Dr. Steinbock is Guest Fellow of Shanghai Institutes for International Studies (SIIS). He also has affiliations with think-tanks focusing on the United States, Europe and India. For more see: http://www.differencegroup.net
The US-led petrodollar era is being surpassed by a multipolar oil age in the Middle East. The transition is permeated by fundamental change and financial speculation that is penalizing the roles of the US and China in the region.
In the short term, the anti-corruption drive may contribute to uncertainty and occasionally volatility. In the long term, however, it is critical to resilient growth.
If the Fed's rate hikes will test the endurance of China's rebalancing and its "long landing", the impact will be a lot worse in many emerging and developing economies.