Venezuela is planning to shift away from the U.S. dollar in cross-border transactions, President Nicolas Maduro said earlier this week, claiming that the measure would help the Bolivarian Republic to free its economy. Maduro said on Tuesday in an interview with local media: this is the path of Venezuela and the path of a fee economy where currencies are not[Read More…]
De-dollarization now looks inevitable and threatens to become a national security concern, according to International Crisis Group co-chair Frank Giustra. A Business Insider report — “De-dollarization is no longer a matter of if, but when — and is a national security concern, says International Crisis Group cochair”, May 3, 2023, — said: In commentary published in Responsible Statecraft, Frank Giustra said[Read More…]
De-dollarization could become a reality as a BRICS alternative to the dollar could enjoy high prospects for success, said a former White House adviser. A report by Business Insider — The dollar’s dominance would face a threat unlike any other from a BRICS currency, former White House economist says, April 26, 2023 — said: Joseph Sullivan, who served as a[Read More…]
Western sanctions against Russia have accelerated the move away from the U.S. dollar worldwide, Stephen Jen, the CEO of London-based asset management company Eurizon, warned on Tuesday. The dollar’s share in global reserves fell ten times faster last year than over the past two decades, Jen said, as cited by Bloomberg. The process began as some countries started to look[Read More…]
The role of the U.S. dollar as the world reserve currency may actually diminish due to the U.S. using its leverage on the global financial system to pursue its geopolitical goals through sanctions, Secretary of the Treasury Janet Yellen has admitted. However, no other currency is ready to replace it, she reckoned. Yellen was asked during an interview on Sunday[Read More…]
If a big problem with the potential of causing major disruption gets resolved in a series of steps without causing major disruption, then this is good news for the world. In recent months this has been happening in the context of the international currency system. We must welcome this, but at the same remain cautious. The overwhelming position of the[Read More…]
Citing officials, the Financial Times said on Sunday: Brazil and Argentina plan to create a common currency. According to the newspaper, this move could finally create the world’s second-largest currency bloc with roughly 5% of global GDP, if the initiative is successfully implemented across all of Latin America. The plan will be discussed and officially announced at a summit in Buenos Aires[Read More…]
by Yevgeny Ivanov & Ashish Singh After the World War II, the role of the dollar has grown significantly in global trade. Since then, the American currency has been used not only for transactions in foreign markets but also for transactions within countries. The collapse of the USSR has made the dollar an informal tender (vs legal tender) across[Read More…]
According to a Bloomberg report, Saudi Arabia is ready to discuss trading in currencies other than the US dollar, according to Saudi Arabia’s finance minister Mohammed Al-Jadaan. Al-Jadaan’s comments come a month after China’s President Xi Jinping said that Beijing is ready to make energy purchases in yuan instead of the US dollar in trade exchanges with members of the[Read More…]
Sanctions are a form of warfare, and few would deny that we have moved into a new era of economic warfare with sanctions, led by the US, have become the norm, rather than the exception. This was the conclusion recently of the pro-Western World Economic Forum. If there is general agreement that sanctions are a form of warfare, and not[Read More…]
The euro plummeted to a five-year low against the US dollar during Wednesday’s trading, amid heightened fears of a possible energy crisis and an economic slowdown in Europe. Media reports from Europe said: As of 11:01am GMT, the euro/dollar exchange rate was down to $1.061 from the previous closing level of $1.0636. Earlier in the day’s trading, the index fell[Read More…]
Israel’s central bank has made the biggest changes to its allocation of reserves in over a decade, adding the Chinese yuan alongside three other currencies to a stockpile that last year exceeded $200 billion for the first time ever. A Bloomberg report said: Starting this year, the currency mix will expand from the trio of the U.S. dollar, the euro[Read More…]
In certain historical circumstances the US dollar received the status of world reserve currency at the end of the Second World War. It is a very privileged and special position. It gives very sweeping control and benefits relating to international finance, payments, banking and trade. However with power comes responsibility and the USA certainly has a special responsibility to[Read More…]
