@liztai Gotcha.

No I just asked because unease about the continuance of #dollarhegemony exercises the #us elites, but I wasn't aware of it filtering across as a cause for the US #fascistspectrum .

It's probably a bit abstract, technical and globalist for them to get their heads around.

North Korean Analyst Warns of Accelerating End to Dollar Dominance — Says BRICS Poses Challenge to US Hegemony - A North Korean analyst has cautioned that the actions taken by the U.S. to restric... - https://news.bitcoin.com/north-korean-analyst-warns-of-accelerating-end-to-dollar-dominance-says-brics-poses-challenge-to-us-hegemony/ #dollar’sreservecurrency #russiasanctionsbrics #northkoreausdollar #usdollardominance #ussanctionsbrics #dollarhegemony #usdollarbrics #economics #usdbrics

#BRICS Nations To Issue New #Currency Backed By Gold To Further Weaken The U.S. #DollarHegemony

BRICS Countries Are Swiftly Distancing From The #USD To Strengthen Their Economies

https://lenapetrova.substack.com/p/brics-nations-to-issue-new-currency

After the debacle of #Macron and @vonderleyen
it's #Baerbock's turn to go to #China to lick Xi's boots, for #Ukraine, #Taiwan, even to save #DollarHegemony
However, someone must tell them those fuckups when you visit, begging for mercy, you cannot lecture at the same time.

https://www.youtube.com/watch?v=T7e9fLtExr4

#China issued the first #yuan loan to #SaudiArabia.

The Export-Import Bank of China and the National Bank of Saudi Arabia have successfully concluded the first loan agreement, which includes yuan financing of China-Saudi commercial projects.
For the first time without any absolute dependence on the #Dollar

This move marks the end of #DollarHegemony, and that's why you won't see it in the western #corporatemedia

https://www.zaobao.com.sg/realtime/china/story20230315-1372726

#RIPUSA

Expect a series of coup. Very soon. Half of the US embassies in Latin America must be getting busier in their boardrooms. #DollarHegemony

https://morningstaronline.co.uk/article/w/brazil-and-argentina-set-develop-new-currency

"Yet, the more the US acts as a hegemon with its allies, the more it will also strengthen the impulse of strategic sovereignty – especially in the field of tech – that #Europe, in particular, has shown in recent years. The former-President Donald Trump administration’s policies of isolationism coupled with the alienation of allies had spurred a debate in European capitals on the need for them to define their foreign and trade policies, independent of Washington.

"A Biden-led, coercive chip war on #China could reinforce those sentiments."

I have generally dismissed the idea of #DollarHegemony, but I hadn't realized the US had threatened to cut European financial institutions off from access to the dollar. At some point the US's partners are going to have to decide if it's really worth bending over to this extent.

It's also a self-reinforcing cycle: as long as other countries cooperate with the US's economic attacks on China, China will remain too weak to offer a viable alternative. But all that can change faster than the US can react, and the US could eventually see its partners turning away all at once.

https://www.aljazeera.com/opinions/2023/1/20/bidens-chip-war-on-china-is-straining-us-alliances

Over on the birdsite, @michaelxpettis@twitter.com & @Brad_Setser@twitter.com are saying what needs to be said about Zoltan Posner & co.'s ongoing category error in arguing that a set of authoritarian petro-states with large current account surpluses & excess domestic savings can dislodge the #dollar from it's role as the dominant global reserve #currency.

The global balance of payments simply doesn't add up this way.

https://twitter.com/michaelxpettis/status/1610565125433614337

https://twitter.com/Brad_Setser/status/1610451072841314305

#capitalflows
#globalfinance
#dollarhegemony

#dollarhegemony #petrodollar #dollarcollapse

Ghana plans to buy oil with gold instead of U.S. dollars

One by one the dominoes fall, starting with the small weak fish.

https://www.kitco.com/news/2022-11-24/Ghana-plans-to-buy-oil-with-gold-instead-of-U-S-dollars.html

"Sovereign #DebtCrises are not necessarily the product of misfortunes or mismanagement of public finances – they are a systemic feature of the current international monetary system"

"...As long as the international monetary system is built upon a global currency hierarchy, such crises will not disappear."

#IMF #Debt #PublicFinances #Economy #DollarHegemony

https://www.brettonwoodsproject.org/2022/10/monetary-power-and-sovereign-debt-crises-the-renewed-case-for-a-sovereign-debt-restructuring-mechanism/

US prez saying the quiet part loud re: #ExorbitantPrivilege.

#DollarHegemony #neoColonialism #cryptocurrency #bitcoin