The Washington Standard Many major global economies are shifting away from the United States dollar and the clues are there for those who know where to look. The U.S. empire will eventually crumble under this pressure.
Dr. Radhika Desai, who is a professor at the Department of Political Studies at the University of Manitoba in Winnipeg, Canada, and director of theĀ Geopolitical Economy Research Group, writes that itās pretty obvious the world is shifting quickly away from the U.S. dollar, the worldās current reserve currency.
New sources of non-dollar finance are emerging. There are new bilateral agreements to trade and lend in currencies other than the US dollar. Even more importantly, major oil trade buyers and sellers ā Moscow and Riyadh as much as Beijing and New Delhi ā are agreeing to trade it in non-dollar currencies. These deals are destroying one of the main pillars of dollar dominance since OPEC quadrupled and then doubled oil prices in the 1970s, giving countries around the world a major reason to demand and hold dollars.Ā Ā -Dr. Radhika Desai viaĀ RT
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