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12/04/2024 (Wed) 15:51
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Putin elaborated even more on this subject at a press conference after that summit:
“I believe this is a terrible mistake by the US financial authorities, because the strength of the US today is built on the dollar. And yet, they are cutting off the very foundation of their own power. It seemed to me that the dollar is like a sacred cow, something that should never be disturbed. But no, they have taken it into their own hands and essentially cut off its horns, stopped taking care of it, and instead are exploiting it recklessly…We are not engaged in a battle, our proposals are not set against the dollar.”
As can be seen, Putin doesn’t hate the dollar and actually wants Russia to once again be able to use it with its partners for reasons of convenience, but it was the US that forced his country to de-dollarize and pioneer alternative financial instruments out of necessity. This is a far cry from how he’s misportrayed by friends and foes alike, each in pursuit of diametrically opposed ideological agendas, the false impression of which was responsible for Trump’s threats against BRICS after he fell for their claims.
The reality is that while de-dollarization trends exist and have sped up since the US’ unprecedented sanctions against Russia nearly three years ago, they’re nowhere near challenging the dollar’s dominance, and a lot of what’s already been achieved can realistically be reversed or decelerated. All that Trump has to do is lift these selfsame sanctions, though he’s unlikely to do so unilaterally, let alone all at once. He’ll want to receive something from Russia first, but Russia might not be able to provide it.
Therein lies the dilemma that Trump’s found himself in. Incipient de-dollarization trends pose a latent threat to one of the pillars upon which the US’ unipolar hegemony is maintained. It won’t materialize anytime soon, but downplaying or ignoring it could prove disastrous in the long term. At the same time, while the solution of lifting the sanctions is simple enough, it’s politically unfeasible in the current context given domestic and international pressures.
https://www.zerohedge.com/geopolitical/trumps-threats-against-brics-are-based-false-premises