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Ten Countries Discuss Plan To Dump USD As Reserve Currency … While Biden Sits On His Hands

If Joe was billed as the foreign policy genius... why are so many foreign countries turning their backs

When Joe Biden first replaced Donald J. Trump as the sitting President of the United States of America, the course of the country changed on a dime.

[NOTE: This story may include commentary reflecting the views of the author.]

Joe Biden claimed it was a ‘return to normalcy’, and even announced (to whoever would listen) that ‘America’s Back’. He made it sound as if there was a great deal of diplomatic damage to repair from the time POTUS45 was in office, and that he was just the man to repair it.

Will this presidential election be the most important in American history?

The fact that it was known to the public that the Saudis were not taking Biden’s calls should have been a serious red flag. Countries ignoring his calls for trade sanctions should have been another.

When even Macro was talking about moving away from the US dollar, dozens of alarm bells should have been ringing about shifting opinions to the world’s attitude toward the greenback as the reserve currency.

Reckless Democrat, and an erosion of the power of our ‘petrol dollar’ spending does not come without consequences. Here’s a quick reminder of the situation we find ourselves in with the debt ceiling fast approaching, as described by Star Parker:

What is clear is that we have entered uncharted, and dangerous, territory. The Congressional Budget Office forecast of national debt reaching 118% of GDP is a historic high. And then CBO goes on to project that the debt will reach almost twice GDP over the 20 years after.
If House Republicans, under the leadership of Speaker Kevin McCarthy, had not passed a bill to set conditions for spending cuts as a quid pro quo for authorizing an increase in the debt ceiling, most Americans would not even know the critical situation we are in. Our president would have been just fine authorizing the debt ceiling increase, taking us further into unchartered debt territory, with little fanfare.
— Toronto Sun

Elections have consequences, as Obama once so smugly told us.

We have foreign enemies who would gladly knock America off our pedestal as the world’s reserve currency… that has been greatly magnified since war began in Ukraine and we have been aggressively leveraging that power to punish countries whose policies we dislike.

Biden openly boasted about having decimated the Russian ruble.

He spoke too soon. It bounced back to roughly what it was before the sanctions. (Clickable image)

But that has since motivated BRICS nations to look for an alternative to the USD. And their movement is gaining traction.

The leaders of 10 Southeast nations and the members of the Association of Southeast Asian Nations (ASEAN) have agreed to promote their native currencies for cross-border transactions. The 10 countries will reduce settling payments with the U.S. dollar and use their local currencies for transactions.
[…]
The group of nations wants to “encourage the use of local currencies for economic and financial transactions.” The 10 nations that have decided to ditch the U.S. dollar are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
The move will help these countries to end their dependency on the U.S. dollar and significantly boost their native currencies. The declaration accepted by the ASEAN nations said that their goal is to strengthen bilateral and multilateral payment activities. Trading in local currencies would be faster, cheaper, and easier to close deals than the usage of the U.S. dollar.– Watcher

It makes one wonder what motivates Biden’s spending beyond our means and demonizing anyone who would rein it in.

Is it the leftist in him that thinks his job is to shovel money out of helicopters, or is he knowingly helping the WEF in a ‘great reset’? After all, even left-of-the-NYTimes outlets like The Toronto Star were writing op-eds like this one last summer:

Why the U.S. dollar will be replaced as the dominant global currency — sooner than you think
A new world order may be coming in global finance, writes Frank Giustra. And this sort of transition isn’t always peaceful.

Sources Cited:
Toronto Sun
Watcher
The Toronto Star

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