I listened to Tucker Carlson on Fox News either two or four days ago. He expressed concern over the rapid and extensive process of various countries getting rid of the dollar. He mentioned that even Pakistan and France are involved in it. When people ask about the result of this, I believe that every single note of the dollar lying around the world will come back to the United States, causing the value of the dollar to plummet. This could lead to a situation similar to that of the German currency a hundred years ago, resulting in unimaginable poverty for America.
Thirteen years ago, when we were associated with the Dunya TV program ‘Hasb-e-Hal,’ we prepared a research-based segment on China’s unusual gold-buying patterns. We included data from that time in the segment, which suggested that China was preparing to teach a lesson to the dollar. If countries get rid of the dollar, each country’s currency will once again be pegged to its gold reserves. Experts predict that most countries will have eliminated the dollar from mutual trade within two years. However, given the frequency of surprises coming from the US these days, it seems that the dollar could be knocked down overnight by a major surprise at any time.
For example, last week, the United States threatened Saudi Arabia through the backdoor, stating that if OPEC Plus reduced oil production further, they would cap the price of Saudi oil, just like Russia. OPEC responded to this by significantly reducing oil production.
Currently, countries are simply deciding to close deals in dollars. However, do you know on what basis the dollar has its monopoly? It is based on Saudi oil. In the early 1970s, when America’s gold reserves began to dwindle for the second time, they ended the dollar’s peg to gold and replaced it with Saudi oil. Initially, only oil trade was conducted in dollars, but gradually the dollar became the world currency and all kinds of trade worldwide began to be conducted in dollars. This gave America a powerful weapon. Any country that refused to comply with America’s wishes would face sanctions. The dollar is based in New York and the system in which the dollar circulates in banks worldwide is called “SWIFT,” which is centered in New York. When the US imposes trade sanctions on a country, it effectively kicks that country out of the SWIFT system, thereby preventing it from conducting trade in dollars.
The global dominance of the United States did not lead to a rebellion until the sanctions continued to target weaker countries like Iraq, Iran, North Korea, and Venezuela. However, the sanctions imposed on a major country like Russia proved to be fatal for it. Through these sanctions, the United States and Europe not only excluded Russia from the SWIFT system, but also seized Russian dollars held in Western countries. In this regard, the European Union proudly announced that there were 300 billion dollars of Russian funds in our banks that we have confiscated. However, later they were found scratching their heads, wondering how the 300 billion Russian dollars suddenly became only 24 billion. When you think about it, this action of America and Europe was nothing short of “bank robbery.” The United States and its western allies were not only engaged in bank robbery, but they also confiscated the luxury boats of Russians who were in Europe during that time. It could be considered grand auto theft as well.
The effect of this bullying was that the whole world suddenly came to the conclusion that if it could happen to Russia, it could happen to anyone. The dollar is the US currency, and we keep it in our bank accounts, thinking it is ours. But in fact, it is under the control of the United States, and they can reclaim this wealth whenever they want. As a result, everyone decided to get rid of the dollar. China and Russia offered to help these troubled countries by allowing them to trade in Chinese currency or their own currency. Thus began the journey of the dollar’s downfall, which is accelerating day by day. If the dollar is still standing, it is only because the Saudis have not yet ended their dependence on their oil. They are not doing this because the entire world economy would collapse with this move. But suppose the United States does not stop playing tricks on the Saudis and decides to do something foolish that endangers the existence of the Saudi royal family. In that case, will they not use this trump card?
The question is, does America have any problem with this situation? Yes, of course. Do you want to know what the problem is? Listen to Senator Marco Rubio’s statement. Speaking to Fox News, he said, “The concerning fact is that in five years, we will not be able to impose sanctions on any country in the world.” If an American senator’s full awareness of the current situation is that as a result of de-dollarization, the United States will only suffer from not being able to impose sanctions on any country, then it can be estimated that in the last few years, their grip has weakened. They have lost their acuteness and are left with only arrogance, which may lead them to commit more follies.
If we examine the events of the past year, it becomes clear that America’s own actions have boomeranged, yet it continues to behave in a way that is tantamount to committing more blunders. In fact, Politico recently reported that for the past five weeks, the US administration has been struggling to secure a call between the US President and Chinese President Xi Jinping, but to no avail. This may explain why the Taiwanese president was invited to the US, as if he held a powerful strategy to pressure China. However, it begs the question: why would China succumb to American pressure, given that it failed to do so in the case of Russia’s intervention in Ukraine?”
The real message for America in this whole situation has come from Moscow. Russian Foreign Minister Sergey Lavrov has said that talks on the Ukraine conflict are subject to talks on a new world order. The term ‘New World Order’ simply means the end of American monopoly. Just look at the strategies of China and Russia. Of these two countries, the US can currently only communicate with China, but the Chinese President refuses to take the call. Meanwhile, the Russian Foreign Minister, with whom America cannot currently converse, is setting the conditions for the new world order. It seems that if the condition from Moscow is accepted, then the phone will be answered in Beijing, otherwise, it’s goodbye to the dollar!
