Many well-written articles point out the fact that attempting to use the global financial system to cut Russia off at her knees spooked other nations-that they could be subjected to the same treatment if the American political apparatus became displeased.
This is why stories of agreements between other powers to trade in their own currencies keep popping up. While underreported in US mainstream media, it’s only Realpolitik to begin looking at more stable financial systems that the US cannot arbitrarily pull the rug from under them.
It was an unprecedented move to begin seizing foreign assets from not only the Russian Federation, but also those individuals ‘declared’ by the US Gov’t to warrant such actions. Whatever one’s viewpoint on the Ukie-Rus conflict, the unintended consequences are clear to see.
Link:
https://tippinsights.com/goodbye-dollar-biden-policies-trigger-the-end-of-greenback-dominance/
"Many Global South countries are weary of America weaponizing the dollar to pursue its foreign policy goals - objectives with which they may disagree. Thanks to President Biden's leadership, Russia, Saudi Arabia, and Iran have moved to the Chinese camp. And now, countries are working overtime to abandon the dollar, a symbol of America's prestige in the world."
Good article. When we lose the Saudis the whole thing must be unravelling.