The U.S. is one step away from a world war it could lose. In two of the three most strategically important regions of the world, there are serious conflicts that require U.S. attention. If China decides to attack Taiwan, the situation could quickly escalate into a global war on three fronts, in which the United States will be directly or indirectly involved

Foreign Policy writes about it.

"In the event of a Chinese invasion of Taiwan, it would be difficult for the United States to repel the attack while ensuring the flow of aid to Ukraine and Israel," the article says.

As the author of the article writes, the time has come to mobilize the United States, its defenses and allies to fight what could become the global crisis of our time.

The worst-case scenario is an escalation of the war in at least three major theaters of war, involving a loosely stretched U.S. military along with poorly equipped allies who are largely unable to defend themselves against major industrial powers. Waging this fight will require a scale of national unity, resource mobilization, and a willingness to make sacrifices that Americans and their allies have not seen in generations.

"As Russia mobilizes for a long war in Ukraine, the temptation for China to make a move on Taiwan will grow. Beijing is already testing Washington in East Asia, knowing full well that the United States will struggle to deal with a third geopolitical crisis. If war does break out, the United States will find that some very important factors are suddenly acting against it," the article says

In the event of a Chinese attack on Taiwan, it would be difficult for the United States to repel the attack while maintaining a flow of support for Ukraine and Israel.

The United States has fought multi-front wars in the past. But in past conflicts, she has always been able to outperform her opponents. However, this is no longer the case.

"The Chinese navy already surpasses the U.S. in the number of ships, and it is increasing by an amount equivalent to the entire French Navy (about 130 ships, according to the French Navy's chief of staff) each year."

Another important point is money. In past conflicts, Washington could have easily outperformed its opponents on costs. During World War II, the U.S. national debt-to-GDP ratio nearly doubled, from 61% of GDP to 113%.

Today, the United States will come into conflict with a debt that already exceeds 100% of GDP. Assuming that the economic growth rate will be the same as during World War II, it is reasonable to expect that debt could rise to 200% of GDP or higher.

A global conflict would entail other dangers. Two U.S. rivals, Russia and Iran, are major oil producers. A recent report suggests that a prolonged closure of the Strait of Hormuz amid a wider conflict in the Middle East could push oil prices above $100 a barrel, significantly increasing inflationary pressures.

China is the main holder of U.S. debt, and a sustained sell-off from Beijing could lead to higher U.S. bond yields and put additional strain on the economy. It's reasonable to assume that Americans will face shortages of everything from electronics to building materials.

"The United States must strain all nerves to prepare for this scenario in the hope of containing the conflict, but ensuring that Americans will be prepared for it if it happens. Effective training is the way to improve deterrence; Steps to increase preparedness for war send a clear signal to adversaries that aggression is riskier for themselves than stability and peace.

The immediate priority for the United States should be to ensure that Ukraine, Israel, and Taiwan have the weapons they need to defend themselves.

This will not be possible unless the United States gets its defense industrial base in order. Since the beginning of Russia's full-scale war against Ukraine, the total production of US defense products has increased by only 10%.

The situation is so serious that Washington may have to invoke the Defense Production Act and begin converting part of civilian industry to military purposes. Even then, the U.S. government may have to resort to draconian steps, including diversion of materials intended for the consumer economy, expansion of production capacity, and revision of environmental regulations that make it difficult to produce war materials in order to "prepare the U.S. industrial base for mobilization."

Clearly, Washington will have to increase defense spending. To prepare for war without increasing debt, Washington will have to cut spending on social programs that enjoy widespread popular support.

U.S. allies will also have to step up largely in new ways. The war in Ukraine has prompted European NATO members, especially Germany, to take security more seriously. However, even now, less than a third of them are fulfilling their commitment to spend at least 2% of GDP on defense. The main Western European members have not yet fulfilled the promise they made more than a year ago at the bloc's summit in Madrid.

"What is happening in Ukraine and Israel would have seemed unbelievable a few years ago. Americans and their allies should start putting their affairs in order now so as not to be unprepared for a global conflict if it happens.

To recap, The Telegraph summed up the results of the meeting between Biden and Xi – what remained "behind the scenes".