Features
Petrodollar and US hegemony Putin-NATO-Zelenskyy Catastrophe
by Kumar David
This essay surveys two topics which have come into blinding spotlight in recent weeks; the petrodollar, its likely eviction from the cosmos and hence demise of US global hegemony, and second the pluperfect cock-up by Putin and NATO-West, and the humiliation of, not as pokerfaced as Putin, nor as dour as never-smile Xi, perpetual clown Vladimir Zelenskyy (VZ), but more profoundly the misery of the Ukrainian people.
The rise of the almighty petrodollar and the end of its supremacy
The first part of this essay does not discuss the folly of the invasion (I have done that previously many times) but focuses on a collateral issue. The transition from a British Empire on which the sun was loath to set to the American Century commenced before the 1914-18 Great War for the division of the colonial world between European powers and to a degree America. However, WW1 signposts the sunset. Thereafter the upsurge of American hegemony was inexorable. The Great Depression of the 1930s was a setback but the New Deal, and more important WW2 released the full force of capitalism and US Imperialism.
Capitalism displays its greatest surges after war and devastation lay waste to nations and continents and subsequently investment opportunities flourish. American glory was unchecked from the end of WW2 in a 30-year boom – give or take usual cyclical recessions – till an external factor (in economist-speak) screwed the carnival. The blasted Arabs decided they were going to grab and retain a great portion of the profits of oil – extending even to an embargo in October 1973 – and so began what Americans, the West and economists call the second oil-price crisis.
The United States suffered its longest and most severe post-war recession in 1973. Measures to overcome this led to stagflation – simultaneous stagnation and inflation, which mantras in the then prevailing text-books of capitalist economic theory said was impossible: an oxymoron. But that was after the point of intervention of today’s topic. Ever resourceful American power sorted out the post-1973 oil-price crisis (I won’t go through intermediate stages) by establishing the petrodollar in March 1974. The master stroke was that America and Saudi Arabia agreed to price oil only in US dollars in exchange for which the US would guarantee the Saudi State against all comers internationally and secure its stability against internal dissent. The Americans strong-armed European buyers and oil producers the world over to follow this pricing rule. So, when Venezuela sells oil to Timbuktu the contract is priced in dollars, the transaction cleared through banks which deal in US dollars and cleared through agencies or networks based mainly in New York or London. Thus, was born the petrodollar.

Soon it was not only oil; all commodities and trades were dominantly or indirectly included. The dollar and US securities now underpin 80% of global trade, are the stuff of government reserves worldwide, and the essential intermediary in big investments. When Basil grovels in Delhi begging bowl in hand Modi gives him dollars, when the IMF throws Gota a lifeline it is in dollars and Russia is stuck because most of its $650 billion reserves are in Western banks that exist in fealty to America.
The power of US financial hegemony is apparent when Europe kowtows on sanctions against Russia. Whether Russia deserves punishment is tangential; the surprise is that Europe obediently falls in line without a murmer; “independent” Swiss bankers who wash laundry-loads of dirty money are obedient. I do not believe all Europe obeyed out of fear of America or for protection of its nuclear umbrella only. The reason for docility is that Washington can crack the whip of financial dominion and impose secondary sanctions on any who disobey. Antony Blinken, hawkish US Secretary of State, openly threatened China and surprisingly the Lords of the Middle Kingdom who usually bristle did not even say “It’s unhelpful”. Dollar hegemony is the sword in America’s armoury that keeps friend and foe in place.
