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Showing posts with label dollar. Show all posts
Showing posts with label dollar. Show all posts

Saturday, May 31, 2025

31: Debt Crisis

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

U.S. Trade Representative Jamieson Greer said Friday on CNBC that China has not removed non-tariff barriers as agreed. ......... “We haven’t seen the flow of some of those critical minerals as they were supposed to be doing,” Greer said. ........... China in December announced export bans to the U.S. of critical minerals including gallium, germanium and antimony. It announced more export controls on rare earth minerals in April, in response to Trump's tariffs.

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Kremlin staged drone attack on Putin's helicopter Four sources within the government and the Kremlin told The Moscow Times that security officials promoted this shocking and "risky" episode in the media to convince Russians that their leader is not hiding behind others, but is also supposedly taking risks and making sacrifices......... The Moscow Times reported that the "sensational claim" that Putin’s helicopter had found itself "in the epicentre of a large-scale enemy drone attack" was disseminated by the Russian Defence Ministry via the state-run VGTRK television channel.

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

Velocity Money: Crypto, Karma, and the End of Traditional Economics
The Next Decade of Biotech: Convergence, Innovation, and Transformation
Beyond Motion: How Robots Will Redefine The Art Of Movement
ChatGPT For Business: A Workbook
Becoming an AI-First Organization
Quantum Computing: Applications And Implications
Challenges In AI Safety
AI-Era Social Network: Reimagined for Truth, Trust & Transformation

Remote Work Productivity Hacks
How to Make Money with AI Tools
AI for Beginners

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

Chinese EV exec says China rollout of Tesla’s self-driving tech is a ‘DeepSeek moment’ for autonomous vehicles “This is actually the first time you saw the technology tackling complex driving conditions in Chinese streets to be used side-by-side,” Gu said. “The reason I say it’s very similar to a DeepSeek moment is that, compared to Tesla, the Chinese companies, including ourselves, are so much [more] under-resourced.” ......

Despite having fewer computing resources and capital available than its U.S. competitors, XPeng’s self-driving cars performed better than Tesla’s in China, according to Gu.

.......... When the Chinese AI startup DeepSeek released its R1 large language model in January, it shook the entire industry with its remarkable performance and efficiency. DeepSeek had spent a fraction of what the major U.S. companies such as Google and OpenAI had spent on their AI models, yet produced comparable results. ............. Those issues were resolved, making Tesla’s program available again,

although with a name change from “Full Self-Driving” to “Intelligent Assisted Driving.”

............. Despite the name, Tesla’s FSD system still requires human drivers to remain fully alert in the car in order to intervene at any moment. FSD is classified as level two autonomous driving. XPeng’s cars currently have the same self-driving classification. ........... Software for level-three autonomy would be completed in the back half of this year and level four would be ready in 2026, XPeng said in March. ............ “Now we’re looking at potentially having level 3 in two years; level 4 probably in four years, that can be widely used on Chinese roads”


Elon Musk's Drug Use Much Greater Than Previously Known: New York Times Musk’s attorney Alex Spiro told the Journal at the time that his client is “regularly and randomly drug tested at SpaceX” and has “never failed a test.” ........ In April, Rep. Mikie Sherrill (D-N.J.) introduced a bill that would require Musk and his hires at the so-called Department of Government Efficiency to undergo regular drug testing, though the bill has gone nowhere in the Republican-majority house.

