Why the call to move away from US Dollars is rising?
The US dominance in the world is enabled by the strength of US Dollar and the exorbitant priviledge that America enjoys arising from the US Dollar. The US has 800 military bases around the world, the question here arises is that who is funding those bases, US taxpayers? maybe few. The US can print money and when the US prints money to finance military bases, in a sense all the European and Asian countries are being taxed to finance the security which US provides.
But the manner in which US has been weaponizing the US Dollar and the international financial system is causing many countries to feel a grief. Let’s take the example of India, Russia is close friend of India, but it’s the America’s weaponization of Dollar making India think that it is not reasonable to make Russia it’s enemy just for the sake of reserved currency(US Dollars). India purchased Russian oil and payed in Indian Rupees.
Since the world is watching the weaponization and they resent it. Now, maybe they have to listen to the US because for the time being they will need US, but in their minds they are thinking of finding an alternative and one day they will find their own way.This is not good for US, but has US changed it’s policy, no they continue to widen the sanction list. This puzzles me, the very actions of the US is causing the De-Dollarization momentum to increase , and I’m quite sure there are big countries like India, Russia, China and those other in BRICS countries who want an alternative…