China saw it years ago and slowly, now clearly far too slowly, started building an alternative global payments system and pushed the digital Yuan. Russia has been brought to its knees by the might of the glorious dollar, not by any other sanction. Sanctions on energy are hurting Europe and Asia badly and will get worse unless the fight ends. Restrictions on nickel, palladium and metals where Russia is the main or one of the biggest suppliers have industries the world over scrambling and a recession is looming; supply chains are snapping. Shortfall of wheat, barley and corn shipments from breadbaskets Russia and Ukraine and discontinuing potash and fertiliser making inputs have frightening consequences. Even the ultra-reactionary Economist shudders and predicts food riots in the Maghreb, Sub-Saharan Africa and South and Central America as grain prices triple by years end unless supplies resume. Recession seems inevitable and social instability a knock-on. Fertile ground to sow Yuan-Rial, Yuan-Ruble and Ruble-Indian Rupee trade and non-dollar petroleum transactions. If petrodollar supremacy erodes it will take US hegemony down with it.
Almighty chaos
The US-NATO-West incited and cheered-on affable VZ as the poster boy of global democracy and brave champion of freedom’ They lauded the Ukrainian people as civilisations standard bearers of liberty. Then what happened? When the enraged bull showed no signs of backing off, when it became an eyeball to eyeball standoff, they hung poor VZ and Ukraine out to dry and found rational arguments why their comfortable lives, orderly cities, bank accounts and warm conjugal embraces should not be disrupted by atom bombs. Love, liberty, freedom and a warm liberal lifestyle hit a wall.
“We will give you refuge and succour (and that’s wonderful; by no means should one sneer) says Europe, but militarily NATO is posturing at a safe distance from the snorting, god-knows-what-he-will-do-next, bull. Desperate, VZ screams WW3 will come if you don’t intervene; but poor lost soul, NATO is deaf. He and his country are expendable real-estate. Frankly I no longer take NATO’s “An attack on one is an attack on all” credo seriously. Do you think if some sliver of remote Baltic coast, thousands of miles from the US-European heartland is overrun by bears, NATO will come roaring, atoms in hand, stealth bombers in the sky? Bollocks, new NATO members please learn this lesson in realpolitik. After the USSR went up in smoke NATO bloated into a flatulent, militarily bulbous globule. It refuses suffer nuclear Armageddon for lumps of excess fat.
The second lesson that hardnosed analysts can take away from these events is that Putin is a world class cock-up champion. True human-rights violations, devastation and civilian deaths in Iraq post-2003 thanks to Moron Bush and Poodle Blair were much worse than Russian war-crimes in Ukraine to date. Civilians slain by the US and UK exceed 10,000, cities were devastated and Iraq reduced to rubble and penury from which who knows when it will recover. When the Americans departed, it left behind a fractured country of Shias and Sunnis at each other’s throats with no prospect of national unification. However, comparatively less carnage apart, in the end what will Putin have to show for his onslaught; not military victory which now seems assured but a criminal assault on civilians.
Less than nothing! And an interminable unwinnable civil war. Moscow has not learnt from Afghanistan (1979-85) nor others indicted in parenthesis from Korea (US and allies), Algeria (France), Vietnam (France and US), IPKF (India), Iraq (US and UK), Libya (US), Yemen (Saudi) and Afghanistan (dear god the US again). Let’s recapitulate lesson two: It’s not easy in modern times to militarily occupy and tame even a small foreign country unless powerful internal partners are in situ and a big portion of the population buys in. Examples of this counter-case are CIA engineered military-gorilla coups in Central and South America where powerful military and business-class interests were on-side, of course Bangladesh and some recent French peace-keeping interventions in the Sahel.
The third matter I must touch on is an extension of part one of this essay but of stand-alone significance. We have reached a turning point in the global financial order. Russia’s Central Bank Reserves have been frozen by the West and it has nowhere to turn but to Yuan facilities and bilateral Yuan denominated trade. Let that sink in, savour its significance! Central Bank holdings of about 10 countries are frozen by the US; international brigandage possible because of dollar domination as reserve, trading and investment vehicle. About 25 countries are sanctioned by the US as political opponents and the West kowtows. Among them Cuba, Syria, Iran, North Korea, Afghanistan, Belarus, Central African Republic, DRC, Ethiopia, Hong Kong, Lebanon, Libya, Mali, Nicaragua, Somalia, Sudan, South Sudan, Venezuela, Zimbabwe, and now Russia. But China is the largest trading partner of more countries than any other! Why on earth should it trade in a third-party money? The not yet finalised China-Saudi oil deal has been in the works for years. Pressure for restructuring the global financial system is inexorable. The dollar is not going away anywhere soon, nor did Rome fall in a day, but transition to a multi-currency world is unstoppable.
