The de-dollarization of Russia-China trade is practically complete, according to Georgy Zinoviev, the director of the Russian Foreign Ministry’s First Asian Department, as cited by RIA Novosti.…
The share of national currencies in Russian-Chinese payments is growing at an extremely rapid pace,” Zinoviev told the news agency. “At the beginning of 2022 it was hovering around 25%, now it is exceeding 80%.”...RT — Question More (Russian state-sponsored med
Moscow releases Russia-China de-dollarization update
9 comments:
When U.S. sanctions failed to destroy Russia, the U.S. could have said, “Oh, sorry – this was some kind of misunderstanding” and re-integrated Russia back into the dollar system.
Then companies like Visa and Mastercard could still have some profits from Russia, and the Western Empire would still have more before its final extinction.
But no, the USA is a woke liberal nation, and therefore can never admit to errors or wrongdoing. For the woke liberal, “I am good and everyone else is evil and inferior.” Everything is someone else’s fault. Always.
From the article: “Earlier this year, Finance Minister Anton Siluanov said the country no longer trusts the dollar, calling it 'a completely unreliable instrument'."
Anyone who deals in dollars can be sanctioned at any time, and have their dollar assets stolen at any time. If the US will do this because of a border dispute in Ukraine, then the US will do it for any reason or no reason, to anyone. Therefore no one in the world wants to deal in dollars any more than they have to.
The larger issue, as always, is uni-polarity versus multi-polarity. For the Western Empire, someone has to rule the planet, and the rightful ruler is Washington.
Meanwhile for the world outside the Empire, no single entity should rule the planet. All nations should treat each other fairly and with respect.
For example, Burkina Faso expelled the French, but its government emphasizes that it does not regard the French people as enemies. Burkina Faso only disagrees with the uni-polar policies of the current French government. Transitional President Ibrahim Traoré says, “We must agree to look at each other as equals.”
Regarding trade between Russia and China, we may ask why any dollars are still involved at all. The answer is that political, economic, and business relationships are sometimes complex, and often have inertia, or momentum. Tectonic shifts take time, but they are unstoppable.
As the article says, last year Russian-Chinese payments in rubles and yuan were 25% of the total, and now they exceed 80%, and the percentage continues to increase.
I can go to a Canadian bank and open a USD account. Does this mean Canadian banks are licensed or authorized to offer this type of account?
If I have a USD account, is it subject to confiscation?
Dollar über alles
“ Dollar über alles”
Whole ROW is pos USD zombies…
The country with the 2nd largest trade deficit is the UK, a US poodle. Who wants to become pound sterling zombies?
"Does this mean Canadian banks are licensed or authorized to offer this type of account?"
It means that either it, or its correspondent is licensed to provide dollar services.
"If I have a USD account, is it subject to confiscation?"
Whoever has authorisation is subject to suspension by the US authorities, unless they follow the rules the US demand. Therefore they will suspend your account, or lose their ability to clear *any* US dollar amounts.
The currency is a simple public monopoly, and monopoly rules apply.
"Meanwhile for the world outside the Empire, no single entity should rule the planet. All nations should treat each other fairly and with respect."
That used to be the standard Westphalian settlement, that only really started to break down after the 2nd World War - with the rise of the globalists.
"we may ask why any dollars are still involved at all"
It's convenient. Dollars are only used because they are more convenient than the alternatives. Once they stop being convenient it becomes worth spending the capital constructing alternatives.
Google was also convenient. Then they changed the algorithm so that the searches aren't as good as they used to be. New search engines then pop up to fill the gap.
What NeilW said...
The USA is as responsible for this de-dollarisation as much as anyone. I mean what do you think sanctions are? Trade cut off goes both ways.
These people keep blaming the USA for abusing their "reserve currency" status and yet doesn't check their own people exporting to USA...
Post a Comment