Zero Hedge: “The global de-dollarization trend continues as it appears the UK’s move to join the China-led Asian Infrastructure Development Bank has indeed shown other US “allies” that spurning Washington’s advice is actually acceptable and concerns about the institution’s “standards” may simply be a diversion aimed at undermining China’s attempt to exercise more influence in its own backyard. Here’s more from the NY Times:
Ignoring direct pleas from the Obama administration, Europe’s biggest economies have declared their desire to become founding members of a new Chinese-led Asian investment bank that the United States views as a rival to the World Bank and other institutions set up at the height of American power after World War II.
The announcement on Tuesday by Germany, France and Italy that they would follow Britain and join the Chinese-led venture delivered a stinging rebuke to Washington from some of its closest allies. It also called into question whether the World Bank and the International Monetary Fund, which grew out of a multination conference in Bretton Woods, N.H., in 1944 and established an economic pecking order that lasted 70 years, will find their influence diminished.”
Opinion: De-dollarization is a very scary word that very few people are paying attention to since the dollar has been on a strong run since the end of 2010.
It means that the US dollar is seen by the rest of the world as the cleanest shirt in the dirty laundry bag. If the US dollar was rising because of a strong US economy there would no reason for the Federal Reserve to keep interest rates at 0%.
But this past Tuesday, that is precisely what the Fed did.
The US economy is being held back because of debt. Picture a ship trying to move forward but the captain forgot to lift the giant anchor.
The fact that the economy is moving up at all, is testimony to American capitalism, ingenuity and $4 trillion in newly manufactured US dollars.
So if China, Russia, India, Brazil and South Africa (BRICS) not to mention South Korea, continue losing faith in the dollar due to horrendous mismanagement, the feasibility of the dollar as world reserve currency could end.
And that fits the scenario spoken by John: the Black Horse of Revelation 6:5-6.