Since #WWII, #USA has used #USdollar hegemony to transfer domestic crises, harvest world #wealth and undermine the economic and financial stability of other countries through armed conflicts, financial wars, and trade wars. To maintain US dollar is to maintain US world hegemony.
Since March 2022, #FederalReserve has raised interest rates 6X. On 2 Nov, its 75-point rate hike and sharp #USdollar appreciation caused global #currency depreciation, capital outflows, rising debt servicing costs, hiked imported inflation and currency/debt crises of countries.
How this #KhazarianMafia #SCAM all started: At the latter part of #WWII, #USA took the opportunity to hoard tons of #gold and led the establishment of Bretton Woods system based on a peg between #USdollar and gold, thus establishing US dollar as "global hard #currency".
After Bretton Woods collapsed in the 70s, #USA took advantage of the turbulent situation in the #MiddleEast and used the need for security of the oil-producing #Arab countries to bullying them into tying #USdollar to #oil, establishing the PETRODOLLAR system.
#Dedollarisation
From the GOLD DOLLAR to PETRODOLLAR, to the establishment, consolidation and evolution of the #USdollar hegemony, #USA created a distinctive "WAR BRAND". The US dollar hegemony, a reflection of US world hegemony in financial sphere, provides financial support for US dominance.
To maintain #USdollar hegemony is to maintain US world hegemony so in order to achieve this goal, #USA has not hesitated to use all means such as armed conflicts, financial wars, trade wars and has or not hesitated to go after countries, incl. its own allies.
#Dedollarisation
The predatory and parasitical nature of #USdollar has allowed USA to enjoy the splurge at the expense of other countries. For a long time, #FederalReserve has used #currency flows to extract economic benefits from other countries in accordance with the needs of US interests.
It costs #FederalReserve only 20 cents to print one hundred #USdollar denomination, leaving $99.80. Due to #USA world hegemony, the US Dollar is the minting tax of countries. For every piece of green paper printed by USA, the world has to pay US government with $99.80 of goods.
At least 66 countries (slaves) either peg their currencies to #USdollar or use the dollar as their legal tender. The country must have lots of dollars on hand to maintain this peg. Most of the countries that use a US dollar peg have significant exports to #USA.
#Dedollarisation
#USdollar's status as the world's reserve currency makes many countries want to peg because most financial transactions and intl trade are made in US dollars. BUT when countries adopt a #currency peg, they face increased foreign influence like #USA in their domestic affairs.
For decades, this is familiar pattern: #USA endless #wars and #sanctions against countries to maintain the #Petrodollar system that finances its #debts and the dominance of #USdollar as the main international trade currency, under the false banner of “#democracy” and “#freedom”.
March 2011: Among many narcissistic reasons, Khamis Gaddafi pushed for #oil trade settlements #Dedollarization. This challenged #USdollar hegemony so #USA + @NATO allies bombed #Libyan govt, helped #CIA trained opposition to overthrow #Gaddafi regime; killed Muammar and Khamis.
1980s: #Japan’s growing trade surplus with #USA promoted #Yen internationalisation. It threatened #USDollar hegemony so in Sept 1985, the finance ministers and central bank governors of USA, #France, #Germany, Japan and #UK signed the Plaza Accord at the Plaza Hotel in New York.
The 1985 Plaza Accord maintained #USDollar hegemony. #Yen appreciated sharply against #USdollar. #Japan exports suffered and economic risks increased steeply. This triggered for #Japanese economy to fall into a prolonged #recession, and Yen internationalization was set back.
1 January 1999: The #Euro was born, initially at an exchange rate of ca. 1 to 1.18 against #USdollar, and #Europe consolidated its internal power through a unified currency, challenging the US dollar hegemony. #USA didn't like this new threat so they had to do something.
Ca. 2 months after the #Euro was born, #USA @NATO bombed #Yugoslavia without @UN authorisation under “preventing a humanitarian crisis in Kosovo” banner, using #Serbia as its demon, provoking a war in #Kosovo and bombing #Serbian civilians. All to defend #USDollar hegemony.
