Americans have a «Dollar Ache»
Skirmishes in the South China Sea; Accusing China of interfering in the US elections and stealing US technology; a new tariffs and sanctions campaign; NATO accusing Russia of pirate attacks, even talking about «beating Russia»… A new week elapsed full of fiery statements. Is there anything new?!
The rising level of US escalation and tension is associated with the intensification of their crisis in its multiple dimensions: the decline of economic, military, and thus political hegemony, and all the consequences of this decline in performance, even on the level of the American president's behavior and speech. But the pivotal point, in which condensed the crisis of the Western capitalist center in the United States, is the dollar crisis.
The intensification of the US attack echos the acceleration of the offensive process on the global hegemony of the dollar. This operation is led, in the first place, by the two giants: the Russian military, and the Chinese economy. Since the beginning of the millennium, the emerging global forces have been looking forward to the exchange in local currencies. This was reflected in the early BRICS summits, but they have not been able to translate this objective goal to a broad application so far, because of the multiple aspects of US hegemony.
But what was an accidental statement in the year 2000 is now an applicable target, and the world records daily proceedings on this path. Apart from moving the Chinese yuan into an international reserve currency, China wants to import oil in its own currency and expand its trade and finance in its currency as well. Russia is expanding the transfer of weapons of military deterrence across the world, and talking about the elimination of the dollar in its military and non-military trade. These ideas are turning into hot topics in the active movements between these two parties and other important forces such as India, Turkey, Iran and across the world. More importantly, this succeeds in removing the fears of others, as US pressures, sanctions and commercial warfare increases.
The dollar is at a crucial juncture, and is threatened by an impending financial crisis. For the ruling elites in the United States, losing the dollar means losing the world's supreme tool of plunder, and the consequent decline in the profit rates of the global financial forces in the western center. Those same forces that have been unleashed the dollar since the 1970s, so that the money paper, which is printed with the cost of a few «cents», worths 100$!
But what USA had protected with its military and economic unilateralism became a past history. The world today has distributed power: China is leading in finance, technology growth and the size of the economy; Russia is competing in the field of military deterrent; and most importantly, the new rising forces are complementing each other to "harness the madness" of the losers.
The Americans are suffering from a «dollar ache», making them crying loudly... and the rising world should keep attacking, along with opening the door for retreat and dialogue, which the Western elites will be forced to return to. The world of force and deterrence today does not leave a room for major wars, and the economic attack on the dollar is necessary to shift the balance of global exploitation, and open the door for the progress anew.
Kassioun Editorial, Issue No 882, October 08, 2018