The Internationalism

Internationalism No. 83, January 2026 Page 14 From the series The telecommunications battle There are two interwoven and contrasting trends in the American economy. On the one hand, we are witnessing steady growth in the value of securities linked to the furious race towards artificial intelligence (AI), which could lead to a financial bubble; on the other, an increase in GDP, precisely due to the huge investments in this field, is taking place. In the first week of November, a downward correction saw many technological securities devalue by $1.2 trillion on the stock exchange. Jamie Dimon, CEO of JPMorgan, the biggest American bank, predicts that there is a one-in-three probability of a collapse, albeit not imminently. As I see it — he states — artificial intelligence is real and, all in all, it will pay off [...] just as happened in the past in the case of automobiles and television sets . Products which, however, have also seen many...

On August 15 th , 1971 (50 years ago) US President Richard Nixon declared that the ‘gold window’ was closed. The era of the convertibility of the dollar to gold was over, and the system that had been agreed upon by the victors of the war at Bretton Woods in 1944 collapsed: the regime of fixed but subject to periodical reviews exchange rates had lasted a quarter of a century. Jeffrey Garten, Bill Clinton’s former Undersecretary of Commerce for International Trade and managing director of the Blackstone Group and Lehman Brothers, is now a historian who has written about Nixon’s decision. He recalls that the turnaround came at a time when the amount of dollars in circulation in the world was four times the amount of gold held in reserve, inflation was rising, Washington was withdrawing troops from Vietnam, and Nixon, the month before, had announced his visit to Beijing, a historic event. In 1959, the economist Robert Triffin had explained to Congress that there were absurdities assoc...