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Can anyone actually dethrone the dollar?

For 80 years, the US dollar has been the world's reserve currency. Its dominance was built on US economic strength, institutional trust, and the post-World War Two Bretton Woods system, which pegged global currencies to the dollar rather than gold. But today, the greenback is under pressure. The dollar shed about a tenth of its value in the first year of Trump's second term. Tariffs, White House pressure on the Federal Reserve, and rising debt have all shaken confidence.

Xi Jinping has made renminbi internationalization a top priority. Vladimir Putin has repeatedly called on BRICS nations to ditch the dollar. But for all the talk of de-dollarization, when uncertainty hits, the dollar is still what people reach for. Foreign investment in US assets actually climbed in the second half of 2025.

The reason: TINA, there is no alternative. Until another currency offers the depth, liquidity, and institutional backing of the dollar, the greenback isn't going anywhere. Trump's policies are accelerating efforts to diversify, but dethroning the dollar requires a replacement, and no one has one ready.

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Hungary’s Orbán faces judgment day, Peru to hold another presidential election, Cuba’s leader isn’t quitting

Is Orbán’s “illiberal democracy” set to end?

Hungarians will head to the polls on Sunday in an election that will be watched worldwide, as politicos of all stripes wait to see whether center-right opposition leader Péter Magyar can indeed oust 16-year incumbent Prime Minister Viktor Orbán. The campaign has been marred by Russian interference, accusations of a plot to blow up a pipeline, and concerns about the integrity of the vote. Even US Vice President JD Vance got involved this week, stumping for Orbán in Budapest – the hard-right Fidesz leader has become something of an oracle for the MAGA movement, showing how one can deliver an anti-woke, anti-immigrant agenda in the modern era. The election also has tangible and immediate implications for Europe: Orbán has been building ties with Moscow – he even held up European Union funds for Ukraine amid its war with Russia – while Magyar’s Tisza Party is more aligned with Brussels. Polls suggest Orbán’s hopes of reelection are hanging by a thread.

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Hard number: No spring breaks in Europe?

The ACI Europe, a regional airport trade group, is warning EU leaders that airports could soon face “systemic” jet fuel shortages while Iran maintains its grip over the Strait of Hormuz. Airlines also say they have enough fuel to get them through several weeks, but aren’t able to guarantee deliveries in May. This comes as Asian countries like Vietnam have already begun rationing jet fuel.

You vs. the News: A Weekly News Quiz - April 10, 2026

Think you know what's going on around the world? Here's your chance to prove it.

AI giant Anthropic is rolling out a new model, Mythos, but is limiting its access to only a group of 40 companies. Why?

  • A) Cybersecurity risks and potential misuse
  • B) Lack of investor interest
  • C) A shortage of data centers in Europe

Take the quiz to see if you guessed correctly!

Krastev: The Iran war is fracturing Europe's far right

Ivan Krastev tells Ian Bremmer that the Iran war has deepened a dangerous uncertainty across the continent: people don't know what President Trump wants to achieve, and after the "easy victory" in Venezuela, they fear where he'll turn next.

Poland is, Krastev notes, "probably one of the most pro-American places in Europe", and a recent Polish poll asked respondents to name the major threats to world peace. Russia came first. But in second and third place: Trump's United States and Israel. "This is new," Krastev says, "and this is a major development."

The fallout isn't just about public opinion. For Europe's new right and the parties that built their identities around alignment with Trump, the Iran war has created a disorienting moment. They had "the feeling that they're on the same page," Krastev says, "and now they're not sure."

How China is supplying America’s “biohacking” craze

Unregulated chemicals are entering the United States from China and being injected into Americans’ bloodstreams. No, not fentanyl. We’re talking about peptides, which are short chains of amino acids that regulate hormones and spur changes in the body. Their rise, often dubbed the “biohacking” boom, has been spurred by the success of the weight loss drug Ozempic and influencers peddling their experimental peptide stashes online. But at its core, it's a story about China’s advantage in pharmaceutical manufacturing, declining trust in American institutions, and a political culture that treats self-experimentation as freedom.

