India is trying desperately to de-dollarize. It seems weaponizing SWIFT didn’t work out well in the long run, or even the short run. The world doesn’t trust us. India is desperately trying to de-dollarize.
J.P. Morgan published an article in August about the new fad – de-dollarization – also known as dump the dollar.
J.P. Morgan says “the US dollar’s hegemony” is in question. They don’t exactly use the word I would – the US weaponized the SWIFT system because we somehow thought it would hurt Russia which unfortunately is doing quite well.
The US dollar is maintaining its transactional dominance, but some Dollarization is taking place in FX reserves, says JP.And here comes the biggie. The greenback is losing influence in oil markets. More and more sales are being transacted and non-currencies.Rapid de-dollarization is not in the cards, says JP. That’s because of our long-standing global network of alliances […]
Read the Whole Article From the Source: www.independentsentinel.com
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