The House Financial Services Committee just held a meeting around a month ago discussing the very real global trend of dedollarization and how the US can mitigate or even reverse the trend. Keep in mind that this committee is responsible for overseeing the Federal Reserve and Treasury, so it was a pretty high-level meeting.
It’s increasingly clear that they’re starting to understand the scope of the problem, but they’re just trying to keep a lid on it to avert panic.
The big question that nobody’s asking: is this a summer where decades will happen?
Decades are definitely happening right now. A lot of what already happened isn’t obvious to everyone yet, but it’s going to be increasingly difficult to deny going forward.
First that CIA guy, now Yellen. I’m shocked to find there are two observant voices already. It’ll be interesting to see which truth becomes mainstream first—that the Ukraine war is unwinnable or that the US’s dog days are over.
I expect they’ll throw Ukraine under the bus first, likely in the next few months as the tap runs dry.
I expect over the months, zelensky will go havoc on NATO for “its declining support for ukraine’s defensive war”, despite NATO clearly suffering from shortages, zelensky won’t buy this. Which then will elicit a response from some NATOheads saying something similar to ben wallace “Be grateful for the stuff we provide you”. Over time support will dwindle, zelesnky becomes more mad, up until the rift between NATO and ukraine becomes too great there might be a chance of NATO cutting their support right there and then by the end of the year.
Not dedolarisation, though!
That’s right, nothing to see here. Dollar is very strong and absolutely not in danger. I also love how they keep using the talking point that 90% of global transactions are conducted using the dollar, but in reality they’re double counting because they count both sides of the transaction. In the real world, dollar transactions have already fallen below 50%. And this is a self reinforcing process as it becomes increasingly easier to move off the dollar the more countries do it.
90% of global transactions are conducted using the dollar, but in reality they’re double counting because they count both sides of the transaction.
How would you go about proving that?
It’s based on SWIFT transaction data. Ben Norton mentioned it in one of his recent videos, but forget which one it was now.