Steve Bannon says Elon Musk and Scott Bessent had "physical confrontation" According to Bannon, Bessent confronted Musk over his sweeping but unfulfilled promises to deliver $1 trillion in budget cuts. "Scott Bessent called him out and said, 'You promised us a trillion dollars in cuts, and now you're at like $100 billion. Nobody can find any savings. What are you doing?'" Bannon recounted........... According to Bannon, Musk's status in Trump's orbit also diminished after the March leak that he was slated for top-secret military briefings on China, which Trump abruptly canceled. Bannon noted, "The president backed [Bessent] just like the president didn't allow the briefing on China," adding, "People in the administration and the White House realized he didn't have any idea what he's doing. They cauterized the damage." ............... Bannon emphasized that this marked a turning point: "That's the inflection point, you see Elon all changed from that moment." ......... Bannon also criticized Musk's handling of his DOGE promises, particularly after Trump's State of the Union address that referenced millions of allegedly fraudulent Social Security recipients over age 100. Musk's claims of fraud were debunked as "primarily due to an accounting error," with Bannon stating, "Not one penny was ever shown to have been sent to these people." ............. "Is anyone trying to talk to Elon now? No," Bannon remarked, attributing the fallout from the White House's "Big Beautiful Bill" to Musk. He explained that Republicans in Congress had counted on Musk's promised spending cuts, but "he didn't deliver." .......... Bannon said, "The political class on Capitol Hill willingly got behind a pied piper and wasted five months." .............. "The people at fault here are Congress. They wanted to have a fairy godmother come in and wave a magic wand and say, it's all fraud, and get them off the hook. Particularly [House Speaker Mike] Johnson…they didn't invite Musk to Capitol Hill because they think he's politically radioactive, and they all lined up and didn't do the work on these bills…There's no cuts." ........... Musk's decision to step down was likely a strategic move to recover his image, with polls acting as real-time barometers of his personal brand health. .......... The Axios Harris Poll 100 places Tesla and SpaceX near the bottom of the rankings, at 95th and 86th, respectively. ............ During the press conference, Musk appeared to have a black eye. When asked about it, he joked that he wasn't "anywhere near France," a reference to an incident where French President Emmanuel Macron's wife Brigitte was seen pushing her husband before they walked off an airplane. ............ Trump, who said he hadn't noticed Musk's black eye, smiled at the story and added, "X could do it. If you knew X, he could do it." ......... Following news of Musk's departure, Scott Bessent publicly praised the billionaire on X, writing: "@DOGEand@elonmusk have set some very important work in motion—which we are committed to continuing. The Trump administration is cutting costs and making the government more productive for the American people."

Trump's move-fast-and-break-things tariff strategy collides with reality

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

The 20% Growth Revolution: Nepal’s Path to Prosperity Through Kalkiism
Rethinking Trade: A Blueprint for a Just and Thriving Global Economy
The $500 Billion Pivot: How the India-US Alliance Can Reshape Global Trade
Trump’s Trade War
Peace For Taiwan Is Possible
Formula For Peace In Ukraine
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

Thursday, May 01, 2025

The Rise of Bilateral Currency Agreements

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

 (PDF) Bilateral swap agreement and renminbi settlement in cross-border ... 

In recent years, a notable shift has emerged in global trade dynamics: countries are increasingly entering bilateral currency agreements to reduce reliance on the U.S. dollar. This trend is particularly evident among BRICS nations and their partners, who are exploring alternative financial arrangements to enhance economic sovereignty and mitigate exposure to dollar-centric risks. (De-dollarisation & BRICS' quest for financial sovereignty)


🌐 The Rise of Bilateral Currency Agreements

Bilateral currency agreements involve two countries agreeing to settle trade transactions in their local currencies, bypassing the need for a dominant third-party currency like the U.S. dollar. These arrangements aim to facilitate smoother trade, reduce transaction costs, and shield economies from external financial shocks.

Notable Examples:

  • India–UAE: In July 2023, India and the United Arab Emirates signed an agreement to settle trade in their respective currencies, the rupee and the dirham. This move was exemplified when the Indian Oil Corporation paid for its first crude oil import from the Abu Dhabi National Oil Company in rupees. (UAE Entry into BRICS Increases its Diplomatic and Economic Options)

  • India–Russia: Amid Western sanctions, India and Russia have expanded their trade in local currencies, particularly for oil transactions. However, Russia has accumulated a surplus of rupees, highlighting challenges in utilizing non-convertible currencies for broader international trade.

  • China–Argentina: Facing a shortage of U.S. dollars, Argentina has turned to the Chinese yuan for imports, utilizing a bilateral currency swap agreement with China. This arrangement has been extended, allowing Argentina to access additional funds in yuan to stabilize its economy. (Deal extension allows Trump ally Argentina to borrow another $5 billion from China)


🏛️ BRICS Initiatives and Aspirations

The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has been at the forefront of promoting trade in local currencies. In recent summits, BRICS nations have agreed to strengthen trade and financial settlements in their own currencies and explore the feasibility of an independent cross-border settlement infrastructure. (Emerging economies are pushing to end the dollar's dominance. But what's the alternative?, BRICS nations agree to boost trade, financial settlement in local ...)

