American bullying and sanctions have forced many countries to move away from using the US dollar in transactions. The latest country is Russia. Together with China, Iran and a host of others, the move away from the US dollar will have major implications for global power play.
One possibility, increasingly whispered about in financial circles, is that the dollar may die sooner rather than later, and that its cause of death may be listed as COVID-19.
The rush is on to ditch the US dollar and go for gold. This cannot be bad for the world, especially the oppressed and downtrodden that have suffered as a result of US hegemonic policies.
Russia and China have both signaled that they are fed up of the US using the dollar to blackmail other countries into towing Washington’s diktat. They have, together with a number of countries, decided to ditch the dollar.
The dollar has had a free ride for decades. New players are beginning to challenge its hegemony because of the atrocious conduct of American rulers. What will replace the dollar is yet to be determined and when.
The easiest way to confront American gangsterism is not by military means but by ditching the US dollar as global reserve currency.
The US dollar is losing its shine as rivals emerge to stake a claim. It is not only the euro but also the Chinese currency, the yuan that are challenging dollar’s supremacy in global finance.
After another particularly bloody week in which the Americans and their Western allies killed more than 100 Afghan civilians, President Hamid Karzai stood on the lawn of the presidential palace on June 23 to denounce the air strikes and artillery fire as “careless”. He asserted: “Afghan life is not cheap and should not be treated as such.” These sound like brave words, but they carry little weight with the Americans or anyone else. They, as well as Karzai, know that Afghans’ lives are indeed cheap.