Whither Goeth American Dominance?

By Michael Wood

Energy is crucial to manufacturing, and manufacturing (labour-centric) economies focused on diplomacy, trade, and multipolarism are on the rise above capital-centric globalism, and economic hegemony. The one-world government dream may be being overtaken.

In fact, the real issue is not simply oil as such, but the eventual demise of the Petro-dollar. Once the BRICS currency gets going, it will spell the end of the US dollar as the world’s reserve currency. Right now BRICS+ and the SCO (The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic, security and defence organisation established by China and Russia in 2001) are working with development banks and working with the global South to create bonds linked to a new gold and commodities backed BRICS trading currency, thus providing a world alternative to US Treasury bonds. Even countries outside BRICS-SCO could find that their trading will in many cases have to use the new bonds, thus further diminishing the US hold over world trade.

As a result nations would be able to trade with each other in their own currencies, and equity backing of the trades would not insist that they hold US dollar treasury bonds as it does now, but this new BRICS currency will begin to replace USTBs.

This means sanctions that will never work again, such as the US/EU etc have used against Russia. Endless wars, colour revolutions, divide and rule by the US will not succeed in the future. The long seventy-five year run of US wars against other states will peter out.

We are at present in the process of hyper-financed global corporatism, and the politically imposed Trojan horse called “free trade” (verses tariffs that protect citizen-workers within each sovereign nation). Stake holder (major world corporations) governance of all countries is the final step envisaged by WEF, UN et al. The advent of the BRICS-SCO gold based bonds can and will undermine this WEF dream. In fact it will likely be a boon to all countries including especially the UK.

Right now I see this Ukraine war, and the American desire to make war with China as the US’ last grasp at power and economic domination. This is the end of the Bretton Woods economic model settled on after WWII when the nations agreed that gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar’s value. The aim of Bretton Woods was creating an efficient foreign exchange system, preventing competitive devaluations of currencies, and promoting international economic growth. However instead of the Keynes-British proposal, the Americans, economically powerful in the wake of their WWII arms sales, insisted upon the US dollar being the reserve currency. From this grew the IMF and the World Bank.

The new BRICS-SCO reserve gold based bonds now become the nail that will kill the WEF globalist-stake-holder bid for anti-democratic world governance albeit that may not have been in their minds.

One comment

  1. The idea of a currency “backed” by multiple countries with very different and sometimes competing interests (e.g. India and China have an on-going armed conflict with one another) is absurd. Sovereigns will never accept joint and several liability in practice. As soon as there is any issue everyone will start pointing at one another and nobody will pay.

    Let’s suppose that weren’t a problem. BRICS and the “Global South” are a bunch of mafiosos. Perhaps indeed a mafioso is now preferable to the US progressive theocracy, but the US progressive theocracy became so powerful for reasons and one of those reasons is that it’s relatively good at paying its debts. Would you trust South Africa or Brazil to pay its debts?

    The only realistic sovereign alternative to the US Dollar today is the Chinese Yuan as a national currency. However, the Chinese have notoriously bad accounting standards and practices and little track record of reliability (and much record of unreliability). The India Rupee may be a competitor in the future but currently India is not rich, powerful, or politically mature enough.

    The only path to displace the dollar is for some other country to imitate the (perhaps relative, but nonetheless relatively superior) probity the US demonstrated from the end of its civil war until the recent past.

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