The illegal #USA @NATO bombing of #Yugoslavia and #Serbians to "rescue #Kosovo" made it possible to STEAL #European WEALTH. Kosovo war led to a massive flight of international capital from #Europe, and #Euro fell against #USdollar to a level of less than 1 to 1 by Q4 of 1999.
2000: #Iraq announced a changed in the settlement of its #oil #exports from the #USdollar to the #Euro. To 'defend' US Dollar hegemony, #USA unilaterally invaded Iraq on pretext (#lie) that “Iraq possessed weapons of mass destruction”, overthrew and killed #SaddamHussein in 2003.
2022: #USA uses same tactics to maintain #USDollar hegemony by instigating #UkraineCrisis against #Russia and STEALING #Europe's WEALTH by plummeting #Euro, #Yen and British #Pound, while US dollar has been able to secure its position as a “safe-haven asset”. What an ally, right?
After the outbreak of the #oil crisis in the 1970s, #FederalReserve implemented a low interest rate policy to stimulate ##investment and employment, while reducing #USA #debt burden to the devaluation of the #USdollar.
#DeDollarization
Meanwhile (1970s), #USA scammed #LatinAmerican and #African countries with large amounts of low-interest #USdollar #loans to join in #oil exploration and exploitation in order to "break the monopoly of #MiddleEast oil producing countries" while bullying #Arabs to do Petrodollar.
In the late 1970s and early 1980s, #FederalReserve raised interest rates sharply, which led to the appreciation of the #USdollar and a fall in #oil prices, and these #LatinAmerican and #African countries were then plunged into a #debt crisis. [That's why there's #poverty there].
After 2008 intl financial crisis, #FederalReserve introduced “Quantitive Easing” (counterfeiting) and printed fiat #MONEY on a massive scale. Monetary over-issuance usually leads to rising inflation, but inflation in #USA remained low for many years since then. Curious, right?
Reason is #MoneyLaundering. Most of the excess #USdollar don't stay in #USA, but are channeled to other countries through imports of other countries’ goods and investments in other countries’ assets. In STEALING WEALTH FROM OTHER COUNTRIES for decades, USA passed on #inflation.
As of Oct 2022, #USA #debt had reached US$31 trillion, far exceeding its GDP of ca. US$23 trillion (2021). It's impossible for them to actually repay, and its response is for #FederalReserve to print more #MONEY to directly repay its external debt and dilute its external burden.
Half a century ago, former #French president Charles de Gaulle pointed out that #USA enjoyed exorbitant privilege and deficit without tears created by its #USdollar hegemony, and used the worthless paper note to plunder resources and factories of other nations.
#DeDollarization
On 20 Oct 2022, the #Yen fell below 150 to 1 against #USdollar, the lowest since Aug 1990, forcing the #Japanese government to intervene in the #currency market. #Japan has been drawn into a “REVERSE CURRENCY WAR” in which the US President @JoeBiden himself has entered the fray.
Soaring #USdollar is shaking the world. #Japan worries about #FederalReserve’s new interest rate hikes. #Yen, #Euro, #BritishPound and other currencies suffered disastrously. But #CentralBanks in many countries have been forced by #USA to follow suit and raise interest rates.
Since #UkraineCrisis escalation, #USA has frozen #Russia’s foreign exchange reserves, sanctioned major #Russian #banks and excluded most Russian banks from the #SWIFT system, leading to dramatic volatility in international financial and #commodity #markets.
#DeDollarization
In February 2022, #USA announced that it has frozen billions of dollars of foreign exchange reserves of the Central Bank of #Afghanistan, adding to the hardships of the #Afghan population. It’s an unprecedented act of massive #currency weaponization.
#DeDollarization #USDollar
We're now at the turning point in monetary history: The END of #USDollar Hegemony. The consequence of #USA’s #narcissism, capriciousness and total disregard for others will inevitably be erosion USD credibility and destruction US world hegemony. Hello, #NewEra!
#DeDollarization
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