Even more countries are now exploring ditching the U.S. dollar in international trade settlements.
India and Egypt, two members of the BRICS economic alliance, are now reportedly in talks to completely abandon the U.S. dollar in international trade settlements between their respective nations.
This comes at a time when the U.S. economy is $33 trillion in debt, Moody’s has downgraded its outlook on several U.S. banking giants, and historically high inflation plagues the U.S. economy.
Breaking free from the economic side of things for a minute, foreign policy decisions have dire consequences. It turns out that fueling proxy conflicts all over the planet has created significant pushback against the U.S. federal government.
Kicking Russia out of the SWIFT system, the global protocol standard for moving U.S. dollars, ignited a torrent of uncertainty and dissent in much of the world—it was the proverbial straw that broke the camel’s back.
The dominant attitude of most non-Western countries after seeing what happened to Russia is: are we next?
No one should ever live in fear that their money and their ability to transact has suddenly been shut off by the government, not sovereign nations, and certainly not individuals.
This brings me to my final point: we must never allow the government to issue a central bank digital currency (CBDC). If they do, they will do the same thing to each of us that they did with Russia.
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