BRI Spells the End of US World Hegemony, US Dollar DominancePosted: August 16, 2019
Popularresistance.org’s article “U.S. imperialism views the One Belt One Road as an existential threat to the domination and monopoly of the dollar” points out the reason of US attacks at China’s BRI initiatives though I do not agree with its orthodox socialist views.
The article says,“U.S. imperialism views the One Belt One Road as an existential threat to the domination and monopoly of the dollar. China is becoming deeply connected to Asia, Europe, and Africa and this spells doom for U.S. imperial hegemony.”
The article has the vision to point out the threat of BRI to the dominance of US dollars.
According to the article BRI has promoted economic growth of participating countries so that trade between China and BRI countries has grown fast to a quarther of China’s entire trade. It says, “The more that China dominates trade and investment worldwide, the less likely that these nations will continue to use the U.S. dollar to conduct its economic affairs.” No wonder the US has been attacking BRI so fiercely.
The article’s orthodox socialist view regards EU as US ally in attacking BRI. No, EU has been fighting against dominance of US dollar for a long time as proved by its development of a unified European currency the Euro.
Moreover, EU has becoming interest in BRI since Chinese President Xi Jinping’s visit to Italy and France. It is certainly interested in the expansion of the market in developing countries cause by BRI.
So is Japan and South Korea as proved by their desire for the establishment of Regional Comprehensive Economic Partnership (RCEP).
I have to point out that China pursues harmony and cooperation instead of conflicts as advocated by the article. It is the US that is used to create conflicts and resort to force when it is able to. US trade war with China is a typical example. China is forced to fight back, but it is still sincere in seeking win-win cooperation with the US. However, the US is fond of conflicts. It always refuses win-win cooperation in the world.
Comment by Chan Kai Yee on popularresistance.org’s article, full text of which can be viewed at https://popularresistance.org/u-s-imperial-decline-and-the-belt-and-road-initiative-the-most-important-global-struggle-of-the-century/