"A new reality is being formed:
the unipolar world is irrevocably becoming a thing of the past,
a multipolar one is taking shape."
—Dmitri Medvedev, formerly President of the Russian Federation
It was something to behold. Dmitri Medvedev, former Russian President, unrepentant Atlanticist, current deputy chairman of the Russian Security Council, decided to go totally unplugged in an outburst matching the combat star turn of Mr. Khinzal that delivered palpable shock and awe all across NATOstan.
Medvedev said “hellish” Western sanctions not only have failed to cripple Russia, but are instead “returning to the West like a boomerang.” Confidence in reserve currencies is “fading like the morning mist”, and ditching the US dollar and the euro is not unrealistic anymore: “The era of regional currencies is coming.”
After all, he added, “no matter if they want it or not, they’ll have to negotiate a new financial order (…) And the decisive voice will then be with those countries that have a strong and advanced economy, healthy public finances and a reliable monetary system.”
Medvedev is speaking for the Global South and East, here. Notably, he was formerly a leader of the Atlanticist faction in Russia, known as "the fifth column" by its opponents. That faction is now dispersed as Russia has decided to abandon the Global North and West for Eurasia — after being forced out — for the Global South and East (think China and India primarily). This is the bulk of the world's land mass and population. It is also the fastest growing region economically.
This will inevitably involve a new monetary system that is independent of Western control. What this will look like is taking shape as a result of current events.
This is far from a done deal, however. The US is fully committed to defending and extending its hegemony, which includes dollar dominance as a source of US geopolitical power. The sparks are already flying.
Meet the New, Resource-Based Global Reserve Currency
Pepe Escobar, posted with the author’s permission and widely cross-posted
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