Russia and China end dollar abuse
Gesara.news » News » Russia and China end dollar abuseNews Date: July 31, 2020
After years of talking about abandoning the US dollar, Russia and China are doing it for real. In the first quarter of 2020, the share of the dollar in trade between the countries fell below 50 percent for the first time.
In January, Russian Foreign Minister Sergey Lavrov explained that Moscow is continuing "its policy aimed at gradual de-dollarization" and is looking to make deals in local currencies, where possible.
Lavrov called the rejection of the greenback "an objective response to the unpredictability of US economic policy and the outright abuse by Washington of the dollar's status as a world reserve currency."
These alarmists always demand the same thing, absolute power to dominate and control every aspect of our lives.
We will never let radical socialists to destroy our economy and wreck our country.
The folks at Davos want a new world order, and the only thing standing in their way at the moment is US. And if they get their New Normal, nothing will be the same ever again. unless, perhaps, if Donald Trump wins in November.
BoA also said that no single currency stood out as having benefited from the process so far. Instead, many central banks have turned to gold, increasing their bullion holdings. Data show that central bank demand came in at 650.3 tons last year, just slightly below the 2018 record net purchases of 656.2 tons.
Experts point out that Russia and China, the two major countries that led the de-dollarization drive, will continue adding to their bullion holdings, cutting their respective share of the dollar, and even leading the world back to the gold standard.
It is simply false to claim that the gold standard was a source of perpetual economic chaos, and that we are better off today without it. All things considered, the gold standard is "superior in some respects and no worse in others." Rather than a "barbarous relic," as John Maynard Keynes famously called it, the gold standard is an instrument for economic harmony and civilized commercial relations.