from thefreeonline on Jan 30th 2023 info from Brandon Smith via Rielpolitik/thefree/Liberty Nation
‘Many might be wondering why exactly the US dollar has yet to collapse. The United States maintains a $31.5 trillion national debt, runs an annual $1 trillion budget deficit, and forks out about $500 billion in interest payments. What’s the deal with the dollar?‘
For one thing, it helps that 90% of the world’s transactions are completed in Ponzi Greenbacks. If anyone dares dissent against US policy, the Washington leviathan and its many tentacles can cut off access.
US coercion is backed by sanctions control via the World Bank/IMF/Swift and over 900 military bases worldwide. We have to buy dollars to trade, and this is how the US can still JUST PRINT MONEY without collapse after all these years.
US debt impunity is a variation of a Ponzi scheme, enforced with sanctions and threats. But all Ponzi schemes are really giant Confidence Swindles, and finally face inevitable sudden and complete collapse.
Despite the RISE of the dollar at the end of 2022 and the huge US capitalist gains, due to oil and gas price inflation from sanctions on Russia, as well as the war profiteering boom of the key Military Industrial Complex, many economists still predict a great economic crash.
Now that Russia has defied the system, and profited economically, despite hundreds of economic sanctions and a full scale proxy war against it, many countries are beginning to break ranks and deal in their own currencies or in the ruble and yuan. Finally some nations are daring to not buy the now devaluing dollar from a USA again forced to increase its 31.5 Trillion debt limit or face default and meltdown.
Last year, for example, Russia and India established a rupee-ruble trade agreement to circumvent US-led sanctions, followed informally and partially by a long list of nations. Moscow has tried supporting worldwide payment mechanism alternatives. Both China and Russia are also still selling off their dollar bonds and on a gold buying spree.
On Jan. 17 2023 Saudi Minister of Finance Mohammed Al-Jadaan revealed that the Kingdom is open to discussing crude oil trade settlements in currencies other than the dollar with active talks with China to price a portion of its crude sales to Beijing in yuan.. Saudi Arabia was the original guarantor of US dollar Reserve hegemony
‘In the last three months, the DXY $ index has plunged nearly 9% and Morgan Stanley anticipates the greenback finishing the year at 98.00, down from its previous estimate of 104.00′. Jan 2023
Dozens of impoverished countries are now feeling a little more empowered, eager to escape from their US dollar/World Bank/IMF enforced debt trap, and resentful of possible punitive US secondary sanctions.
BRICS and China-friendly states are keen to evade being cut off from the US controlled Swift Trading System and/or having their assets impounded or seized, as the US did to Russia, Venezuela , Iran, Libya ….
So, US financial hegemony is not as strong as it seems, but on paper a collapse still looks unlikely. The best prospect may be for a gradual change to a basket of Reserve Currencies, perhaps including the US dollar, as well as new collectively managed money systems.
Because there is a danger of a sudden classic US ponzi style financial collapse and Great Depression taking down the whole financially dependent majority ‘developing’ world along with it.
Late Predator Capitalism is an uncontrollable frenzy – a mutating virus fast destroying the planet.
The campaign for a transition from the US Empire’s financial control to a ‘multi polar’ world is a clear way forward from multiple crises (although not a solution) and might open new options to enable justice, cooperation and win/win agreements for the vast majority of the world’s peoples..
read more… A Dollar Collapse Is Now In Motion – Saudi Arabia Signals The End Of Petro Status
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Reblogged this on Calculus of Decay .