As the US uses the dollar as a weapon, people around the world's trust in them and their dollar is drastically reduced, and one day they will both lose their ability to determine the fate of the world.
Author: Ismail Furughi, analyst (Germany)
One of the main consequences of the war in Ukraine is the end of the unipolar system, and the other is the inevitability of the fall of the US position in the financial and trade relations of the world.
- When American hegemony collapses due to a series of failures and shame;
- And when the people of the world see with their own eyes that the United States is constantly using the dominance of the dollar in world trade and financial relations as a political tool, sanctions and financial punishment of countries, a large number of large and small countries of the world succumb to this idea in order to find a way out of this causeless financial - commercial intimidation of Washington.
In general, a large number of large and small countries, especially developing ones, want to abandon the dollar as the main currency in trade, and recently the process of “de-dollarization” in international trade has been accelerating.
According to the documentary reports of the world's most reliable newspapers, just with the outbreak of the war in Ukraine and arbitrary US financial sanctions against Russia, first Russia, and then Russia and China as the two most powerful and richest countries in the world, and then a large number of countries, including Brazil, India, Indonesia, Malaysia, Argentina, the Shanghai Cooperation Organization member countries, Bangladesh and recently joined Saudi Arabia, Iran, and Iraq have used some kind of substitute for the dollar (Chinese yuan or their own domestic currencies) in their financial and commercial operations.
The well-known Chinese newspaper Global Times in one of its latest issues mentions official agreements between China and Brazil, China and Russia, India and Russia, India and China, China and Iran, Russia and Iran, China and Saudi Arabia, Malaysia and China, China and Iraq and even France and China. The newspaper reports on the refusal of these countries from the dollar in their trade and financial relations and according to expert economists write: “The distance from the dollar on a global scale is increasing, and the idea of abandoning the dollar in financial relations is gaining momentum and attracting more and more supporters.”
It is clear that America's direct involvement in self-serving imposed wars has deprived it of its position as the world's largest economy and weakened this country. The trend of the world towards multipolarity, the weakening of America, and its instrumental abuse of the global dominance of the dollar over the financial relations of the world made the gradual collapse of the hegemony of the dollar inevitable.
According to the well-known French newspaper Le Figaro, “By turning its currency into an instrument of political pressure on other countries, the United States inadvertently launched a global movement to overthrow the dollar. Although this will not happen immediately, the process has begun and the rejection of the dollar in world economic relations is an inevitable process".
The Sino-Russian alliance is trying to enlist other countries in an attractive alternative, with the ultimate goal of building a financial system completely independent of Washington's control.
To finance infrastructure projects in Asia, Africa, and Latin America, China has gained undeniable influence in global financial and commercial relations.
According to Fox News, a well-known American information and news network, "the trade agreement between China and dozens of countries around the world, including Iran, India, Saudi Arabia, and Russia, dictates that from now on, China's trade exchanges with these countries will be "yuan" - the currency China At present, China carries out its commercial and financial exchanges with twenty-five small and large countries of the world with the help of the Chinese yuan and will further expand its scale ... "
Brazil, Iran, Argentina, Saudi Arabia, United Arab Emirates, Iraq, Bangladesh, all members of the Shanghai Cooperation Organization (China, Russia, India, Pakistan, Uzbekistan, Kazakhstan, Tajikistan, and Kyrgyzstan), some countries in Africa and Latin America, all unanimously want to use the Chinese yuan or the domestic currencies of their countries instead of dollars in their financial and commercial transactions. As a result, the US financial hegemony and the dominance of the dollar in financial relations and operations in the world will come to an end as soon as possible.
Experts believe that although the Chinese yuan can replace the US dollar in the long term, in the current situation, no currency has the ability to convert to size and scale and is not as flexible in trading in various areas as the US dollar.
But since the US government uses the dollar as a weapon and as a tool to protect its geopolitical and economic interests from other countries, the level of trust of people in the world in the US and its dollar has greatly decreased, and the day is not far off when they finally lose the ability to determine the fate of other peoples.
