Decades of a strong dollar position as a major currency in the global economic arena are drawing to a close. Although it is now difficult to predict further developments, the current situation is already worrying Washington with instability.
This was told by an expert at the American Institute for Global Security Analytics Anne Corin.
According to her, through the efforts of “major players” such as Russia, China and the EU, the situation of the dollar is becoming increasingly unstable. At the same time, she emphasizes that the “club of countries” wishing to get rid of dollar dependence continues to grow.
At the same time, Korin admits that the position of these same countries is understandable. The fact is that any dollar transaction falls under the jurisdiction of Washington, even if the country conducting it has nothing to do with the United States. The situation would be less problematic, Korin continues, if the States did not complicate it with their own hands.
As an example, the expert cites the US-Iranian crisis provoked by the US withdrawal from the Joint Comprehensive Plan of Action for the Iranian Nuclear Program. Subsequently, Washington actually banned the companies of the “allied” Europe from doing business with Iran. Those who wish to continue trade cooperation find themselves in a very vulnerable position.
“No one wants to be detained at the airport for cooperating with states that are not allowed to conduct business with the United States,” the expert explains, noting that such moments provoked by Washington became “very significant motivation” for countries to abandon the dollar.
For the United States, the situation is complicated by the fact that someone should take the dominant place of the dollar. One of the contenders is the currency of the strategic rival of the United States – China. Beijing has already introduced oil futures in RMB, and this, as Korin notes, is an alarming factor.Russia ahead of schedule completed deliveries of S-400 to Turkey