For the Yuan to be global China’s capital markets will have to open and banking become transparent. Government control and regulation must diminish and state protection of provincial banking decline. These changes may drive China towards more liberalism and greater use of market mechanisms than all that Jack & Jill Mas, property tycoons and stock markets will ever be able to do. Wonder what Marx would have made of unification of world finances on a rational platform? Written a Volume IV? The Dragon Emperor Quin Shi Huang (Terracotta Army chap) of the Qin Dynasty abolished primitive proto-feudalism in about 230 BC (feudalism proper never took root in China) and created a centralised state with 36 administrative units directly controlled from the Centre by powerful Mandarin officials – a bureaucracy. A fabulous 150-foot-long Song Dynasty (960-1270) mural depicts a bustling market-place, commerce, thriving trade and a fluid political-economy – marvellous! I have seen it.
Features
Fractious West facing a more solidified Eastern opposition
Going forward, it is hoped that a reported ceasefire agreement between the US and Iran would provide a basis for a degree of stability in the Middle East and pave the way for substantive peace talks between the powers concerned. The world is compelled to fall back on hope because there is never knowing when President Donald Trump would change his mind and plans on matters of the first importance. So erratic has he been.
Yet, confusion abounds on who has agreed to what. The US President is on record that a number of conditions put forward by him to Iran to deescalate tensions have been accepted by the latter, whereas Iran is yet to state unambiguously that this is so. For instance, the US side claims that Iran has come clear on the point that it would not work towards acquiring a nuclear weapons capability, but there is no official confirmation by Iran that this is so. The same goes for the rest of the conditions.
Accordingly, the peace process between the US and Iran, if such a thing solidly exists, could be said to be mired in uncertainty. Nevertheless, the wider publics of the world are bound to welcome the prospects of some sort of ceasing of hostilities because it would have the effect of improving their economic and material well being which is today under a cloud.
However, questions of the first magnitude would continue to bedevil international politics and provide the breeding ground for continued tensions between East and West. Iran-US hostilities helped highlight some of these divisive issues and a deescalation of these tensions would not inevitably translate into even a temporary resolution of these questions. The world community would have no choice but to take them up and work towards comprehending them better and managing them more effectively.
For example, there are thorny questions arising from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). Essentially, this treaty bans the processing and use of nuclear weapons by states but some of the foremost powers are not signatories to it.
Moreover, the NPT does not provide for the destroying of nuclear arsenals by those signatory states which are already in possession of these WMDs. Consequently, there would be a glaring power imbalance between the latter nuclear-armed states and others which possess only conventional weapons.
Such a situation has grave implications for Iran’s security, for instance. The latter could argue, in view of the NPT restrictions, that the US poses a security threat to it but that it is debarred by the Treaty from developing a nuclear arms capability of its own to enable it to match the nuclear capability of the US. Moreover, its regional rival Israel is believed to possess a nuclear weapons capability.
Accordingly, a case could be made that the NPT is inherently unfair. The US would need to help resolve this vexatious matter going forward. But if it remains, US-Iran tensions would not prove easy to resolve. The same goes for Iran-Israeli tensions. Consequently, the Middle East would remain the proverbial ‘powder keg’.
Besides the above issues, the world has ample evidence that it could no longer speak in terms of a united NATO or West. Apparently, there could be no guarantee that US-NATO relations would remain untroubled in future, even if the current Iran-US standoff is peacefully resolved. US-NATO ties almost reached breaking point in the current crisis when the US President called on its NATO partners, particularly Britain, to help keep open the Hormuz Straits for easy navigation by commercial vessels, militarily, on seeing that such help was not forthcoming. Such questions are bound to remain sore points in intra-Western ties.
