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Alasdair Macleod: Winter for central Europe -- and the dollar
By Alasdair Macleod
GoldMoney, Toronto
Thursday, December 1, 2022
In this article I examine the current state of the fight for hegemonic control between America on the one side, and Russia and China on the other. It is being fought on two fronts.
Ukraine, the one in plain sight, is about to endure a winter without power and adequate food, potentially leading to a humanitarian crisis.
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The other front is financial, with America facing a coordinated attack by Russia and China on its dollar hegemony. The Russians are planning a replacement trade settlement currency, which, if it succeeds, could unleash a flood of foreign-owned dollars onto the foreign exchanges.
We have no way of knowing how advanced this plan is, but the indications point perhaps to a gold-based digital currency. Moscow establishing a new gold exchange, Asian central banks accumulating additional gold reserves, and Saudi Arabia seeking non-dollar payments for oil sales are all circumstantial evidence.
As well as these plans, there has been an underlying shift away from a long-term everything financial bubble, with the prospect of higher interest rates in time. The reasons for foreign ownership of fiat dollars are diminishing, and a successful new Asian trade currency will only add to the dollar's woes.
Could this pressure compel America to de-escalate Ukraine and sanctions against Russia? The argument to do so has become compelling. It is also a way to reduce energy prices, giving central banks needed room for interest rate maneuver. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/winter-in-central-europe-and-for-the-dollar?gmrefcode=gata
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