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The United States and its European cohorts have deprived the Russian Central Bank of access to foreign reserves, which threatens to stop other countries from using the dollar, analysts at Goldman Sachs write in a research note. As Insider argues, many countries are increasingly concerned about the abusive power such widespread use of the dollar gives the US, and investors might take that seriously, too.
As the US dollar has been blatantly weaponised as a means of control and scold, alternative economies are in panic mode as they scramble to disconnect their economies and trade preferences from Biden’s doomed dollar.
According to American-based experts, the dollar has faced a number of problems that are similar to the situation around the once almighty British pound. The pound sterling was also once the largest reserve currency. However, the Churchillian legacy was a war-wracked British nation and Britain’s economy was deep in debt as a consequence of its borrowing from Wall Street to finance Churchill’s war on the Reich. In effect, the Empire created for over 400 years was squandered to pay for Churchill’s war.
Ironically, Winston Churchill was an American citizen as was Prime Minister Harold McMillan whose mother was an American socialite. The latter transferred Britain’s African possessions to the tutelage of the Wall Street banks. The current prime minister, Boris Johnson is also an American citizen and the most pro-American of the European leaders.
Much the same problem may await Biden’s United States today. The US also has a large debt associated with the fact that they are an insatiable importer of goods and the nation is working on a war economy. At the same time, the US has an unduly small share in world trade, when compared with the dominance of the dollar in global finance. Their trade balance is skewed while adding geopolitical problems associated with the sanctions imposed on Russia, China, Iran and Venezuela and others.
IMF Deputy Head Gita Gopinath said earlier in an interview that sanctions against Russia could cause the world system to become more fragmented, hurting the dollar. She also said that the increase in the use of other currencies in world trade will force the central banks of different countries to diversify their reserves in foreign currency to the detriment of the dollar.
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Goldman Sachs experts conclude that the fate of the dollar is in the hands of the United States itself. If the policy continues to maintain the current deficit, sanctions, external debt and inflation in the United States are growing, then all this may lead to a transition to other reserve currencies, writes Insider. Source
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