Tag: Dollar

With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.
The current situation of the US dollar resembles the setting of the Plaza Accord of 1985, when the world agreed to manipulate the dollar until it fell to stop it from harming the global economy.
Since Russia's military campaign in Ukraine began on February 24, the US and its Western allies have imposed a slew of sanctions in an attempt to penalize Moscow for its conduct and cripple its economy. But they might have an unexpected ally in Israel's, as it is also playing a major role in weakening the dollar.
"Moscow just wouldn't come running to India's defense if China decided to invade" was the ominous comment made towards India. In a bizarre series of events, the US has threatened India with consequences for propping up ruble trade and undermining the dollar based financial system.
Putin has claimed that the credibility of dollar and euro has been destroyed as a result of sanctions imposed by the West On Russia.
According to geopolitical researcher Brian Berletic, US Treasury Secretary Janet Yellen recently declared that the dollar has no major rivals in the globe, but that assertion could be "wishful thinking" on Washington's behalf. On the contrary, US sanctions on Russia could speed up dedollarisation and help the rise of Yuan.
The dynamic between the US and Saudi Arabia seems to be dramatically changing. The petrodollar is showing cracks in what seemed to be an impregnable fortress as Saudi Arabia is now considering accepting the Yuan for Chinese oil sales instead of the dollar.