Archives De-dollarisation - Page 2 of 2 - New Eastern Outlook

For decades, the US dollar has dominated the global trade. This became possible after the establishment of the liberal world order. The US dollar enjoyed unparalleled dominance as the leading reserve currency of the world. The US Federal Reserve holds that 96% of international trade invoicing into the Americas, 74% in the Asia-Pacific region, and 79% in other countries was done in the US dollar…

Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates were all sent invitations to join the newly formed BRICS economic bloc, marking the organization’s largest expansion in its history.  The accession of these geographically dominant countries will take effect on January 1, 2024.  BRICS leaders left the door open for future expansion among a long list of countries that have expressed interest in joining an organization they hope can help them with political and economic development by voting in favor of expansion, the first since South Africa joined the bloc 13 years ago. Without a doubt, the countries chosen at this year’s summit…

The global world order is on the verge of a radical transformation. The Western powers 30 years ago saw in the collapse of the Soviet Union, which resulted from its internal weaknesses and mistakes, an unprecedented opportunity to dominate the world by way of deterring possible competitors by any means. Perhaps one of the most important features of the current times is this truth dawning on the countries of the so-called Global South: they understand that the instruments of this deterrence have been “demonization, isolation, interference, political sabotage…