BRI Spells the End of US World Hegemony, US Dollar Dominance


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/


Putin, Xi Lead Multiple Nations’ Bypass of US$ as Reserve Currency


Russian President Vladimir Putin and Chinese President Xi Jinping get friendly at a ceremony to present Xi with a degree from the St Petersburg State University on June 6. Photo: Dmitri Lovetsky / AFP

Asian Times describes in its article “Putin and Xi step up the strategic game” on June 8, 2019 the strategic partnership between Russia and China, saying “The peer competitor (to the US) has emerged, in full: the Russia-China strategic partnership.”

The article is about Chinese President Xi Jinping’s recent visit to Russia to attend St Petersburg International Economic Forum (SPIEF)

Among the total Russia-China geopolitical sync on Syria, Xinjiang, Central Asia, the Caucasus, Iran, North Korea and Venezuela as displayed in Putin’s meeting with Xi, the article regards as most damaging to the US their “drive to develop bilateral trade and cross-border payments using the ruble and the yuan, bypassing the US dollar. Or, as Putin diplomatically put it, ‘Russia and China intend to develop the practice of “settlements in national currencies.’”

That may set an example for other countries so that “Trade balance settlement everywhere is bound to progressively embrace the use of other currencies (instead of US dollar), not only ruble and yuan.”

Put an end to the dominance of US dollar! That will be one of Xi’s ingenious surprise moves to win trade war.

Most countries in the world want to put an end to US dollar’s dominance. EU has developed Euro for trade settlement in EU. Malaysian PM Mahathir has suggested the use of gold as substitute for US dollar.

Putin and Xi are hitting the US where it is vulnerable.

Comment by Chan Kai Yee on Asia Times’ article, full text of which can be viewed at https://www.asiatimes.com/2019/06/article/putin-and-xi-step-up-the-strategic-game/.