8/29/2023

The tide of dedollarisation is unstoppable

 If BRICS had not been helmed by Russia and China, all other countries that wanted to form such a grouping would all have gone the way of Iraq and Libya. That is the reality. Saudi Arabia, Iran, Argentina, UAE, Egypt and Ethiopia saw their chances of having relative safety in joining BRICS, while many more other countries are queuing up for the next intake.

That is why it is very important that BRICS's de-dollarisation mission succeeds, and must succeed when Russia and China are still capable of providing the military umbrella to protect minority member's and their interest. This is the one and only chance for the Global South countries to unshackle themselves from the hold that the US$ hegemony is imposing on them.

For de-dollarisation, there cannot be any other way, and it is very important that BRIC's members stayed focused on the objective of freeing themselves from treachery. The world would probably be still content temporarily to let the US$ be the global reserve currency for a longer stretch, had the USA not misused the hegemony for sanctions and using the SWIFT system to hold and eventually seizing the reserves of other countries. That is nothing more than daylight robbery!

The action against Russia at the start of the Ukraine War was the straw that broke the camel's back. Thoughout the decades, there were sanctions against many countries, but never was de-dollarisation such a well supported idea that most Global South Countries are so keen to follow. They could see that with Russia and China leading the mission, the deterrent against force by the USA against them had been rendered less imminent. Unity is strength, division is weakness. That is why the USA is so paranoid about China building influence all over the world and why Global South unity is making the USA fearful and nervous.

And lest it be forgotten, the US Military's capability to proliferate is all possible with the free money printing accorded to the USA, to enable it to sustain the upkeep of as many military bases as it likes, just printing merrily away. Take away the US$ hegemony, and USA's military might will capitulate and shrink like a deflated balloon. Therefore, for Global South countries to help to prevent the collapse of the US$ hegemony, it is actually doing more harm to themselves and others. That is why many are wary and asking the question of 'who is next'. Lesson are learnt and fooling most people most of the time is not possible.

Anonymous

1 comment:

Anonymous said...

The USA talks so much about wanting to de-couple or de-risk from China, yet the USA Commerce Secretary just crawled to China to talk about what? Begging for Gallium perhaps or allowing part of Tianjin Port to be leased to Mongolia? Talking about one thing and doing another is their forte. That is the USA's way of conducting diplomacy and expect others to believe in them.

China couldn't care two hoots about the USA hallucinating about decoupling or derisking and should not be taking too much interest in the visit. Too much of the same vile tactic is not going to work. Of course China knows how to conduct its diplomacy and will accomodate her visit, but will not be obliged to believe in her rhetoric. China knows very well that after the visit the USA will raise issues about China, eg the forced assimilitation of Children in Tibet. Oh, I am sorry they already did that before the visit, together with sanctions imposed, just days before her trip to Beijing. How co-incidental!

It really is eye opening that they could find so many issues to harp upon, some probably invented or plucked from thin air, just like the imaginery wealth they created out of thin air. Indidentally I came across one episode of Perry Mason in a rerun, where one mobster was telling his men to dig out the dirt on the accused, and if he cannot find any, invent them. That is how the USA works and is the modus operandi from top to bottom.