Skip to content

US Dollar

Iraqi Parliament Calling To Ditch US Dollar For Oil Trade

The Finance Committee in the Iraqi parliament made a statement on 31 January calling for the sale of oil in currencies other than the US dollar, aiming to counter US sanctions on the Iraqi banking system. “The US Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. This requires a national stance to put an end to these arbitrary decisions,” the statement said. “Imposing sanctions on Iraqi banks undermines and obstructs Central Bank efforts to stabilize the dollar exchange rate and reduce the selling gap between official and parallel rates,” it added.

Lula And Xi Jinping Pave The Way For Trade De-Dollarization

In September 2006, at the UN General Assembly, the foreign ministers of Brazil, China, Russia and India began to outline what would become a major trade and monetary support agreement. In 2010, during a meeting of the presidents of these countries in Brasilia and a year later in China, what is now known as the BRICS was ratified and began to take shape, with South Africa joining the group. Initially the BRICS countries showed their willingness to engage in closer dialogue with each other, but over the years the agenda began to include broader international cooperation and, above all, economic and financial partnerships in strategic sectors such as energy, agriculture, and scientific and technological development.

De-Dollarisation Clashes With India-China Border Dispute

The global de-dollarisation trend is not totally a bed of roses, or at least there are thorns in the roses that have to be taken into account. While de-dollarisation seems to be an irreversible trend on the global scale, at regional levels it is running into bilateral or regional political tensions. In this regard, one of the most prominent cases is in Asia: the India-China border dispute. In April 2023, the Chinese national currency, yuan, ranked third in international trade settlements made through the US-dominated SWIFT system. According to data from the system itself, yuan’s share in April was “record high,” although that share was only 4.72%, after euro’s 6.54%.

Argentina Adopting US Dollar To Fight Inflation Would Be ‘Insane’

The South American nation sometimes suffers from a current account deficit, and relies heavily on imports of oil, technology, and medical equipment. Low revenue from its mostly agricultural exports means that Argentina faces a chronic shortage of foreign currency – and most of the dollars it gets end up flowing out of the country to paying interest on the unsustainable external debt, draining the country’s foreign-exchange reserves and making it difficult to stabilize the national currency, the peso. National elections are approaching in October, and among the presidential hopefuls is far-right politician Javier Milei.

The Rise Of US Dollar Imperialism, And Why It Failed

Today we are continuing our discussion of de-dollarization. As many of you know we have structured our discussion around some ten questions, and last time we dealt with the first five. What is money? What is the relation between money and debt? Is money a commodity? What is the theory of how the dollar serves as world money? And then because this theory so much relies on the sterling system we discussed the sterling system. What is it? What was this real basis not gold but actually empire etcetera. And then we decided that in this show we will discuss the next five questions which are, how did the sterling system end? What really happened between the world wars?

The Dollar Devours The Euro

As President Biden and U.S. national-security reports announced, China was seen as the major enemy. Despite China’s helpful role in enabling corporate America to drive down labor’s wage rates by de-industrializing the U.S. economy in favor of Chinese industrialization, China’s growth was recognized as posing the Ultimate Terror: prosperity through socialism. Socialist industrialization always has been perceived to be the great enemy of the rentier economy that has taken over most nations in the century since World War I ended, and especially since the 1980s. The result today is a clash of economic systems – socialist industrialization vs. neoliberal finance capitalism.

Ecuador: US-Backed Government Scrambles To Privatize The Central Bank

With just days until Ecuador’s February 7 presidential election and four months remaining on President Lenin Moreno’s mandate, the Ecuadorian government and right-wing elites are still scrambling to privatize the country’s central bank. The process involves fast-tracking an emergency law dubbed the Humanitarian Support Organic Law, which will “lockdown” the central bank, siphon it from the public sector, and place Ecuador’s financial sovereignty at the whims of private interests. According to right-wing figures and the country’s mainstream media apparatus that protects and serves its interest, the unconstitutional move is being touted as a necessity.

The World Is Uniting For International Law, Against US Empire

"We oppose the extraterritorial application of unilateral measures." That is not Cuba, Nicaragua, Iran, Russia, or China talking about the most recent unilateral coercive measures imposed by the United States against Venezuela, i.e. economic sanctions that have become an economic blockade, but the European Union. Even allies who have embarrassed themselves by recognizing the phony "interim president" Juan Guaido are saying the US has gone too far. All of the countries listed above and many more have stated their opposition to the escalation of the US economic war against Venezuela. Venezuela, along with Iran, has become a prime target of US regime change, and both are uniting the world in opposition to the US' bullying behavior, which is hastening the demise of US domination. Popular social movements are growing against US unilateralism and violations of international law.

Trump’s Brilliant Strategy To Dismember U.S. Dollar Hegemony

The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America. Just as the Vietnam War drove the United States off gold by 1971, its violent regime change warfare against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is driving European and other nations to create their alternative financial institutions. This break has been building for quite some time, and was bound to occur. But who would have thought that Donald Trump would become the catalytic agent?
Sign Up To Our Daily Digest

Independent media outlets are being suppressed and dropped by corporations like Google, Facebook and Twitter. Sign up for our daily email digest before it’s too late so you don’t miss the latest movement news.