Doc7505
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- Feb 16, 2016
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To Avoid Sanctions, Countries Are Ditching The US Dollar
To Avoid Sanctions, Countries Are Ditching The US Dollar
To Avoid Sanctions, Countries Are Ditching The US Dollar
dailycaller.com
- Countries are attempting to divest from the U.S. dollar as sanctions dig into Russian and Iranian economies, with the yuan, ruble and other currencies emerging as alternatives.
- Russia has found new buyers for its coal and petroleum exports in non-dollar denominated currencies, keeping its economy afloat despite sanctions.
- “The current round of turbulence is likely to increase interest” and “momentum in the creation of a rival reserve currency or currencies to help supplant the oversized role of the dollar,” Anthony Kim, a research fellow at the Heritage Foundation, told the Daily Caller News Foundation.
U.S. dollar hegemony is not going away any time soon, Kim told the DCNF. “The bottom line is that with all of its … alleged or real downsides, the U.S. dollar has proved its resilience” and “credibility over time.”
The Russian, Chinese and Iranian foreign ministries did not immediately respond to the DCNF’s requests for comment.
Commentary:
Under the undaunting leadership of our 46th president and his Progressive Maoist/DSA Commie Democrats, America is devolving into a third world power,
Joe's decisions from day one have been to hurt America and it citizens by make poorly advised moves. Whether it was closing the Keystone Pipeline, surrendering to the Taliban or goading Outin into a war with the Ukraine, each move has been calculated to destroy America's prestige on the world stage, including the appearance of being weak. All this leads to the undermining of the U.S. dollar.
Mod Note: Edited title to avoid all caps. Doc7505 This one's free. LOL
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