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2019/06/14
Various rogue countries have been looking for alternatives to the dollar for a long time, often to evade sanctions. However, according to the IMF, the dollar's share of Official Forex Reserves has remained the same under Trump as it was under Obama, 6.0 - 6.6 Trillion dollars, 62-63% of reserves.
The surplus of diplomats, and lack of top level bankers and finance experts, on the board of INSTEX, shows that INSTEX is more about politics than a serious effort to create a trade mechanism. In fact the dollar has continued to grow in stature.
“There is no alternative to the dollar,” said Mark Blyth, an international political economist at Brown University. “We’re stuck with the dollar, which gives the United States astonishing structural power.”
China has tried to compete, investing a trillion in alternative infrastructure. However its slowdown and repression of free speech, temper the appetite to hold Chairman Mao's money.
“What about China?” Mr. Blyth asked, rattling off possible alternatives to the dollar. “I could go there and disappear. This doesn’t inspire confidence. Once you start that kind of politics, you cannot be serious as a global currency.”
So here come politicans from the Euro zone. Problem, is as was predicted in the book of Daniel, the tribes of Europe have mostly the varnish of unity.
“The problems with the euro are problems with governance,” said Catherine Schenk, an economic historian at the University of Oxford. “It has been deeply flawed from the outset. It doesn’t look like a very safe haven to go to from the U.S. dollar.”
Russia has long been looking for alternatives to the dollar. Their inability to find such alternatives to the dollar, has allowed Trump to apply pressure on Putin and his cronies for their interference in the American election of 2016, which happened, and was known to be happening, by the Obama administration which took no efforts to fortify systems against Russian disruption that was known to the Obama Administration since 2015. In fact, for issues that later contributed to the call to spend $22 million on Mueller investigation, in the middle of supposed Russian vote rigging, Obama, on Oct 18, 2016, flat out denied the possibility of rigging our elections, saying “There's no evidence that that has happened in the past or that there are instances in which that will happen this time.“
