The United States has begun self-destruction of the global hegemony of the dollar, on which the American economy has always relied.
Columnist Rafael Poch, in an article for Spanish Publico, argues whether the US is as reliable as it used to be. He thinks that by confiscating foreign exchange reserves belonging to Russia’s Central Bank, the US shows that it can do the same to any other nation that “turns out to be not to the liking of Washington,” trades with its rivals, or wants to be independent of its control.
Such actions have already pushed China, Russia, and other members of the BRICS to search for safer currencies and mechanisms. Neither the BRICS nor the countries of the Persian Gulf, Western and Central Asia, and Turkey have joined anti-Russian sanctions, the columnist reminded. Moreover, Saudi Arabia resumed talks with China to sell crude in yuans. Ditching the dollar oil trade may well end up with the US bankruptcy.
