The Internationalism

Internationalism No. 84, February 2026 Page 16 We must force ourselves to think of the present in terms of a decade, because the changes already underway are reshaping the face of the world. In the next ten years, China will have surpassed America's economic power, by whatever metric one chooses to calculate it. The Chinese navy will deploy six, or perhaps nine, aircraft carriers, compared with the United States' current eleven. Within the decade, China will also have 1,500 deployed nuclear warheads, bringing it level with the current deterrents of the US and Russia. To withstand the tripolar confrontation, America plans to increase its number of deployed warheads to 3,000. Not to be outdone, European imperialism plans to double military spending and is already thinking about a European bomb , drawing from the nuclear forces of France and the United Kingdom. The AI bubble will burst, but a handful of giants will emerge to share out...

Internationalism No. 83, January 2026 Page 11 The artificial intelligence (AI) bubble is receiving a growing amount of attention. The Bank for International Settlements (BIS) , in its December quarterly magazine, offers both reassurance and caution. It appreciates the strong earnings of the sector, which, in reality, presented mixed results in the third quarter, with a few business groups advancing and others treading water, while one of the frontrunners, OpenAI, forecasts losses until 2030. It was Nvidia, with its strong profits, that revived the sector's euphoria. After three years of acceleration, which raised the weight of the Magnificent Seven from 20% to 35% on Wall Street, the BIS sees signs of a retrenchment due to wariness about stretched valuations and episodes of volatility . It considers the optimistic expectations to be well-founded and, in this respect, the AI trend – which the bank never refers to as a bubble – is d...

Internationalism No. 83, January 2026 Pages 1, 4 and 5 The Trump Doctrine and the Unknowns of Imperialist Europeanism It is said that the 2025 National Security Strategy (NSS) – the document that formalises the Trump Doctrine in foreign policy – marks a break with 80 years of transatlantic relations following the Second World War. Moreover, in our Marxist analysis, for more than twenty years we have been writing about a new strategic phase ; for almost a decade, about the crisis in the world order ; for a couple of years, about the wars of the crisis in the world order , and since the beginning of Donald Trump’s new term, about an Atlantic crisis . That this crisis is now at a turning point is a fact; the extent and permanence of its strategic consequences in the future remain open questions. Whether Trump’s NSS is conceptually up to the task of American imperialism is debatable. This is where the unknowns lie: in the relative decline ...