No need for the dollar: world leaders renounce the American currency


The global hegemony of the US dollar is clearly coming to an end, writes the information website Vestifinance. More and more countries give up the use of the dollar and develop mechanisms to circumvent US sanctions and, therefore, payments in dollars, emphasizes Vestifinance.
"For now, the US is maintaining its global market leadership because the dollar is in demand, but the question is how to keep the dollar going," the Bloomberg news agency writes.
Several scenarios are discussed, including the maintenance of diplomatic contacts, the maintenance of the dollar's accessibility for US trading partners and the refusal to use the US currency as a stick for other states.
But we see that the United States is doing exactly the opposite, and that is the main reason for the dollar's abandonment.
Russia, which is virtually the main target of the Washington attacks, has disposed of virtually all of its US bonds early this year and is developing payments in national currencies with Turkey, China and other countries. Moreover, several media reported yesterday that the Russian government planchait on a plan of dedollarisation.
Even US allies, especially in Europe, are tired of the pressure and permanent threats. Not only are EU countries developing mechanisms to circumvent anti-Iranian sanctions, but French Finance Minister Bruno Le Maire has said he wants to have financial tools that are completely independent of the US and not to see the EU as a vassal of America.
While the process of abandoning the main reserve currency will be long, we see that world leaders have finally turned words into action.
Indeed, there were many who criticized the dominance of the dollar, but only in words. It is quite possible that the Americans themselves are not ready for such a turning point and do not really imagine what steps need to be taken. Especially as they are focused on the struggle for Congress, domestic political issues and the search for enemies around the world.
The opinions expressed in this content are the sole responsibility of the author of the article taken from Russian media and translated in its entirety into French.