Wednesday, December 20, 2023

Gunning for the Dollar - Vox Popoli

 Russia is openly advocating for other nations to follow the lead of itself and China in abandoning the dollar standard for international trade:

Russian Finance Minister Anton Siluanov said in a statement, that it is very important for all the BRICS member states that they develop sustainable financial relations and settlements within the organization. He made the statement while speaking on Monday at the Russia-China Financial Dialog in Beijing, where he was conducting meetings with Lan Foan, his Chinese counterpart.

The BRICS alliance of developing nations, made up currently of Brazil, Russia, India, China, and South Africa, has been hashing out ways for member countries to make payments in local currencies. The bloc wants to accelerate its growth by reducing its reliance on the US dollar and the euro.

Siluanov said, “We need to further develop financial cooperation within the BRICS countries. Here we see opportunities … to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries. Therefore, the sustainable development of financial relations and settlements on the BRICS platform is important for us, and we believe that it is necessary to work out such issues, and today we will consider a number of them.”

We have the rare historical privilege to witness the decline and fall of an empire. While we tend to think of such things as being sudden and catastrophic events, they actually tend to take place over such an extended period of time that most of the empire’s inhabitants don’t even realize anything is changing until well after the changes have taken place and they have become accustomed to the consequences.

The events of Gibbon’s Decline and Fall of the Roman Empire take place over century. The decline of the US empire is only measured in decades at this point, but even at this accelerated rate, it is taking place too slowly for the average individual to comprehend, even if he is sufficiently acute to notice some of the changes.