(Bloomberg) – All around the world, a backlash is brewing against the hegemony of the US dollar.
It s been at least 50 years I’ve been reading that !
The sanctions on Russia are deserved. Trying to apply those same sanctions to China would be incredibly difficult, especially because Europe wouldn’t back them.
Of course, if the US went to war because China attacked an ally, and they were invited to defend against an invasion, that changes the calculation. The aggressor bears the brunt of international sanctions.
Where were sanctions when American thugs raged 20 years of war in the Middle East?
I guess you would have to ask China and other superpowers.
The only reason some of these countries are pushing for this is because they would like to be able to do what Russia did in Ukraine, without consequences.
Or they see that US has a economical nuclear bomb in the dollar and it’s increasingly more reckless in it’s use and they naturally want to isolate their economies from the fate that Washington just decides that they are not “free”, “democratic” or somehow against US interest and decide to unilaterally sanction them and keep wrecking their economy until US demands are met. You do know that third of world’s countries are under some sort of US sanctions and very few of them were or are on war footing towards anybody. World wants out of the dollar because US is no longer seen as reliable.
All of these countries are either failed democracies or dictatorships. Not sure where you are from, but it’s in my interest that democracy remains strong. If that means sanctioning non-democratic countries when they want to undermine democracies, then so be it.
This is why Obama wanted to end the Iran sanctions. Weaponization of the dollar is hurting US economy on the long run as more more country seek alternative methods of payment.
Nobody is forcing people to use the US dollar. I mean, I know we Americans can be pretty brash and aggressive sometimes, but we won’t invade you just for not using our currency.
Probably.
Saddam wanting to trade oil in other currencies was at least a part in the build up to the invasion of Iraq. The Petrodollar is still a large part of the US’s financial strategy.
Not sure if you are sarcastic, but that is exactly what most wars US created were about.
Patriot moment
Global trade is conducted in US dollars, so they kind of are forced to use the dollar if they want to trade.
Petrodollar is a big incentive
Gold backed currency?
Time for some good American freedom: Death
Fuck the dollar. Nobody knows why the Euro couldn’t do shit to supplant it.
Fuck the dollar. Nobody knows why the Euro couldn’t do shit to supplant it.
I was designed so that it could not. One primary mechanism is that there are stricter limits to money printing with Euro. One needs money surpluses to send to the world if one wished it to be used in third party trade.
