Russia and China Finding Ways to Avoid the U.S. Dollar

ISTOCK.COM/RONNIECHUA

 

It is becoming easier to imagine the coming post-American financial order.

At Bretton Woods in 1944, the world’s major powers settled on a new financial system. That system of world finance was dominated by America. When the system fell apart in 1971, countries switched to floating exchange rates, but the U.S. dollar remained the reserve currency. But today, in the post-global-financial-crisis world, Russia and China are finding new ways to avoid using the dollar. Continue reading

Deathblow to the Dollar

Lessons from 2015, for today:

 

https://images.thetrumpet.com/555b6a9e!h.355,id.11867,m.fit,w.640

(Gary Dorning/The Trumpet)

 

 

The world is entering a new economic era—one that won’t be defined by America.

This past March marked a radical turning point for the global economy, particularly the United States’ economic dominance.

China proposed the launch of the Asian Infrastructure Investment Bank (aiib)—a new, Chinese-run international bank specifically designed to challenge U.S. global economic leadership. America tried to convince other nations not to agree to join. But it failed—even with its closest allies.

For the U.S., it was an unmitigated disaster.

Continue reading

Deathblow to the Dollar

The future is sealed, and it’s not a matter of ‘if’ but ‘when’. If you’ve been paying attention to the news of lately, you will have noticed a lot of predictions for September, 2015. Could the experts be on to something? As far as a specified date is concerned, we’ll soon see.

 

http://images.thetrumpet.com/555b6a9e!h.355,id.11867

 

The world is entering a new economic era—one that won’t be defined by America.

This past March marked a radical turning point for the global economy, particularly the United States’ economic dominance.

China proposed the launch of the Asian Infrastructure Investment Bank (aiib)—a new, Chinese-run international bank specifically designed to challenge U.S. global economic leadership. America tried to convince other nations not to agree to join. But it failed—even with its closest allies.

For the U.S., it was an unmitigated disaster.

It should be a “wake-up call,” to a “new economic era,” wrote former Treasury Secretary Larry Summers.

Continue reading