In
January, President Donald Trump took to Twitter to denounce
Pakistan’s commitment to fighting terrorism. Twenty-four hours
later, Pakistan’s central bank announced that it no longer would
use the U.S. dollar in international transactions, and would instead
switch to the Chinese yuan.
Four
months later, in response to the Trump Administration’s withdrawal
from the United States’ nuclear weapons pact with Iran, the
European Union announced that it would use its own currency, the
euro, to pay for Iranian crude oil.
Earlier
this month, Moscow and Beijing announced a plan to use their own
national currencies in bilateral trade. Russian President Vladimir
Putin told reporters that the move would “increase the stability
of banks’ servicing of export and import operations while there are
ongoing risks on global markets.”
The
Trump administration’s bellicosity has combined with the volatility
of the global economy to sharply accelerate what has become an
international movement: ditching the dollar as the world’s reserve
currency. When Trump was inaugurated, the greenback was used in
nearly 90 percent of all international transactions; today that
figure has dropped to roughly two-thirds, according to Shabbir
Razvi, the director of International Finance Solutions Associates.
As the
economist Peter Schiff told RT recently: "I think the world
is in the process of trying to de-dollarize.”
https://www.mintpressnews.com/global-de-dollarization-spells-jolts-and-crises-for-us-economy/250111/
This is a very dangerous time, the world should remember what led to americas military mis adventures into Iraq and Libya. While I strongly support any organisation or government that ditches the dollar, they should be aware of the extents this empire will go to send a message...
ReplyDeleteTrue. When the beast is wounded is much more dangerous.
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