The global economic landscape is marred by a persistent colonial mindset, perpetuated not through territorial conquest but through financial dominance and narrative control. At the heart of this issue lies the West’s reliance on reserve currencies—primarily the U.S. dollar and the euro—which grants disproportionate power to print money and dictate global economic policies. This system, coupled with flawed metrics like GDP and a culture of excessive consumption, has not only distorted global economics but also eroded the social fabric of Western societies.
Narrative Manipulation and Hypocrisy
The practice of compiling reports and indexes to label other nations’ judicial or financial systems as deficient is a well-worn tactic. High-profile cases like Vijay Mallya or Nirav Modi are often weaponized to paint countries like India as institutionally weak, while the West conveniently ignores its own systemic flaws. This selective narrative is not just hypocritical—it’s a deliberate strategy to maintain financial hegemony. As India’s External Affairs Minister S. Jaishankar has noted, when nations like India push back against such narratives, the West recoils, unaccustomed to scrutiny of its own practices.
Societal Decay in the West
Consider the United States, where gun violence erupts without clear motive—no terrorism, no religious doctrine, just a symptom of deeper societal issues. Mental health crises, exacerbated by a culture that prioritizes consumption over stability, go unaddressed. Meanwhile, Western education systems increasingly focus on polarizing issues like gender identity, often at the expense of impressionable young minds. The pharmaceutical industry, among others, has infiltrated family structures, with parenting and even basic household functions outsourced to external systems. This erosion of traditional institutions—family, community, savings—stems from a society addicted to the illusion of wealth created by endless money printing.
The Reserve Currency Trap
The West’s economic model hinges on reserve currency status, which allows nations like the U.S. (59% of global reserve currency) and the Eurozone (20%) to print money with impunity. Economists like Raghuram Rajan, who often align with Western frameworks, advocate for increased spending and liquidity, masking the simplicity of their advice: print more money. This approach, masquerading as sophisticated economics, has fueled consumption-driven economies while neglecting savings—a concept alien to a system with a printing press at its core. The result? Entire societies in the West have been hollowed out, with family structures and social cohesion sacrificed to maintain the facade of wealth.
Flawed Metrics and Economic Distortion
GDP, the West’s preferred metric, is fundamentally flawed. Designed to measure short-term performance, it inappropriately includes capital investments, inflating perceptions of economic health. Low-interest loans and easy credit further distort the picture, enabling reckless borrowing that masks structural weaknesses. When Western economists label other nations as “poor” based on this metric, they ignore its inherent biases. For 1,700 years, India and China contributed an average of 27% to global GDP without reserve currencies or the English language. Their economic success was built on real production and trade, not financial sleight-of-hand.
Financial Colonialism and Global Control
The Federal Reserve, acting as the de facto central bank of the world, ensures that no country can craft monetary or fiscal policy without first considering U.S. policy. This financial colonialism—rooted in the transition of reserve currency dominance from the British pound to the U.S. dollar—renders nations financially dependent. Even esteemed Western institutions, from universities to courts, are not immune to influence. Figures like George Soros and other capital giants have long shaped legal and judicial systems, yet the West points fingers at others’ shortcomings.
A Shifting Global Order
Emerging shifts in global dynamics signal potential cracks in this system. Japan, for instance, under new Bank of Japan leadership, may soon challenge its financial ties with the U.S. as economic crises unfold. This could mark a turning point, as nations begin to reject the West’s imposed financial order.
Conclusion
The West’s arrogance—its belief that history and economics began with its rise—has blinded it to alternative models of prosperity. Savings, production, and cultural cohesion, once cornerstones of thriving societies, have been replaced by consumption and debt. Until this colonial hangover is addressed, through both economic reform and a rejection of manipulative narratives, the global system will remain skewed, benefiting a few at the expense of many.