Any breakthrough in Russian-US relations would inevitably disappoint those multipolar enthusiasts who bought into the most ideologically dogmatic narratives of the New Cold War and consequently believed that Russia would forever eschew the dollar out of principle.
If and until BRICS gets a bond market there’s no need really to be all up in arms over the currency. You also have 2 countries that will never ever fully trust each other within this fledgling currency which is China and India. The border they share has been contentious from the beginning of time and they show no real progress on that front. If either moves an inch across that border people get shot at. The last little skirmish saw over a dozen Indians get killed. Don’t think India has forgotten that either. BRICS hasn’t reeled in Saudi Arabia yet either but they are “mulling” it over. This is still another Biden blunder when he killed the Petro-dollar. That decision should be looked at more closely. I’m sure it’ll be hard to prove but he and his family have large payments from China for what exactly? The death of the Petro-dollar happened over how much? A 5 million dollar diamond? A purchase of Hunter’s artwork? Scumbag undermined our country as he sat in the presidents chair. Should be brought up on treason for that decision. The media didn’t report much on it either. Damn shame.
"The border they share has been contentious from the beginning of time". Not really. India has existed as an independent polity only since 1947 or such. Before that it was the British. And they pulled a lot of shenanigans there to mess with the border. The Qing never accepted what the Brits wanted (McMahon line) but they lied (as usually) and presented to the world as a done deal, when it wasn't. Then they sent some bucaneer with a handfull of people in Tibet that threatened officials there to aquiesce to whatever they were asked to sign.
Until the Chinese had enough, got Tibet under control, and then beat the crap out of Indian army in early 1960s. There was never, ever, ever an actual BORDER between China and the Indian subcontinent in the High Hymalayas and Tibet. The problem is that each one (India and China) has their claim and cannot settle the border (the way China and Russia did in early 1990s) like mature people because of loss of face and what else.
Even M. Badrakhumar from indianpunchline.com admitted as much in one of his articles, and he is a retired Indian diplomat.
Perhaps it won't be at the front seat racing to cross the finish, but dedolarisation is baked in and it may just slow down, but i do not see it stop. It is a spiral which US will feed with every "recalcitrant" country reducing US$ reserves and trading other ways, one small step at the time.
Sensational generalizations feed the "news" industry now as ever. China has stacks of U$D due to its huge trade imbalance with USA. EVERYONE still uses U$D. The question has to do with international payment systems & the absurdity of having payments brokered through NYC or London when the exchange is between neighboring countries far away from either financial center. The fact that these neighborly exchanges increasingly occur instead of all goods slavishly pouring to the west is the real news that won't surface in the west until realities hit home.
Dollarization is like freedom of navigation practiced by the US. We all heard Marco Rubio saying that de-dollarization will stop US from sanctioning "bad actors". Freedom of navigation and the US Navy's role is not to protect the shipping lanes but, as a retired US admiral wrote some years in an article published on the reputable "War on the Rocks" hosted by U of Texas, to deny the use of shipping lanes to enemy vessels (that is cargo ships).
So if the US gets too upitty, especially with China, trying to put China down... we really don't know how things will play, do we?
Now re-run the article with a China-Taiwan conflict in mind, due to Taiwan declaring independence proded by the US (or any other flare caused by the US, Phillippines, S. Korea, etc...). with US sending some carrier group in the area and having them destroyed and maybe sunk...
The true champion of the De-Dollarization process – if there really is an initiation like this – is America. Although BRICKS, Russia, China and many others are dreaming about De-Dollarization full time, they pay lip service to deny this dream and this by itself proves the power of the dollar. America is completely hooked on Manifest Destiny or Exceptionalism, occasionally changing code words, substitutes to hide a deep world domination desire. Optimally, a global domination should be resting on the pillars of industrial, cultural, political, military and monetary domination simultaneously but the U.S. is already challenged in all five of these segments. One of the consequences of the Ukraine War was the switch of a substantial part of international monetary transactions to local currencies, mainly from Russia and China. The dependability of the international use of the dollar was undermined by the waves of sanctions, tariffs and confiscations that kept going on in the last three years. Many nations realized that the dollar domination is a constant challenge to their monetary stability. Russia punched a major hole into the hegemony of the dollar, by switching industrial orientation from West to East.
In addition, the deindustrialization of the U.S. has logical consequences also. This is a result of the Great Population Switch starting in 1950 already when the European segment of the U.S. population was 90.5% and was reduced by now to a 44 to 46% minority status. Hollywood became the butt of all jokes on a planetary scale and the U.S. military did not fight a single war against a major industrial power since 1945. (At the time of the Korean War where China was a major player, China was not a major industrial power.) The proxy-war against Russia is not going to achieve the main goals. De-Dollarization is already a slowly proceeding reality, mainly driven by American self-mutilation and a strange submission to self-destructive geopolitical decisions dictated by a fifth column.
