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This is the problem. I keep saying it’s the problem. These countries are now starting to trade in non-dollar currencies, after the US was universally determined – by 85% of the world’s population, by the way – to be a mad dog that can no longer be expected to uphold the global financial system.
However, these “non-dollar trades” are more or less symbolic. I’m not an economist, and I don’t know what they are costing the US (they must be costing them something), but the notion of “non-dollar currency” is a misnomer, given that all of these currencies are backed by the US dollar.
China is the hero nation of the earth, destined to free us from ZOG, but at the current time they are dollarized like a beautiful woman riddled with antibiotic-resistant sexually transmitted diseases.
Russia has actually made the most progress in trying to back their economy with commodities, but when it comes to international trade – which is the backbone of the new order – what does that actually mean?
If the dollar were to collapse tomorrow, it would be extremely painful for everyone, because all currencies would be, in theory, worthless for international trade, because no one would have any idea where their value came from.
It’s a hostage situation.
RT:
The US dollar has too much power as a reserve currency and the world desperately needs an alternative, billionaire investor and CEO of Kotak Mahindra Bank, Uday Kotak, said on Friday.
Speaking at the Economic Times Awards for Corporate Excellence 2023, the banker described the dollar as “the biggest financial terrorist in the world.” As most global assets are held in dollars in so-called nostro accounts with US banks, they are entirely dependent on decisions made by American bankers and authorities, he explained.
“Somebody in the US can say: You cannot withdraw [this money] from tomorrow morning – and you are stuck. That is the power of the reserve currency,” Kotak added.
The world is therefore “desperately looking for an alternative reserve currency,” he continued, suggesting that India should seize the opportunity to make its own currency, the rupee, the reserve.
Say no more.
I’m in.
“It is our time for making a shot at it, which will take us probably 10 years,” he stated. In order to achieve this goal, India must earn the trust of other global players by building strong financial institutions and a strong framework “that is not dependent on the whims and fancies of anyone.” Kotak added that he does not see other strong contenders for the role.
“I don’t think Europe can [make their currency the reserve], because its states are disunited. I don’t think the UK or Japan have the heft to be taking that position, though both the British pound and the yen are free currencies. China, I think, has a major issue of trust with many countries around the world,” he said.
Gonna have to stop you there.
We all trust China, implicitly.
They did none of us wrong.
Except maybe with some like, cords I bought that didn’t work, I can’t think of anything China has done to me.
Certainly, no Chinaman ever called me “goy.” I can tell you that much.
China, of course, has denied a desire to make the yuan the global reserve currency, presumably because such a system would undermine their entire global strategy by forcing them to de-nationalize their economy. China is instead arguing for a “basket of currencies,” and I don’t really understand what that means. The entire concept of the “global reserve currency” is that every state that uses the reserves must trust the guarantor to remain indefinitely, eternally impartial, and how you could spread that across multiple states, I do not know.
“A basket of commodities” might make more sense? But wouldn’t that be the same problem again, because the price of commodities is so easily manipulated? I just frankly don’t understand the problem enough to be putting out analysis on this level.
What I do know is that there is one thing that definitely solves this.
