You had better memorize the term: de-dol-la-ri-za-tion
Some say it was Colonel Muammar Qaddafi, who wanted to dethrone the dollar, and so he paid for it with his own life. Others say it was Iraq’s President Saddam Hussein, who wanted to make settlements in a currency other than the US dollar, and he was hanged. Now it is Russia and China, which want to do the same. Just days ago an agreement was signed to this effect.
(i) Russia and China have decided to begin to make mutual settlements increasingly in their respective national currencies, and
(ii) they have decided to bypass the SWIFT system, introducing their own instead.1)
Moscow has also revealed lately that Russia has stopped using the US dollar and the SWIFT system for settlements in arms trade.2)
The exchange of goods between Russia and China is significant; Russian weaponry has a lot of clients around the globe. On the other hand both countries, and especially China, have large dollar reserves. And both states are under attack from the West, be it economic sanctions against Moscow, be it American trade war against Beijing.
To administer punishment for such a daring act was a child’s play in the case of Libya and Iraq: the two countries were swiftly dealt with. What can one do with a nuclear superpower on the other hand and Asia’s largest economic tiger on the other?
If Washington has wanted to weaponize Moscow against Beijing or the other way round as it seems it has, then the strategists on the Potomac must swallow a bitter pillow. The hybrid war waged against Russia in Georgia, Ukraine, Moscow, the Baltic States, Poland as well as in Venezuela and Syria rather than weakening the target state have cemented its embrace with the Middle Kingdom.
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