The global economy is facing the possibility of de-dollarization as countries like Russia and China move away from the dominance of the U.S. dollar in international trade. Russia is leading the charge, making most of its payments to China in their own currencies. The BRICS nations are also pushing for a world where the dollar doesn't call the shots and are considering creating a common currency backed by gold or commodities. Meanwhile, Trump's advisors are exploring alternatives to the dollar such as China's Cross-Border Interbank Payment System and Russia's Financial Messaging System. Trump is determined to keep the dollar at the center of global finance and is willing to punish any financial institution that supports de-dollarization. The potential backlash to the dollar could lead to increased inflation and higher costs of paying back debt for the U.S. On the political front, Trump's chances of winning the election are being considered high, leading to a scramble on Wall Street and a decline in emerging-market currencies. Chinese markets are feeling the pressure, and their central bank is taking steps to stabilize the yuan. Vladimir Putin and Russia are not counting on Trump to be their hero, as their relationship is complicated and Trump did not deliver on easing sanctions in the past. Both U.S. candidates represent the same consensus that Russia should be "defeated," according to Russia's Security Council deputy chair. Foreign Minister Sergey Lavrov sees no prospect of America changing its stance towards Russia regardless of the election outcome.
- Content Editor ( cryptopolitan.com )
- 2024-11-06
The fate of the global economy, de-dollarization and Russia under Trump 2.0