The financial world is rapidly changing, and the countdown for the end of the dollar’s hegemony has effectively begun. As the West attempts to sanction Russia into surrender, the Russian government has started to trade commodities in roubles on the global market, and given that numerous countries rely on Russian exports, many nations are walking away from dollar-based transactions and toward a commodity-based financial system. In other words, that means our strategy to confront Russia has backfired, and we’re now in deep trouble. A commodity revolution has started, and the downfall of the dollar is being greatly accelerated. In a very enlightening article recently published on GoldMoney.com, the financial expert Alasdair Macleod exposed that the end of the dollar-based system is being hastened by rising geopolitical tensions and trade restrictions imposed on Russia. According to Macleod, the West, led by the United States, is desperately trying to sanction Russia into economic submission, but so far it has only succeeded in pushing energy, commodity, and food prices significantly up, harming its own economy the most. In the US, inflation is already rampant, but in Europe, central banks will have to inflate their currencies to afford the rising prices. Meanwhile, Russia is linking the rouble to commodity prices backed by gold, and over the past two years, China has stockpiled tons of commodities and essential grains in anticipation of the consequences of the West’s inflationary measures, allowing its currency to rise against the dollar. That is effectively enabling China and Russia not to go down the same path of the West’s inflating currencies. In fact, both countries are adopting a sounder money strategy to fulfill their goals of having stable prices and interest rates while Western nations continue to march in the opposite direction. Pure finance or finance based on fiat currencies is being rapidly replaced with commodity finance due to a simple matter of convenience. Foreign nations hold the US dollar in their reserves to be able to trade on the global market, but now they are now realizing that the American currency is becoming increasingly more volatile as inflation runs at the fastest pace in 40 years. Commodities pegged on gold, on the other hand, can be far more stable and grant more independence for these nations to trade on the global market. How can we sanction the world’s most important producer of energy supplies and one of the biggest supplier of a wide range of commodities and raw materials, including grains and fertilizers, without causing damage to everyone else but the intended target? That’s the question our leaders should’ve asked themselves before imposing those restrictions. With two simple measures, linking the rouble to gold for domestic credit institutions and only accepting payments in rouble for energy supplies, the Russian government managed to accelerate the end of the fiat dollar era that has ruled the financial world since the suspension of Bretton Woods in 1971. Given that Europe is the largest importer of Russian energy supplies, it either goes against its own restrictions and complies with the Russian government or struggles with insufficient alternatives. And the more the United States scrambles to enforce its authority, the greater the possibility of a split in the Western partnership. While Europe desperately needs Russian energy, the US doesn’t, so it is not willing to compromise. However, it is clear that Europe will not bow down to America’s orders. It simply can’t afford to support US policies unconditionally. That means that our greatest ally could just turn its back on us, and if or when that happens, other nations could follow the same move. This financial conflict seems to be reaching a breaking point for the US dollar. It is simply not wise to hold on to a collapsing currency, especially when it is the main exchange currency of the global financial system, and foreign countries are starting to wake up to this fact and dump their dollar reserves. Our leaders have become too greedy to pay attention to the consequences, and now we are going to be left with a huge mess on our hands and decades of financial stress and social instability plaguing our country.
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