An end to the dollar’s global hegemony? The Kremlin sees an opportunity.

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An exchange-office screen on a Moscow street shows the currency exchange rate of the Russian ruble and US dollar in April. The Kremlin has begun making moves to insulate the Russian economy from escalating US sanctions. (Pavel Golovkin/AP)

 

The dollar has long been the world’s reserve currency. But some countries, angered by sanctions, are challenging that status, potentially undermining one of the US’s most influential tools for shaping global policy.

For average Russians, a small personal hoard of US dollars has always represented a place of safety amid the wild ups-and-downs that continue to beset the country’s national currency, the ruble.

So it triggered a touch of panic among them when the Russian government confirmed long-standing rumors that it is working on a plan to insulate the economy from escalating US sanctions through “de-dollarization.” Continue reading

CHINA SECURITY: In Disputed Waters, China Is The Thief Who Yells ‘Stop Thief’

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An island that China is building on the Fiery Cross Reef in the South China Sea. The Chinese regime is accusing the United States of “hegemony” for challenging its land-grab in the South China Sea. (Cliff Owen/AP)

 

The U.S. Navy sent a destroyer on a “freedom of navigation” mission through the Paracel island chain in the South China Sea, and the Chinese regime claims it will toughen its response to similar missions in the future.

On Jan. 30, the USS Curtis Wilbur passed within 12 nautical miles of the less than one-square mile Triton Island, which is claimed by China, Taiwan, and Vietnam.

What’s ironic is that the Chinese regime is calling the incident an act to establish U.S. hegemony, when in fact it was to counter Chinese hegemony already being claimed over the entire region.

China’s response plays perfectly into the ancient Chinese saying: “It’s the thief who yells ‘stop thief.’” Continue reading