Russia and much of the world have been seeking to dedollarise for a while. In the wake of the Russian military operation in Ukraine, one of the outcomes of countersanctions by Russia against the US and the rest of the west is them being forced to use the Russian Rouble to buy oil and gas.
This does something Russia has wanted to do for a while: reduce US dollar hegemony.
More accurately what is going on can be described as a battle against the Turkish lira as part of a war to protect the position of the U.S. dollar.
With a huge proportion of external debt denominated in dollars; some $300 billion in private as opposed to government debt amounting to about 50% of Turkish GDP, Turkey is an easy target. That the U.S. has a political beef with Turkey is merely a bonus.
In its quest for world domination, which the White House has been pursuing for more than a century, it relied on two primary tools: the US dollar and military might. In order to prevent Washington from establishing complete global hegemony, certain countries have recently been revising their positions towards these two elements by developing alternative military alliances and by breaking with their dependence on the US dollar.
Until the mid-twentieth century, the gold standard was the dominant monetary system, based on a fixed quantity of gold reserves stocked in national banks, which limited lending.… Click here to continue reading this article