Uncertainty about the US-Israel war with Iran and its endgame continues to cast a long shadow over global trade, while Ukraine’s increasingly sophisticated counterattacks are imposing mounting costs on Russia. What are the combined implications of these two wars? In this conversation with Mishal Husain, Oxford University historian Peter Frankopan argues we are entering an era of consolidation and new alliances, especially between middle powers, and that predictions of US decline are wrong. Contact The Mishal Husain Show mishalshow@bloomberg.net Visit https://www.bloomberg.com/mishal 00:00 Introduction from Mishal Husain 03:30 Ukraine and Iran 05:18 The state of play between Russia and Ukraine 07:25 “Russia's challenge is to define what it is that it wants” 08:48 Developing an interest in Russia 12:27 “It's small groups of men who make all the decisions” 14:45 Looking to the future 16:44 Russia’s casualty numbers 18:50 What the war represents to Putin 20:17 Putin and Trump 22:09 China’s links with Russia and Iran 24:20 China and Taiwan 29:25 “New world order straining to be born” 31:16 The world in 2036 Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Visit us: https://www.bloomberg.com/podcasts Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg For coverage on news, markets and more: http://www.bloomberg.com/video