As the dollar declines, so does Washington’s power.
Cutting dependence on the US dollar: The De-Dollarization discussion suffers from holdover thinking that a reserve currency is needed. No reserve currency is needed. Countries can settle their trade balances in their own currencies or contracts can specify the currencies of trade transactions.
Countries with low inflation and low debt will have stronger currencies than countries with high inflation and debt.
A reserve currency sets up a special country with the power to pay its own bills with endless debt. At World War II’s end, John Maynard Keynes had a better solution than the dollar as reserve currency, but Washington wanted the power of the reserve currency.
Inevitable De-Dollarization: Which Countries Are Moving Away From Greenback?
Cutting dependence on the US dollar: The trend of cutting dependence on the US dollar and switching to national means of payment in international settlements is gaining steam across the globe, writes SputnikGlobe.
US sanctions against Russia and other countries have put the dollar’s dominance at risk, as targeted nations are seeking out alternatives, Treasury Secretary Janet Yellen told an American news outlet.
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Cutting dependence on the US dollar: In a separate development last week, Brazilian President Luiz Inacio Lula da Silva urged BRICS nations to come up with an alternative to replace the dollar in foreign trade. The BRICS countries include Brazil, Russia, India, China, and South Africa.
Western media reported at the time that the deal is expected “to enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar.” Read the full article here.
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