The end of US dollar hegemony

by Serge Charbonneau.

We are living in a decisive, crucial period. We have never experienced such events.

Two worlds collide.

Caricaturally, we could say that good confronts evil.

It’s humanity versus inhumanity.

Cooperation against exploitation.

This war crystallizes around economic tools which are in fact veritable weapons of control and global exploitation. The US dollar which has dominated the global economy for decades is under attack. The clan of the Western oligarchy sees its reign put in danger.

1944 was a defining date for the exploitation clan.

Indeed, in July 1944 in the city of Bretton Woods in New Hampshire, 44 allied countries, winners of the Second World War set up a reorganization of the international monetary system and established the domination of the American dollar over all other currencies.

We also witness the creation of the International Monetary Fund (IMF) and the World Bank. These organizations become true economic battalions of control and exploitation of the countries ” in development and serve to maintain this dominance of the US dollar.

A few years later, in 1947, the General Agreement on Tariffs and Trade, GATT, was created. It is the ancestor of the WTO (the World Trade Organization). A regulatory agency serving to govern international trade in goods while obviously promoting the hegemony of the US dollar.

Until 1971, the main currencies were convertible into gold at a fixed price with the Central Bank issuing the currency. The Central Bank is then obliged to hold gold reserves equivalent to the value of the currency issued, thus guaranteeing a physical value to the paper. This monetary system was stable and the dominance of the greenback is, shall we say, acceptable.

But on August 15, 1971, to compensate for the huge debt acquired by the United States following the Vietnam War, Richard Nixon announced the suspension of the convertibility of the dollar into gold and declared that the piece of paper is ” as good as gold (as valid as gold). A major change! American economic predators can now have their greenbacks printed at will without having to hold the gold equivalent to the issued value. The game of Monopoly becomes entirely under their control. Nothing limits the imagination of economic predators.

For millennia money was based on real goods, among others, on precious metals such as gold and silver. Nixon committed one of the greatest acts of villainy in deciding that American dollars were worth ” gold“. He opened the door to a domination “ without restraint of the American banknote.

For years, several countries have sought to escape this unfair domination of the American currency. Several presidents have been assassinated for having tried to trade their oil with gold or a currency other than the US dollar. Saddam Hussein, Muammar Gaddafi, Hugo Chavez (died of cancer) are missing. With the unlimited “production” of the greenback, these oil-producing countries felt that they were being paid in monkey money.

In 2000, one could read on Liberation:

“The master of Iraq has decided to attack the dollar king. Yesterday, from Baghdad, Saddam Hussein once again firmly announced his intention of no longer using the greenback in his country’s international transactions. “The dollar will be replaced by other foreign currencies, including the euro,” said its finance minister, Hekmat Ibrahim al-Azzaoui. In other words, Europe, the main buyer of Iraqi oil, would no longer be obliged to pay for its black gold purchases in American currency. »

Tackle the ” U.S. dollar can cost you your life. Today, it is Vladimir Poutine who dares the adventure. Following NATO threats, Putin decided to take action. Along with a military operation in Ukraine, Putin decided to sell his oil and gas in rubles. No more using the US dollar. If Europe or anyone else wants Russian gas, since April 1, 2022, it will have to be paid for in Rubles. This decision is major.

This Russian decision, in addition to reducing the importance of the US dollar, also puts an end to the use of the SWIFT system.

The SWIFT system which stands for Society for Worldwide Interbank Financial Telecommunication is a communication system to facilitate interbank money transfers (a kind of Interac) and international payments. Basically, if you can easily pay for your hotel, your restaurants as well as your purchases when you are abroad with your credit and even debit cards, it is thanks to SWIFT.

In February 2022, the western exploitation world, the Deep State, in retaliation for the Russian military operation in Ukraine decided to “punish” Russia by banning it from accessing the SWIFT system. The punishment did not have much punitive effect. Indeed, Russia, China, India and a few other countries have decided to bypass the SWIFT system.

These countries represent more than 3 billion people compared to about 1 billion on the western side (Europe and North America combined).

The Russians are not two of spades. Since 2014, they have been preparing for such an eventuality. So they set up a credit card system, Mir, and the Akras agency for credit ratings. Above all, since 2017, the country has had its own interbank transactional system, SPFS, developed by the Central Bank of Russia, to which 400 Russian banks have joined. The SPFS network was integrated into its Chinese equivalent, CBIBPS, and at the end of 2020 included 23 foreign banks, notably from Armenia, Germany, Kazakhstan and Switzerland. The exclusion of Russia from Swift is ultimately more damaging to the Western economy than the Russian economy. This exclusion ultimately benefits the development of the Russian and Chinese competing system.

The Deep State predators thought they were hurting the Ruble by cutting Russia off from the SWIFT system, but instead we are seeing its continuation and even increased strength. Putin’s decision to only accept the Ruble to pay for Russian oil and gas has the effect of making the Ruble unavoidable. Countries that want Russian energy must go through the Ruble. No ruble, no gas! It’s a terribly effective drastic incentive.

The unipolar world of exploitation, that is to say the Deep State of the Western oligarchy, is being undermined. The multipolar world, respecting the sovereignty of countries and the diversity of their cultures, is organizing, supporting each other and installing defense mechanisms that are not only economic, but military and even cultural.

We must prepare ourselves for great changes. The economic deal will be turned upside down. Debts, interest rates, hourly rate, financial control, importance of banks, value of energy, all these parameters risk changing radically.

We hope that cooperation, mutual aid, free international aid can replace the exploitation and greed of this oligarchic clique that owns almost all of the world’s wealth.

The globalists seem on the way to being defeated.