US customs records show that American imports of hormone and peptide compounds from China nearly doubled in 2025, climbing to $328 million in the first nine months of the year, compared to $164 million the year prior. They are normally injected using a needle and a syringe into the abdomen, thigh, or upper arm. They can also be bought everywhere from the online Chinese retailer Temu, telehealth clinics like Hims and Hers, directly from Chinese factories, to “peptide raves” in Silicon Valley. Their market spans ideologies, from affluent tech bros in San Francisco, to looksmaxxing influencers on social media, to supporters of the Make America Healthy (MAHA) movement.

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Can India’s Modi make inroads in unfriendly territory?

More than 50 million voters in India’s states of Assam and Kerala, along with the federally-administered territory of Puducherry, head to the polls today in regional elections. Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party (BJP) will be hoping for a change of fortune in Kerala, a left-leaning southern state where it has never won. For the BJP’s opponents, the aim is to hold on to local power and continue to act as a check on Modi and his party’s dominance. These elections also mark the start of an electoral cycle, with West Bengal and Tamil Nadu – two more states that lean against the BJP – set to hold votes later this month. Results for all these contests are expected on May 4.

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The Iran war has pushed Brent crude prices to $100 per barrel, up from around $70 before the conflict began. One of the main beneficiaries was a country not fighting in the war: Russia. The Kremlin relies heavily on its oil and gas exports, which account for between 30% and 50% of the government’s budget. As such, the global surge in prices has provided a welcome boost to Moscow amid its own war effort in Ukraine.

For sixteen years, Prime Minister Viktor Orban has won every fight: four consecutive parliamentary supermajorities for his party, Fidesz; a constitution rewritten to his specifications; courts, media, and oligarchs brought to heel. He turned Hungary into what scholars politely call an "electoral autocracy" and what his critics less politely call a one-party state with elections. Along the way he made himself Donald Trump's closest ally in Europe, Vladimir Putin's most useful one, and the European Union’s “black sheep.”

On Sunday, Hungarians go to the polls. And for the first time since Orban returned to power in 2010, he will probably lose.

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Younger millennials have seen the monthly auto loan payments jump nearly 60% since 2019, and the EV demand has cooled. What does it mean for the road ahead?

Get the full analysis from Bank of America Institute and subscribe for more economic insights.

Viktor Orbán started his political life as a pro-democracy liberalist, according to Chairman of the Centre for Liberal Strategies Ivan Krastev. Orbán first made history in 1989 by demanding Soviet troops leave Hungary. What happened next, Ivan Krastev argues, was a genuine ideological transformation.

"I do believe he internalized his own conservatism," Krastev tells Ian Bremmer. Orbán's politics are rooted in a very specific strain of 19th-century Hungarian nationalism: the grief of a nation that lost vast territory and millions of its people after World War I, and that cannot afford to be a loser again in the 21st century. That makes him, Krastev argues, far more like Putin: deeply anchored in national history, than like Trump, who is largely indifferent to his predecessors.

The contradictions, though, are glaring. For all his fierce anti-immigration rhetoric — which made him a hero of Europe's 2015 migration crisis — Hungary quietly issued more work permits to foreign workers than almost any other EU member state that same year. Orbán, Krastev suggests, is an opportunist who has also become a true believer.

Track: Pizza. Many sharp-eyed reporters and analysts closely watch for patterns in the timing around the Trump administration’s biggest moves. Now, there’s a new indicator in the mix: pizza. The Pentagon Pizza Index tracks spikes in pie orders to the Pentagon. According to the site’s creators, cheesy upticks “frequently coincide with elevated watch or major news.” To be clear, this is far from hard-hitting reporting and should be read in context. Still, it’s been interesting to learn which pizza restaurants the Trump administration frequents – Domino's, District Pizza Palace, and something called Extreme Pizza. I personally prefer We, the Pizza. – Natalie J.
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Cubans are no strangers to carrying large bundles of cash just to get through daily shopping, a habit born from years of relentless inflation. Things have only gotten worse lately, since a de facto US oil blockade sent prices even higher. To ease the burden of transactions, Havana is introducing two new banknotes, the largest of which is worth five times as much as anything previously in circulation.

Chris, an Army veteran, started his Walmart journey over 25 years ago as an hourly associate. Today, he manages a Distribution Center and serves as a mentor, helping others navigate their own paths to success. At Walmart, associates have the opportunity to take advantage of the pathways, perks, and pay that come with the job — with or without a college degree. In fact, more than 75% of Walmart management started as hourly associates. Learn more about how over 130,000 associates were promoted into roles of greater responsibility and higher pay in FY25.

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