As the shooting wars grind on in Ukrsine, Gaza, Syria, The Red Sea, Sudan and e;sewhere, the main theatre of war is now shifting from the battlefields to the financial centres of the world.
Many of you will have been reading in mainstream media about de-dollarization recently, and may have been surprised to learn of the various attempts and strategies being deploted to facilitate trade among the various countries' currencies without using the US dollar, which has been the main reserve currency for intrnational trade since World War Two. You may be even more surprised to learn that Boggart Blog and its various offshoots have been writing about de-dollarisation and currency wars for over ten years. Most international trade is still conducted in dollars, which means the buyer has to purchase dollars in order to make the settle the transaction, and that often means the sale is settled at a U.S.-controlled bank ... a situation which many nations feel Washington has exploited unfairly to preserve its global economic hegemony.
The established world order has come to the dangerous state it is curreently in, because the U.S. exerts uses its position of economic dominance via he dollar to exert political influence. To put it bluntly the U.S.A. has "weaponised" finance. Avoiding the U.S.ninvolvement in cross border transactions is complex and there's a lot of resistance to change particularly from US banks.
There are a number of new, rapidly developing tools and organizations to do this job, and more importantly there are new players with major resources and even bigger motivations that have committed themselves to make non-dollar-denominated trade easy, reliable and fast. And soon.
Russia and China, two of the nations, along with Iran, that started the move to de dollarise world trade over a decade ago are leading, their BRICs trading bloc is likely to be the first major beneficiary of the new trading tools, and now Saudi Arabia has weighed in: SA has let the "price all oil sales in dollars" deal with the U.S. lapse.
This has now been reported in the U.S. and European mainstream media press , with all the appropriate consternation over likely impacts.
M.K Bhadrakumar (IndiaPunchline.com) has a new article out that covers the waterfront - the technologies, the big players, the Saudis, and the impact on the U.S. of de-dollarization. If you're new to the subject, this is a decent place to start.
As many critics have pointed out, everyone knows _why_ other countries are motivated to de-dollarize. The question is "what's the alternative?".
Alternatives get built when the motivation, resources, and capability thresholds are met. They've been met.
If the Saudis actually do start pricing in currencies other than dollars (remember, letting the deal lapse, and actually pricing their oil in different currencies are two separate events), and if China and Russia really do build the multi-currency trading system for BRICS, and remember they have already started the process by creating the 'petroyuan' to rival the global standard 'ptrodollar vehicle for ttrading oil futuresd, this is certin to bring to an end the "exorbitant privilege" of the U.S. as issuer or the global reserve currency.
And that will be a major, major change in the U.S.' situation.
For further reading, search "mBridge" and "BRICs". That'll provide much food for thought.
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