Many countries abandon the US dollar
(Baonghean.vn) - Sanctions against Russia are leading many countries to abandon the US dollar, making it impossible for Washington to show off its power on the international stage, writes New York Post commentator Jay Newman.
"The abandonment of the dollar will deal a serious blow to the US's position in the international arena. The era of unlimited printing of dollars may come to an end, and with it our ability to buy foreign goods at low prices will also become a thing of the past," - the author writes. As the observer notes, there are now more than 100 countries that do not support the anti-Russian measures introduced by the West, which is why economic alliances have emerged that use other currencies for the purchase and sale of goods.
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| US dollar. Photo: AP |
The journalist also noted that the notion that the USD has no alternative, which Western analysts often talk about, turns out to be an illusion. Trade relations between countries using national currencies lead to a decrease in demand for the USD and therefore its value. As a result, commodity prices will gradually increase, Newman explained. Due to the decline of the USD, the US will gradually lose its voice in the international arena and at the same time risk falling into a "debt hole", the journalist concluded. To avoid this, Washington can reduce the number of strategic competitors and "put its economy in order once and for all". Western countries are facing high energy prices and hyperinflation due to sanctions against Moscow and Russia's policy of abandoning fuel sources.
In the context of rising fuel prices, mainly gas, the European industry has largely lost its competitive advantage, affecting other sectors of the economy. In addition, the US and European countries are facing record high inflation in decades./.
