The World Is Ganging up Against the Dollar

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The U.S. has been highly successful at pursuing financial warfare, including sanctions. But for every action, there is an equal and opposite reaction.

As the U.S. wields the dollar weapon more frequently, the rest of the world works harder to shun the dollar completely.

I’ve been warning for years about efforts of nations like Russia and China to escape what they call “dollar hegemony” and create a new financial system that does not depend on the dollar and helps them get out from under dollar-based economic sanctions.

These efforts are only increasing.

Germany Wants to Dump Dollar, SWIFT System

As Global Geopolitics has noted for years, Bible prophecy tells you where relations between both America and Germany are heading. No book or news outlet is as up-to-date as the Bible.

 

(Photo Credit: Society for Worldwide Interbank Financial Telecommunication)

 

This would be the first tangible sign of Berlin breaking away from Washington.

In a move meant to “strengthen European autonomy” in the wake of the U.S. walking away from the 2015 Joint Comprehensive Plan of Action nuclear deal with Iran and its opposition to the Nord Stream 2 pipeline project, Germany’s government is seeking an end to the dollar’s dominance as a global exchange currency.

Report: China’s Currency Will Diminish Dollar’s Role in International Trade

The Chinese government has taken steps to promote the international use of its currency, the renminbi, which will diminish the dollar’s role in international trade, according to a report from the Brookings Institution.

The steps China has taken to internationalize the renminbi have been gaining traction and the currency now represents the fifth-most important payment currency in the world.

“Colossal Defeat” For Obama As Australia Joins China’s Regional Bank

Having attacked its “closest ally” UK for “constant accomodation” with China, we suspect President Obama will be greatly displeased at yet another close-ally’s decision to partner up with the Chinese-led Asian Infrastructure Investment Bank (AIIB). As The Australian reports, “make no mistake,” the decision by Australia’s Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend,  “represents a colossal defeat for the Obama administration’s incompetent, distracted, ham-fisted dip­lomacy in Asia.”