The US dollar is rapidly losing its status as the global “reserve currency.” One after another, nations outside of the western coalition are waking up to the fact that dollars are needed only to pay for imports that come from the U.S. In trades with other countries they are choosing to start paying one another by using their own currencies. They are recognizing that the real resources that they own are much more valuable than the empty promises that are embodied in inflated US dollars. The exploitation of weaker nations by the western powers is coming to an end and the emergence of a multi-polar world order is now unstoppable. For a report on some recent developments in this regard have a look at the first 13 minutes of this video.

The Bretton Woods agreement that established the world financial order in 1944 was based on the promise that US dollars would be redeemed in gold at $35 an ounce. But continuous debasement of the dollar over the years made that completely unrealistic, and that fact was eventually recognized formally when President Nixon in 1971 announced that the US government was reneging on that commitment and would no longer give gold for dollars except at the market price. From that point on the fate of the dollar was sealed; it was just a matter of time. Despite the imposition of a series of extreme financial, economic, political, and military measures by the western powers, dollar dominance and the unipolar world order cannot be sustained. Now it seems the climax has begun.  

I expect that the near future will see the creation of a multilateral system for clearing credits among nations, and eventually, the complete depoliticisation of money. Money is, after all, merely an information system about credits and debits that enables goods and services sold to pay for other goods and services that are bought.

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