gain from a new world order.

Many in the West see China as the real victor in the Iran war, with the US's failures clearing Beijing's path to global dominance. In reality, it has little to gain from a new world order.

The dollar gives America huge power, but the international monetary system built around it is sliding into chaos, as recent US support for the yen shows. Yet replacing the dollar brings risks of its own.