In other words, it would be imperative for the US’ NATO partners to help pull the US’ ‘chestnuts out of the fire’ going ahead. The question is, would NATO be willing to thus toe the US line even at the cost of its best interests.
For the West, these fractious issues are coming to the fore at a most unpropitious moment. The reality that could faze the West at present is the strong opposition shown to its efforts to bolster its power and influence by China and Russia. Right through the present crisis, the latter have stood by Iran, materially and morally. For instance, the most recent Security Council resolution spearheaded by the US which was strongly critical of Iran, was vetoed by China and Russia.
Accordingly, we have in the latter developments some marked polarities in international politics that could stand in the way of the West advancing its interests unchallenged. They point to progressively intensifying East-West tensions in international relations in the absence of consensuality.
It is only to be expected that given the substance of international politics that the West would be opposed by the East, read China and Russia, in any of the former’s efforts to advance its self interests unilaterally in ways that could be seen as illegitimate, but what is sorely needed at present is consensuality among the foremost powers if the world is to be ‘a less dangerous place to live in.’ Minus a focus on the latter, it would be a ‘no-win’ situation for all concerned.
It would be central to world stability for International Law to be upheld by all states and international actors. Military intervention by major powers in the internal affairs of other countries remains a principal cause of international mayhem. Both East and West are obliged to abide scrupulously with this principle.
From the latter viewpoint, not only did the West err in recent times, but the East did so as well. Iran, for instance, acted in gross violation of International Law when it attacked neighbouring Gulf states which are seen as US allies. Neither Iran nor the US-Israel combine have helped in advancing international law and order by thus taking the law into their own hands.
Unfortunately, the UN has been a passive spectator to these disruptive developments. It needs to play a more robust role in promoting world peace and in furthering consensual understanding among the principal powers in particular. The need is also urgent to advance UN reform and render the UN a vital instrument in furthering world peace. The East and West need to think alike and quickly on this urgent undertaking.
Features
Science-driven health policies key to tackling emerging challenges — UNFPA
Marking World Health Day on April 7, health experts have called for a stronger commitment to science-based decision-making to address increasingly complex and evolving health challenges in Sri Lanka and beyond.
Dr. Dayanath Ranatunga, Assistant Representative of the United Nations Population Fund, stressed that health is no longer confined to hospitals or traditional medical systems, but is shaped by a broad spectrum of social, environmental, and technological factors.
“This year’s theme, ‘Together for Health. Stand with Science,’ reminds us that science is not only for laboratories or policymakers. It is a way of thinking and a tool that shapes everyday decisions,” he said.
Dr. Ranatunga noted that modern health challenges are increasingly interconnected, ranging from infectious diseases such as COVID-19 to climate-related risks, demographic shifts, and emerging forms of online violence.
He warned that maternal and newborn health continues to demand urgent attention despite progress. Globally, an estimated 260,000 women died from pregnancy and childbirth-related causes in 2023 alone—many of them preventable through timely, science-based interventions.
“In countries like Sri Lanka, where fertility rates are declining and survival rates improving, every pregnancy carries greater significance—not just for families, but for the future of communities and economies,” he said.
The UNFPA official also highlighted the growing threat of Technology Facilitated Gender-Based Violence (TFGBV), including cyber harassment and online abuse, noting that these forms of violence can have deep psychological consequences despite lacking visible physical harm.
He emphasised the need for multidisciplinary, science-informed approaches that integrate mental health, digital safety, and survivor-centered care.
Turning to demographic trends, Dr. Ranatunga pointed out that increasing life expectancy is bringing new challenges, particularly the rise of non-communicable diseases such as diabetes, cardiovascular illnesses, and cancers.
