March 28, 2026  |  View in Browser

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Good morning,

“The 12 percent of the world’s population that lives in the West hasn’t yet learned the art of listening to the remaining 88 percent with whom they share the planet,” the veteran Singaporean diplomat Kishore Mahbubani wrote in February. I’ve been thinking about that line amid the U.S.-Israeli war with Iran—a war that has produced an energy crisis that is barely felt by the United States but that is wreaking havoc on Asian economies. Last year, nearly 90 percent of the crude oil that passed through the Strait of Hormuz ended up in Asia; now, because of energy shortages, the Philippines has instituted a four-day work week for public officials, and a third of Cambodia’s gas stations have shut down. Mahbubani’s essay explores how countries experience global crises and Western power differently—and warns that, without a real “dialogue among equals,” the West risks “losing the rest.”

Until next week,

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