Russia’s Lavrov Urges De-Dollaraization to Counter US Hegemonic Aims

Russia’s Lavrov Urges De-dollarization to Counter US Hegemonic Aims

by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)

US dollar hegemony serves its imperial interests.

It facilitates corporate takeovers and speculative excess – creating bubbles and global economic crises. 

It finances US militarism, its global empire of bases, and endless wars of aggression – smashing nations to control them at the expense of democratic freedoms and social justice.

As long as world central banks buy US dollars and they dominate international trade, its hegemony is preserved at the expense of world peace, stability, security, and fundamental freedoms en route to disappearing altogether.

Nations trading in their own currencies could prove a game-changer longer-term. 

Russia, China, and other countries are moving in this direction.

Eight Shanghai Cooperation Organization (SCO) countries decided in principle to conduct bilateral trade and other investments through their national currencies, ditching the US dollar — China, Russia, India, Pakistan, Kyrgyzstan, Tajikistan, Kazakhstan and Uzbekistan.

So did Iran, Iraq, Turkey, and Japan. Will many other countries follow the same pattern? 

Lavrov explained that Moscow and Beijing can reduce their vulnerability to Western sanctions by divesting from the dollar and building their own financial systems to rival international versions.

“We need to reduce sanctions risks by strengthening our technological independence, by switching (entirely) to payments in national currencies and in world currencies,” said Lavrov, adding: 

“We need to move away from the use of Western-controlled international payment systems.” 

The US dominated West “promote(s) (an) ideologized agenda aimed at maintaining their dominance by holding back the development of other countries.” 

“This policy runs counter to the objective trend…(It’s) on the wrong side of history.” 

“The historical process will still take its toll, but increased de-dollarization can greatly lessen its impact.

It’s vital for Russia, China, and other nations to “enhance” their independence because of US attempts to restrict the economic, financial and technological development.

Nations need to build their own “development in order to be independent from ‘conceits,’ demonstrated by” the US dominated West. 

These countries promote their own “ideology-driven agenda, aimed at maintaining their dominance by restraining the development of other countries” so they’re vulnerable to exploitation.

Separately, Russian Deputy Foreign Minister Sergey Ryabkov said his nation, China and others “need to barricade (themselves) against the US financial and economic system to eliminate dependence on this toxic source of permanent hostile actions.”

“We need to” de-dollarize, eliminate its use altogether to be free from its hegemonic strangulation.

According to Russia’s central bank deputy chairman Aleksey Zabotkin:

“Active use of sanctions by (US) regime(s) seriously undermines the reliability of the dollar as means of savings and payments.”

Zabotkin believes more nations will increasingly trade in their own currencies while moving away from the dollar.

Trading in euros has been gaining at the expense of the dollar.

As more nations trade in their own currencies, dollar weakness will weaken US hegemonic aims.

VISIT MY WEBSITE: stephenlendman.org (Home – Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.

My two Wall Street books are timely reading:

“How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War”

https://www.claritypress.com/product/how-wall-street-fleeces-america/

 

“Banker Occupation: Waging Financial War on Humanity”

https://www.claritypress.com/product/banker-occupation-waging-financial-war-on-humanity/

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