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DE-DOLLARIZATION:
THE REVOLT AGAINST THE DOLLAR AND THE RISE OF A NEW FINANCIAL WORLD ORDER

The dollar's status as the world's preeminent currency, together with the U.S. military, has underlain American power since World War II. In a sweeping review of one of the most seminal yet least noticed developments in international affairs, Gal Luft and Anne Korin describe how an emerging coalition of revisionist countries, rogue governments, techno-visionaries and sanctioned entities, buttressed by innovations like blockchain and 5G, are working to push the dollar off of its reserve currency throne. It would not be the first time. Preceding the dollar, five consecutive currencies, each belonging to a superpower of the time, ruled the markets. Each predominated for roughly 80-100 years, and as it tumbled to irrelevance it accelerated the decline of the empire behind it. Are we due for a rerun?

 
 
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Stunning revelations from Lula on BRICS and the USD

In an exclusive interview from a prison room in Brazil, former Brazilian president Lula da Silva reveals: “BRICS was not created to be an instrument of defense, but to be an instrument of attack. So we could create our own currency to become independent from the US dollar in our trade relations."

“This was the logic behind BRICS, to do something different and not copy anybody. The US was very much afraid when I discussed a new currency and Obama called me, telling me, ‘Are you trying to create a new currency, a new euro?’ I said, ‘No, I’m just trying to get rid of the US dollar. I’m just trying not to be dependent.’”

For more information about the role of BRICS in undermining the dollar read chapter 5 of De-dollarization.


 

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