If and until BRICS gets a bond market there’s no need really to be all up in arms over the currency. You also have 2 countries that will never ever fully trust each other within this fledgling currency which is China and India. The border they share has been contentious from the beginning of time and they show no real progress on that front. If either moves an inch across that border people get shot at. The last little skirmish saw over a dozen Indians get killed. Don’t think India has forgotten that either. BRICS hasn’t reeled in Saudi Arabia yet either but they are “mulling” it over. This is still another Biden blunder when he killed the Petro-dollar. That decision should be looked at more closely. I’m sure it’ll be hard to prove but he and his family have large payments from China for what exactly? The death of the Petro-dollar happened over how much? A 5 million dollar diamond? A purchase of Hunter’s artwork? Scumbag undermined our country as he sat in the presidents chair. Should be brought up on treason for that decision. The media didn’t report much on it either. Damn shame.
"The border they share has been contentious from the beginning of time". Not really. India has existed as an independent polity only since 1947 or such. Before that it was the British. And they pulled a lot of shenanigans there to mess with the border. The Qing never accepted what the Brits wanted (McMahon line) but they lied (as usually) and presented to the world as a done deal, when it wasn't. Then they sent some bucaneer with a handfull of people in Tibet that threatened officials there to aquiesce to whatever they were asked to sign.
Until the Chinese had enough, got Tibet under control, and then beat the crap out of Indian army in early 1960s. There was never, ever, ever an actual BORDER between China and the Indian subcontinent in the High Hymalayas and Tibet. The problem is that each one (India and China) has their claim and cannot settle the border (the way China and Russia did in early 1990s) like mature people because of loss of face and what else.
Even M. Badrakhumar from indianpunchline.com admitted as much in one of his articles, and he is a retired Indian diplomat.
Perhaps it won't be at the front seat racing to cross the finish, but dedolarisation is baked in and it may just slow down, but i do not see it stop. It is a spiral which US will feed with every "recalcitrant" country reducing US$ reserves and trading other ways, one small step at the time.
Sensational generalizations feed the "news" industry now as ever. China has stacks of U$D due to its huge trade imbalance with USA. EVERYONE still uses U$D. The question has to do with international payment systems & the absurdity of having payments brokered through NYC or London when the exchange is between neighboring countries far away from either financial center. The fact that these neighborly exchanges increasingly occur instead of all goods slavishly pouring to the west is the real news that won't surface in the west until realities hit home.
Dollarization is like freedom of navigation practiced by the US. We all heard Marco Rubio saying that de-dollarization will stop US from sanctioning "bad actors". Freedom of navigation and the US Navy's role is not to protect the shipping lanes but, as a retired US admiral wrote some years in an article published on the reputable "War on the Rocks" hosted by U of Texas, to deny the use of shipping lanes to enemy vessels (that is cargo ships).
So if the US gets too upitty, especially with China, trying to put China down... we really don't know how things will play, do we?
Now re-run the article with a China-Taiwan conflict in mind, due to Taiwan declaring independence proded by the US (or any other flare caused by the US, Phillippines, S. Korea, etc...). with US sending some carrier group in the area and having them destroyed and maybe sunk...
You're correct. The problem is not the dollar it is the central bank cartel. Fiat money. Government as corporations.
The true champion of the De-Dollarization process – if there really is an initiation like this – is America. Although BRICKS, Russia, China and many others are dreaming about De-Dollarization full time, they pay lip service to deny this dream and this by itself proves the power of the dollar. America is completely hooked on Manifest Destiny or Exceptionalism, occasionally changing code words, substitutes to hide a deep world domination desire. Optimally, a global domination should be resting on the pillars of industrial, cultural, political, military and monetary domination simultaneously but the U.S. is already challenged in all five of these segments. One of the consequences of the Ukraine War was the switch of a substantial part of international monetary transactions to local currencies, mainly from Russia and China. The dependability of the international use of the dollar was undermined by the waves of sanctions, tariffs and confiscations that kept going on in the last three years. Many nations realized that the dollar domination is a constant challenge to their monetary stability. Russia punched a major hole into the hegemony of the dollar, by switching industrial orientation from West to East.
In addition, the deindustrialization of the U.S. has logical consequences also. This is a result of the Great Population Switch starting in 1950 already when the European segment of the U.S. population was 90.5% and was reduced by now to a 44 to 46% minority status. Hollywood became the butt of all jokes on a planetary scale and the U.S. military did not fight a single war against a major industrial power since 1945. (At the time of the Korean War where China was a major player, China was not a major industrial power.) The proxy-war against Russia is not going to achieve the main goals. De-Dollarization is already a slowly proceeding reality, mainly driven by American self-mutilation and a strange submission to self-destructive geopolitical decisions dictated by a fifth column.