While discussions about a unified BRICS currency have surfaced, internal differences and economic disparities among member countries have posed challenges. For instance, Brazil has expressed reservations about advancing a common currency, focusing instead on reducing dollar dependency through bilateral agreements. (Trump's Threat Over an Imaginary Currency Risks Backfiring on the U.S. Dollar, BRICS nations discuss shared response to Trump trade policies)


🇨🇳 China's Strategic Push for the Yuan

China has been proactive in promoting the internationalization of the yuan (renminbi) through various mechanisms: (Internationalization of the renminbi)


📈 Projected Growth and Implications

The shift towards bilateral currency agreements is expected to grow, driven by geopolitical tensions, the desire for financial autonomy, and technological advancements in digital currencies. While the U.S. dollar remains dominant, the increasing adoption of local currencies in trade could gradually reshape global financial systems.

However, challenges persist, including currency convertibility issues, exchange rate volatility, and the need for robust financial infrastructure. The success of these bilateral arrangements will depend on the participating countries' ability to address these challenges and build mutual trust.


In conclusion, the trend of countries engaging in bilateral currency agreements signifies a transformative phase in international trade, reflecting a collective move towards diversified and resilient economic partnerships. 

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption
AOC 2028: : The Future of American Progressivism

Thursday, April 17, 2025

China's Dedollarization Drive: A New Era of Currency Competition

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption

 

China's Dedollarization Drive: A New Era of Currency Competition

The global financial landscape is undergoing a significant transformation as China intensifies its efforts to reduce reliance on the U.S. dollar—a process known as dedollarization. This movement is not solely about replacing the dollar but about reshaping international trade, finance, and geopolitical influence.


China's Dedollarization Strategy

China's dedollarization approach is multifaceted, aiming to:

  • Promote the Renminbi (RMB) in Global Trade: China is encouraging the use of its currency in international transactions, particularly with countries in the ASEAN region. In 2024, cross-border RMB settlements in ASEAN exceeded 5.8 trillion yuan, marking a 120% increase from 2021.

  • Develop Alternative Financial Systems: To reduce dependence on U.S.-dominated systems like SWIFT, China has established the Cross-Border Interbank Payment System (CIPS), facilitating RMB-denominated transactions.

  • Expand the Digital Yuan (e-CNY): China's central bank digital currency (CBDC) has seen substantial growth, with over 7 trillion yuan ($986 billion) in transactions by mid-2024. The digital yuan aims to enhance the RMB's global reach and offer an alternative to dollar-based digital payments.


Progress and Challenges

While China's dedollarization efforts have gained momentum, several challenges persist:

  • Limited Global Adoption: Despite growth, the RMB's share in global payments remains modest. As of 2023, it accounted for 4.3% of global payments, surpassing the Japanese yen but still trailing behind the U.S. dollar (47%) and the euro (23%). 

  • Capital Controls: China's strict capital controls hinder the RMB's liquidity and its potential as a global reserve currency.

  • Trust and Transparency: Global investors often express concerns about China's regulatory environment and the transparency of its financial systems, which can deter widespread adoption of the RMB.


The Role of BRICS

The BRICS nations—Brazil, Russia, India, China, and South Africa—are collectively exploring dedollarization strategies:

  • BRICS Pay: An initiative to develop a decentralized payment system facilitating transactions in local currencies, aiming to reduce reliance on the U.S. dollar and SWIFT.

  • Petroyuan Discussions: Russia has proposed denominating oil trades in yuan, a move that could challenge the dollar's dominance in energy markets.

  • Common Currency Considerations: While discussions about a unified BRICS currency exist, significant economic disparities and differing monetary policies among member nations make this a complex endeavor.


A Multipolar Currency Future?

The global financial system is gradually shifting towards a more multipolar structure: Diversification of Reserves: Countries are increasingly diversifying their foreign exchange reserves, reducing the proportion held in U.S. dollars.

  • Emergence of Regional Currencies: Currencies like the euro and the RMB are gaining traction in regional trade agreements and financial transactions.

  • Technological Advancements: The rise of digital currencies and blockchain technology is facilitating alternative payment systems, potentially reducing the dominance of traditional currencies. While the U.S. dollar remains the predominant global reserve currency, these developments indicate a gradual move towards a more diversified and multipolar currency landscape.


In conclusion, China's dedollarization efforts, bolstered by technological innovations and strategic alliances like BRICS, are reshaping the global financial order. While the transition to a multipolar currency system will be gradual and complex, the foundations for such a shift are increasingly evident.


Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption

Trump’s Trade War
Peace For Taiwan Is Possible
The Last Age of War, The First Age of Peace: Lord Kalki, Prophecies, and the Path to Global Redemption

AI-Era Social Network: Reimagined for Truth, Trust & Transformation
Game Theory and the U.S.-China Trade War: Who Blinks First?
China's Dedollarization Drive: A New Era of Currency Competition
Immigration: The Edge That Made America Great
Manufacturing the Future: Why America’s Tech Revolution Must Begin at Home
AOC 2028?

Why an AI Chatbot on Your Website Is the Perfect First Step into Business AI
How AI Can Revolutionize Small and Medium-Sized Businesses (SMBs)
The AI Revolution: How Emerging Trends Are Empowering Small and Medium-Sized Businesses

Thursday, April 14, 2022

The Bitcoin Will Displace The Dollar (And Putin ... Putin First)

The dollar being the de facto global currency is not healthy for the world economy or even for America. But a de facto global currency has been needed. And the dollar has played that role since the end of World War II.

But the displacement will not come from the euro or the yuan. One dollar can not be replaced by another. The argument against the dollar is also the argument against the euro and the yuan.

This is like saying CNN should not be the only source of world news around the world. CNN was that when Bush Sr. started dropping bombs on Baghdad.

Look at CNN today. It is past tense. But it is still around and doing brisk business.

You can digitize the dollar, but it is still the dollar.

Crypto will displace the dollar. And there is nothing the US government can do about it. The march is unstoppable.

The dollar's place in the scheme of things is the reason the US economy has massive deficits. When your primary export is the dollar, you are going to end up with lots of goods and services in return if you are not giving out the dollar for free.

The US ends up with free money. It prints money for domestic consumption. And that money goes into global circulation. Free money for the US.

Looks like there is value in creating a stable, global currency. The crypto people realize that. They are busy creating money out of thin air.

The dollar is the print edition of the New York Times in 1993. There is no saving it. Although the Times is still around, and is my favorite newspaper today. I pay a dollar a week to read it. But I am so glad I have 100 other news sources. That is not counting the 1,000 sources on social media.

So if Putin is unhappy about the dollar and its status, he might as well root for the crypto crowd.

No, I am not saying he should pour his personal wealth estimated above $300 billion into Bitcoin. That would be even more outragenous than when Elon Musk put $3 billion into it.

World's Richest Man Elon Musk Thinks Putin Is Richer Than Him
Elon Musk claims Russian President the world's wealthiest
Putin Net Worth: Putin has 43 planes, 7000 cars and a gold toilet… Russian President is ahead of Elon Musk in wealth! Nemtsov says that Putin has a huge collection of watches worth Rs 5 crore. Putin’s superyacht, which was spotted earlier this month, is worth Rs 7 billion. According to reports, this superyacht is currently in the Baltic Sea. Alexey Navalny, Putin’s biggest critic, claimed that Putin owned a luxury palace worth 100 billion rupees and located near the Black Sea coast.

Thursday, January 16, 2020

The Dollar, Weaponized

America started using the dollar system as a geopolitical weapon in earnest after the attacks of September 11th 2001. President Donald Trump has taken this policy to a new level of intensity, using sanctions as his main foreign-policy tool and even targeting allies with “secondary” sanctions that punish anyone who trades with states in America’s bad books. America’s power ultimately stems from its ability to prohibit firms from using its financial system, in turn leaving them isolated and unable to interact with most counterparties. Often the effect is fatal....... Russia has substantially de-dollarised its trade flows, foreign debt and bank assets. ...... Russia, China, India and others are discussing—and signing—bilateral or wider deals to settle trade in national currencies. They are also exploring alternatives to swift, the dominant payments-messaging network, over which America holds sway. Europe, meanwhile, has built Instex, a clearing-house, that could allow its firms to trade with Iran while bypassing America’s financial cops. ...... Central bankers from Europe to China are stepping up work on public digital currencies. These could help bring down the cost of electronic cross-border payments, which is still relatively high. Some foresee the creation of cryptobaskets of reserve currencies. ....... an inflection point has been reached. Since Mr Trump began firing off financial ordnance, his targets have gone from merely musing about breaking free from the dollar to doing something about it ..... the dollar’s current pre-eminence is not an unalloyed good for America: it distorts the currency’s value (upwards) and market interest rates (downwards). ...... Some economists believe the Depression was partly caused by the absence of a hegemon to steady the world economy.