Thinking that BRICS de-dollarization is not going places
is good for BRICS actually. When China was rising, the USA thought
little of China being able to rise. After all Chinese are all only
capable of being chefs and laundrymen. No undue fear about that. Just
take advantage of their 'slave labor' to make more profits and continue
to enjoy reaping all the rewards. Great strategy!
Now that no
undue fear is turning into great fear and desperately trying to stop
China from rising too fast. It will be the same with the
de-dollarization moves by BRICS. All the narrative dismissing the
effects of de-dollarization is good news for BRICS to rise
uninterrupted. As the Chinese saying goes 'Do not beat the grass to
scare the snake'.
One fine day, the de-dollarization tsunami will
come. That day is not too far off. Now it may just be a trickle
scavenging upon the US$ and the USA can just look away and pretend BRICS
is just an irritant. Good for the world and particularly the Global
South.
Anonymous
2 comments:
The USA's belief is that the US$ hegemony is now so integrated into the global economy, nothing is going to dethrone it. Let us hope they keep believing in it and let BRICS carry on its mission uninterrupted.
On the contrary, Trump is beginning to realize the consequences with his 100% tariff threat against countries joining de-dollarization. The democrats have kept their paranoia and insecurity under wraps so far, with neither Biden nor Harris touching on it. They obviously think that it is a sign of weakness to admit the reality.
The USA turning a blind eye was a blessing in disguise for China's rise over the last three decades, thanks to the fight against terrorism that diverted the USA's attention. China's rise was never an issue, until the middle of the last decade. It was a frantic move by the USA to try to keep China down with trade wars, creating chaos in Hong Kong and Xinjiang, hyping up China's move against Taiwan, and China's South China Sea expansion.
Anti-de-dollarization is going to be the modus operandi of the USA and the West going forward, which is going to fast-track de-dollarization more than trying to sabotage it.
Best scenario is for the USA to continue in slumber and not to wake up. Just like Malaysia over the last several decades, which gives Singapore such an advantage to prosper. Now, with Anwar in a more forward-looking Malaysia, the competition is not a one-way traffic for Singapore as in the past.
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