In Sri Lanka, nearly 13.9% of mothers develop diabetes during pregnancy, a trend attributed to obesity and unhealthy lifestyles, underscoring the urgent need for preventive healthcare strategies.
“Are we investing enough in prevention?” he asked, noting that early intervention and healthier lifestyles could significantly reduce long-term healthcare costs, especially in a country with a free public healthcare system.
He underscored the importance of data-driven policymaking, stating that scientific research and analytics enable governments to identify gaps, anticipate future needs, and allocate resources more effectively.
The UNFPA, he said, is already leveraging tools such as Geographic Information Systems (GIS) to improve access to maternal healthcare, including mapping travel times for pregnant women to reach health facilities.
Digital innovation is also transforming healthcare delivery, from telemedicine to real-time data systems, improving efficiency and ensuring continuity of care even during emergencies.
In Sri Lanka, partnerships between the government and development agencies are helping to modernise training institutions, including facilities in Batticaloa, equipping healthcare workers with both clinical and digital skills.
However, Dr. Ranatunga cautioned that technology alone is not a solution.
“It must be guided by evidence and grounded in equity,” he said, pointing out that women’s health remains significantly underfunded, with only about 7% of global healthcare research focusing on conditions specific to women.
He also drew attention to the growing health impacts of climate change, including extreme weather, food insecurity, and displacement, describing it as an emerging public health crisis.
“Health does not begin in hospitals. It is shaped by the environments we live in, the choices we make, and the systems we build,” he said.
Calling for renewed commitment, Dr. Ranatunga urged stakeholders to invest in prevention, embrace innovation, and ensure that science remains central to policy and practice.
“Science is not just about knowledge—it is about ensuring that everyone has the opportunity to live healthy, dignified lives, and that no one is left behind,” he added.
By Ifham Nizam
Features
Sharing the festive joy with ‘Awurudu Kaale’
Melantha Perera is well known as a very versatile musician.
He was involved with the band Mirage, as their keyboardist/vocalist, and was also seen in action with other outfits, as well, before embarking on a trip to Australia, as a solo artiste.
I now hear that he has plans to operate as a trio.
However, what has got many talking about Melantha, these days, is his awesome work with the visually impaired Bright Light Band.
They have worked out a special song for the Sinhala and Tamil New Year, aptly titled ‘Awurudu Kaale.’
Says Melantha: “This song has been created to celebrate the spirit of the Sinhala and Tamil New Year and to share the joy of the Awurudu season with all Sri Lankans”.
Yes, of course, Melantha composed the song, with the lyrics written collaboratively by Melantha, Badra, and the parents of the talented performers, whose creative input brought the song to life during moments of inspiration.

Melantha Perera: Awesome work with Bright Light Band
This meaningful collaboration reflects the strong community behind the Bright Light Band.
According to Melantha, accompaning the song is a vibrant video production that also features the involvement of the parents, highlighting unity, joy, and togetherness.
Beyond showcasing their musical talents, the visually impaired members of Bright Light Band deliver a powerful message, through this project, that their abilities extend beyond singing, as they also express themselves through movement and dance.
Melantha expressed his satisfaction with the outcome of the project and looks forward to sharing it with audiences across the country during this festive season.
He went on to say that Bright Light Band extends its sincere gratitude to Bcert Australia for their generous Mian sponsorship, the CEO of the company, Samath Fernando, for his continuous support in making such initiatives possible, and Rukshan Perera for his personal support and encouragement in bringing this project to completion.
The band also acknowledges Udara Fernando for his invaluable contribution, generously providing studio space and accommodating extended recording sessions to suit the children’s availability.
Appreciation is warmly extended to the parents, whose unwavering commitment from ensuring attendance at rehearsals to supporting the video production has been instrumental in the success of this project.
Through ‘Awurudu Kaale’, Bright Light Band hopes to spread festive cheer and inspire audiences, proving that passion and talent know no boundaries.
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