A very important issue of international relations on which open and free discussion is often avoided relates to the extent to which maintenance of worldwide domination of US dollar is important for the USA and the extent to which it is reflected in US policy. Transparency and unbiased discussion on this issue is clearly very important. The period[Read More…]
Rumors have it that the remaining months of 2020 may bring drastic and explosive changes in the world’s financial system. But such “doomsday” rumors have been floating around every beginning of fall during the last few years. Why? – The US dollar is getting weaker and weaker. It is not quite on a free fall, but still remains a major[Read More…]
Train of thought To start with, here are some recent quotations that weigh heavily on the negative aspects of the US$ and its role as the global reserve currency, also known as the petrodollar. One of the current global issues is refugees, in Europe and elsewhere: These waves of migration – and the anti-immigrant backlash that has done so much[Read More…]
Goldman Sachs has issued a bold warning Tuesday that the dollar is in danger of losing its status as the world’s reserve currency. Goldman Sachs Group Inc. has put a spotlight on the suddenly growing concern over inflation in the U.S. With the U.S. Congress closing in on another round of fiscal stimulus to shore up the pandemic-ravaged economy, and[Read More…]
Most working people think of the buck as the way they pay their bills. But its use goes far beyond the USA’s borders. The greenback is the major world currency for trade and finance. This international role bestows vast power on the U.S. government and the rich. But its status doesn’t help ordinary people much. Fundamentally, the exchange[Read More…]
Biden & Blinken “The Dr Strange Love Duo” of WWIII’s Nuclear Winter 
On Understanding Generative AI as a Corporate-Fascist Weapon 
U.S. Tells Another Bedtime Story to Scare Away Normal Relations With China and Cuba 
Where Are the World’s Water Stresses? 
Why American Voters Should At Least Listen to What Robert Kennedy Jr. Has to Say 
It’s Always About Protecting Our Children 
BJP’s Communal Politics Has Deepened Historical Conflicts in Manipur 
Letter to Bishops of India from Fr Cedric Prakash 
Deadly wildfire smoke spreads across much of northeast US 
Book Review: The Story of a People’s Movement 
Recession In Eurozone While UK Faces Highest Inflation In Developed World 
Patriotic Criminals and Anti-National Criminals 
Remembering NTR the politician in his centenary Year 
The US Shouldn’t Stand in the Way of an Ambitious Global Plastics Treaty 
France’s Global Warming Predicament 
The Spark 
Vanishing of Many Stretches of Aravalli Hills Will Prove Very Costly 
The End of Title 42 and the Triumph of the Border-Industrial Complex 
A New Direction for the World Bank? 
Conspiracy! Whose Conspiracy? 
Wrestlers’ struggle for justice : Will it endure? 
‘Digital India Bill’: Some things to worry about 
Electricity wasted in Mumbai as energy supply is cut off for hours in towns 
Samalkha Nestle Workers Union stage protest against preventing formation of Union 
Odisha rail accident- BSNL’s commendable performance- Should India diminish its public sector, allow private oligarchs to profiteer? 
Wildfire Smoke Chokes Canada and Eastern US 
Terracidal But Ignored Carbon Debt From Gas Exploitation By The World & Climate Criminal Australia 
China and Palestine: No To ‘Piecemeal Crisis Management’ 
Can China and the United States Establish Mutual Respect to Lessen Tensions? 
How Empire Fabricates Atrocities 
For Balanced Progress, Indian Railways Must Get Their Priorities Right 
Determining Scheduled Area: An Update 
The new Parliament house may be dangerously undemocratic 
Ranajit Guha: A duality of literature and history 
DIPAM’s hasty moves to disinvest the government’s residual share in HZL highly imprudent and against the public interest 
A Climate of Betrayal 
Deserving Each Other: The PGA Tour-LIV Golf Merger 
The World Economy Is Changing—the People Know, but Their Leaders Don’t 
Tribute to Chris Hani on 30th martyrdom Anniversary 
Proper Treatment of Rail Accident Victims Demands Long-term Commitment and Support 
Our beloved K.P.Sasi is no more. Filmmaker, cartoonist, writer, mentor, friend and above all tireless activist championing the cause of every underdog, Sasi breathed his last, mid-afternoon this Christmas day – after battling a medical condition for months. I remember the last time I met him, almost exactly a month before he passed away, at the ayurvedic healing center in[Read More…]
