Europe Jumps on the De- Dollarizaton Bandwagon
Europe jumps on the De-Dollarization Bandwagon
The Survival Economist: 3-19-2022
Global tensions caused by economic sanctions and trade conflicts triggered by Washington have forced targeted countries to take a fresh look at alternative payment systems currently dominated by the US dollar.
The globalist banksters have "weaponized" the petro-dollar to the point that many countries are trying to get away from the dollar.
It will take a while, perhaps years, but the dollar is DEAD.
Why Europe, China, and Russia are speeding up the process of de-dollarization can be understood only if the significance of the Iran deal is properly understood.
Iran is, above all, a case study in what Washington can do to you if you expose yourself to the US dollar for better or for worse. Tehran would not, of course, be considered particularly US-friendly. But in order to participate in international trade, the Iranians had to rely on the US dollar and the SWIFT system, which handles international payments.
SWIFT belongs to an international banking consortium and is even based in Belgium – within the EU. Nevertheless, the USA was able to build up enough pressure to exclude Iran from SWIFT. That’s what the governor of the Oesterreichische Nationalbank (OeNB), Ewald Nowotny, means when he says: “The United States is massively using the dollar as a weapon.
And with every transaction in dollars one is obliged to follow the American sanctions against Iran, for example. Even if the USA is not directly involved in a trade.
For example, when it comes to oil exports to a European country." Europe, China, Russia and many small countries set new initiatives every year to make themselves independent.
And gold, too, plays a major role in this slow departure from the US dollar. But for the world financial system, none of their currencies offer a viable, fully-fledged alternative to the US dollar yet.
China and Russia are buying European debt like crazy right now. They are also banking on that Europe will soon pivot eastward for large trade volumes. Many in Europe also expect this simply because it makes economic sense and even from a security point of view.