Dollar dilemma!On May 3, 2022 by themediafiles
USA and it’s allies have long entertained thoughts of decimating Russian economy.
Ukraine war provided them an opportunity.
They started freezing Russian accounts in foreign banks.
$800 billion of liquid Russian government assets have been frozen.
In addition there are hundreds of accounts of Russian billionaires.
Blockage of SWIFT is a huge impediment to movement of money.
SWIFT stands for Society for World wide Inter-banking Financial Tele-communication.
Each and everyday 11000 global SWIFT members and institutions use it for 42 million transactions.
3500 major corporate houses as well as governments are in it.
Russian economy is in peril due to denying its participation in SWIFT.
But each and every malady opens up a remedy.
On March 24, Putin gave ultimatum to make payments in Roubles for gas and oil purchases.
Germany, and France landed in soup.
USA dug it’s own grave. Russian oil exports amount to 13% in world trade and Russian gas amounts to 40% of European gas.
Macron of France and Schultz of Germany are opposed to payments in Roubles.
They want to pay in Euros or Dollars the currencies that do not benefit Russia in the current situation as they are both in locked accounts.
Putin’s official representative Dimitry Preskov has blatantly stated Rouble to be the only acceptable currency to buy oil, as otherwise the pipeline would be shut.
Western nations are revisiting the sanctions regime.
Rouble has already gained strength.
From 145 Roubles to a Dollar, Rouble surged to 95 per Dollar. Prior to the war one Dollar was equal to 75 Roubles and very soon Rouble might overshoot even this number.
This could lead to a weakening of Dollar’s status in international commerce.
Saudi Arabia has agreed to accept Chinese Yuan, for petrol.
Both Saudi’s Prince Mohammed Bin Salman and UAE’s Sheikh Muhammad Nahwan, refused to take calls from White House.
This indicates the power shift away from USA.
Syria’s Assad has for the first time since 2011 made two trips abroad. He visited Moscow earlier, and now went to UAE. The UAE andcSyrian leaders discussed about commerce in Rouble and Yuan.
Biden is sleepless now a days and memory lapses in public have become commoner with weak and senile US president.
25% of Chinese energy need are met with by Saudi Arabia. If Yuan becomes the currency of transaction, Dollar’s dominance as medium of transaction takes a nosedive.
Russia and China are already in the process of shifting to Yuan and Rouble in bilateral trade.
India too is to shift to Rupee in Russian commerce.
India didn’t vote against Russia in UNSC.
India is now a rejuvenated nonaligned nation.
Biden thinks Indian position is shaky but news media call US shaky.
India importing crude at low prices isn’t going well with Americans.
Russia’s foreign minister is due to visit New Delhi and there is news of consolidation of Rupee-Rouble in bilateral trade.
Dollar’s supremacy as global currency has been shaped since after WWII by Bretten Wood system.
If India and Russia prove Dollar to be not an absolute must, this evil dollar causing misery all over the world would start losing its shine.
If India, Russia and China show the way, other nations in Asia, Africa, and Latin America follow suit.
In addition Euro is already a competition to Dollar.
In 1944, 44 countries met in New Hampshire near Washington in a hotel Mount Washington in Brettonwods.
They decided Dollar backed by gold reserves to be an international currency for exchange.
In 1971 as US gold reserves dwindled the Arab nations refused to export oil to USA.
Nixon proposed floating Dollar to tide over the crisis. US since then managed to stay ahead of the game through scheming and manipulation in the Wall Street and IMF.
Germany and France withdrew from Bretten Woods mechanism and consolidated their position.
As we speak many nation streets are sacrificed at the altar of dollar.
Since 15th century Portugal, Spain, Netherlands, France and Britain took turns to stay in front.
But in 20th century Dollar entered the arena and dominated.
In the contemporary world USA has $900 billion trade deficit with rest of the world.
But it cleverly manipulates through imaginary investments, wars, weapon sales, and intellectual property.
It’s time the world must realise that days of domination by American Dollar are over. (Story: Dollar dilemma!)
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