Why the US mainstream media should try to keep up the fiction de dollarization is not happening is baffling because it has resulted in a series of disastrous policy decisions which have accelerated that very phenomena.
Russia and China have de facto already created an alternative payment system to the dollar and other BRICS countries are mulling joining it as a hedge against US sanctions designed to destroy, ultimately, economic and financial competition to the US.
https://www.theguardian.com/world/2024/oct/23/putin-world-economy-bloc-brics-summit
However, the denial of reality fits a pattern whereby the WEF elite believe their own lies printined in their own media in the face of all the facts and evidence in the real world.
It does not appear the WEF elite are just trying to lie to investors and partners around the world by making plainly absurd claims about the contination of the dollar dominance.
It appears they actually believe this lie that the dollar is safe and the Federal deficit can be funded indefinitely by foreigners purchasing bonds.
Then again, the most dangerous lies, as Nietzche, said are the lies we tell ourselves.
Mohammed El Erian has given the WEF elite something of a reality check
His warning has been printed in the FT, the ultimate purveyor of fake news, suggesting the WEF elite can no longer hide their self demolition from themselves.
The column makes uncomfortable reading for the likes of Soros, Gates, Buffett, Rothschild and their political tools like Netanyahu and Zelensky.
The WEF elite have relied on the dollar dominace to project their power over the globe.
He points to the soaring price of gold and the purchases of central banks of gold as signs the dollar dominance is fading.
Mohamed El-Erian is a former deputy director of the US-dominated International Monetary Fund (IMF), crucially warned foreign central banks are buying fewer Treaury securities, meaning that funding the Federal deficit will become more and more expensive, pushing up interest rates and causing hyperinflation.
As drivers to de dollarization, El Erian points to " America’s weaponisation of trade tariffs and investment sanctions, together with its reduced interest in the rule-based, co-operative multilateral system that it played a pivotal role in designing 80 years ago.
He notes "Russia’s ability to continue to trade and grow its economy despite some of the country’s banks being ejected in 2022 from Swift, the international system that governs the vast majority of cross-border payments. It has done this by creating a clunky trade and payments alternative system that involves a handful of other countries. While inefficient and costly, this allowed Russia to bypass the dollar and maintain a core set of international economic and financial relations."
He underlines the "conflict in the Middle East where the US is viewed by many as an inconsistent backer of both fundamental human rights and the application of international law. This perception has been amplified by how the US has shielded its main ally from a response to actions widely condemned in the international community."
https://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b
https://geopoliticaleconomy.com/2024/10/23/economist-dollar-system-gold-brics/
El Erian does not mention censorship of vital informations reinforcing a delusional mindset as the ultimate drivers of de dollarization and the collapse of the WEF elite despite the fact we are clearly dealing with a pyschological collapse behind the WEF elite s poor decisions and collapse in power.
No comments:
Post a Comment