Various countries are finding ways to bypass and abandon the US dollar.
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– Flash Points –1 – US sanctions against any 1 nation can have broader ramifications.
2 – The US often compels its allies to fall in line regarding sanctions.
3 – Some countries are finding ways to bypass both sanctions and the US$.
4 – The US has forced multinational firms to abandon projects in countries that are subject to US sanctions.
– Synopsis –
The US has recently imposed sanctions against nations such as Russia and Iran. Typically, the US has one overarching reason for doing so – that is, to punish those nations that do not toe the US line with regards to various policies.
Pomposity and Pain
The effects of those unjustified US sanctions reach far beyond the targeted nations. Those sanctions can also have a negative impact on both other nations and multinational firms. In fact, the Dutch firm ING Groep and the Swiss bank Credit Suisse have both been hit with massive fines, simply for working with or in countries that the US had sanctioned.
Recently, US secretary of state Mike Pompeo (the Pompous) went so far as to warn any and all entities that choose to ignore US sanctions that the result could be “much more painful.”
Enough is Enough
The US exercises its unreasonable control primarily through 2 schemes – the status of the US dollar as the world’s reserve currency, and the SWIFT system (Society for Worldwide Interbank Financial Telecommunication). (Image source)
Too Much is Too MuchAs expected, certain third parties are getting fed up with such US bullying. A few weeks ago, a German cabinet member referred to such US dictates as “licentious extraterritorial sanctions.” Another German official stated that those sanctions will “provoke counter-reactions across the world.” Essentially, the world has had enough of the exorbitant control maintained by the US.
The world is looking for alternatives, and it’s finding them. It’s discovering that there are ways to bypass the various US-dominated trade mechanisms, including the US dollar.
– Insight from Outside –The US has imposed sanctions against not only Russia and Iran, but also Venezuela, Cuba, Syria, and more. The sanctions are intended to control and coerce the leaders of those nations. But inevitably, the ones who suffer the gravest consequences are not the government leaders, but the innocent populations of those nations.
Bypass the Dollar, Bye-bye Dollar
Moreover, sanctions harm not only the populations of those rival nations, but also any multinational corporation or US ally who might trade with those rivals. Consequently, those entities are searching for ways to bypass the dollar. They are not only searching for ways to do so, they are also finding them. And if they cannot find them, they are developing ways to do so.
Whether that is through alliances such as BRICS or organizations such as the Shanghai Cooperation Organisation, those beleaguered countries will find a way to live, work, and trade freely, apart from US dominance.
Hello, Sweet Life
It’s high time for other countries to react. They have plenty of reasons to do so. For instance, take the decades-long embargo against Cuba. Any rational and sensible person can easily come up with 3 reasons to abandon the embargo and sanctions – that is, Cuban cigars, Cuban sugar, and Cuban rum. (Image source) Any government that continually denies citizens of the world those pleasures should be excoriated, punished, and quickly overthrown.
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