The financial world is obsessed with stock market gyrations and bond yields. But the numbers that matter in the long run are those of US warships. Asia has been at the centre of the world economy for decades because security there can be taken for granted, and that is only because of the dominance of the US navy and air force in the western Pacific. Because 90 per cent of all commercial goods traded between continents travel by sea, the US navy, which does more than any other entity to protect these lines of communication, is responsible for globalisation as we know it.
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