U.S. Downfall: De-Dollarization Efforts Ramping Up

by | May 16, 2023 | Headline News

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    Many major global economies are shifting away from the United States dollar and the clues are there for those who know where to look. The U.S. empire will eventually crumble under this pressure.

    Dr. Radhika Desai, who is a professor at the Department of Political Studies at the University of Manitoba in Winnipeg, Canada, and director of the Geopolitical Economy Research Group, writes that it’s pretty obvious the world is shifting quickly away from the U.S. dollar, the world’s current reserve currency.

    New sources of non-dollar finance are emerging. There are new bilateral agreements to trade and lend in currencies other than the US dollar. Even more importantly, major oil trade buyers and sellers – Moscow and Riyadh as much as Beijing and New Delhi – are agreeing to trade it in non-dollar currencies. These deals are destroying one of the main pillars of dollar dominance since OPEC quadrupled and then doubled oil prices in the 1970s, giving countries around the world a major reason to demand and hold dollars.  -Dr. Radhika Desai via RT

    In the U.S. especially, media outlets and analysts do not want to admit that the world is moving away from the dollar. Analysts keep to writing it off as if the dollar’s dominance remains intact. Of course, these arguments are based on all sorts of false assumptions. For instance, they claim the dollar will continue dominating until another country’s currency replaces it or that this will only happen if other countries pursue forms of internationalization that mimic that of the US dollar today.

    But there’s no other “reserve currency” declared by the overlords of Earth, and yet nations are still creating other currencies that will compete.

    A recent Financial Times story, titled ‘China’s ‘Men in Black’ Step Up Scrutiny of Foreign Corporate Sleuths,’ contained a description of the Chinese Ministry of State Security using methods familiar to spies and private detectives” to crack down on “foreign corporate sleuths” performing “due diligence” on investments. They cite the process of checking whether a supply chain involved “forced labor from Xinjiang” as an example, stating that such due diligence is critical for attracting U.S. investment.

    The yuan has also already taken over the dollar in China’s cross-border payments while money from around the world is flocking into Chinese IPOs (initial public offerings). Meanwhile, IPOs in the U.S. and the U.K., with the most financialized and productively weakened economies, have performed abysmally. The simple reason is that China still has a productive economy and far more of the sort of steady dividend-paying productive companies investors will now increasingly seek.

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