While there is a decline in Washington’s standing as a superpower, the US is facing another harsh reality; the decline of the US dollar as it falls from international grace one country at a time.
All indicators show the amount of US dollars held in reserves by non US central banks has fallen to its lowest level.
The United States of America, the most indebted nation ever, also has a sovereign debt crisis, another sign that we may be heading toward the collapse of the US dollar.
The weaponization of the US dollar, not to mention the imposition of US sanctions on perceived adversaries has made other countries wary of utilizing the greenback in their financial transactions.
Thus, countries such as Iran, Russia, and China, are moving towards the elimination of the dollar altogether.
The Russian Deputy Foreign Minister, Alexander Pankin, has said “against the growing geopolitical pressure from the collective West, the only way to guarantee stable trade, economic and investment ties, between Russia and its partners, is to avoid the dollar and the euro and switch to settlements in acceptable alternatives, primarily, in national currencies”.
Deputy Foreign Minister Pankin highlights the growing geopolitical pressure from the west combined with sanctions from the US and its European allies due to Russia’s special military operation in Ukraine; however, heavy sanctions have been used against Russia since 2014, long before the Ukraine special military operation….
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