De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
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De-Dollarization Is Happening at a ‘Stunning’ Pace, Jen Says
23 comments
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Good! It is about DAMN time!
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Nothing makes me feel more optimistic than de-dollarization
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I think it's better to look at it in the bigger picture. We all know "Marx's Double-Edged Law"; it is being applied in action here. I think it's interesting at this point in time the capitalists of the United States are considering the sale of it's domestic steel while the E.U oligarchs are beginning to cannibalize their own assets by purchasing increasingly leveraged U.S assets under the auspice of war.
It'll be still a long time before they hit bedrock; but the stones are beginning to show.
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Do you have a reference for Marx 's double edged law? That's a new concept got for me.
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I'd guess Tendency of the rate of profit to fall but I'm not sure either.
Edit: after some cursory googling, I believe I'm correct.
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Tendency of the rate of profit to fall from Vol 3.
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As dedollarization advnces, what are the geopolitical effects going to be?
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Increased US sponsored terrorism to strong arm countries, coup unaligned countries and prop up pro-US puppets (see Milei or Noboa) to keep dollar influence and force them to take anti-China stances.
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The US will continue its strategy of drawing a big line between "good" countries and "bad" countries. Then it will eat the "good" countries while projecting blame at the "bad" countries.
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I think one big effect is going to be US economy shrinking, and with that we'll see US ability to project power fade as well. I expect this will be a self reinforcing phenomenon, because the weaker US becomes the more countries will slip out from under its thumb.
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This is an old article. I asked the Marxist economist Michael Roberts for the next recession blog about it, but he said IMF numbers do not confirm what is being said here, so cautious with the optimism.
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I expect that the trend is irreversible now that BRICS is a bigger economy. Everybody understands the risks of using the dollar, but there simply wasn't an alternative before. What's most likely to happen is that we'll have two major economic blocs around BRICS and G7, with the latter being dollar based.
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23 comments
We will see a temporarily stall in the dedollarization process because EU is cannibalizing itself to keep the dollar afloat, by buying expensive US energy + increasing military spending, but they can't hide that their living standards are crumbling by the day.
The EU oligarchs would gladly sacrifice their countries and cause yet another war in their territories to keep this shit going.
That makes sense, the Euro will likely crash as EU economy goes into a recession and European oligarchs will accelerate moving their assets into US. This will likely also be the time we'll see definitive blocs forming around G7 and BRICS.
If the Europeans oligarchs move their assets into the US, what would that mean to the EU working class? Will that push them to finally antagonize and oppose their capitalist class?
I know that my questions may be speculative but it is an interesting scenario to think about.