De-Dollarise Trinidad and Tobago

With the Emergence of the BRIC's Currency we have an unprecedented opportunity for sweet T&T to reap the benefits of a real free market economy, and to move away from the hegemony of the US Dollar.

The most profound impact Russia's Special Operation has had (and continues to have) on the world is the acceleration it has inspired towards multipolarity—that is, global power more evenly distributed amongst several advanced economic nations rather than contained within a single hegemonic power, which in this case is the United States. Underpinning much of this acceleration, moreover, is the trend of de-dollarisation.

Global oil supply is expected to tighten further when a European Union embargo on Russian oil takes effect on Dec. 5. This will lead to a boom in oil prices for the winter.

Trinidad could do like trump and declare bankruptcy and just not pay its debt to the empire.

“Russia proposes a new international standard for trading in precious metals: the Moscow World Standard (MWS) which will become an alternative to the London Bullion Market Association (LBMA) which systematically manipulates precious metals markets to depress prices. According to Russia’s Finance Ministry, this new, independent international structure is necessary for “normalizing the functioning of the precious metals sector” and its creation is”critically important.”

In the meantime, Russia is taking steps to strengthen the alliance between BRIC nations, including re-routing trade to China and India.

“We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries,” Putin said in his opening video address to the participants of the virtual BRICS Summit.

That this is hardly reported in the Western MSM is both hilarious and rather frightening. Perhaps the sheeple don’t deserve to know they’re on the Titanic and the only life boats are already spoken for by the 1%.

Dollar Supremacy

The US dollar’s supremacy and US global leadership have been increasingly questioned since the 2007–2008 global financial crisis. The fact that this crisis originated in the United States raised concerns about the reliability of US leadership and the rationality of preserving the dollar’s hegemonic position in the global financial system. This crisis also created an opportunity for rising powers to seek greater status and representation in global governance.

Because the US has seigniorage, while others don’t. That means the eradication of the USD system for many actually involves paying off the debts. That is bullish for the USD, and that very bullishness itself creates a feedback loop which causes more bankruptcies (particularly in Emerging Markets).

BRICS

Practical example of this on a smaller scale:
Let’s say, you own a $1m property in Japan, and you have a mortgage of $800k on it. You’re servicing this OK with income in Yen. Then the Yen blows out, causing rates to rise, and your ability to service collapses. You know that even if you spend every last penny on your mortgage payments, you’re still going to lose your house. Your bank has a long history of threatening behavior and kicking folks out of their home.

They’re also the only bank in town, and if you get on the wrong side of them – well you’ll never get a loan again. Now… imagine you could declare bankruptcy, but simultaneously nationalize your house and tell this bank to get stuffed.

That today is the international situation. Now naturally that bank won’t be happy with you and won’t extend any credit again, maybe ever, but another bank has seen this coming and opened down the road. It has literally suggested that you do this and they have promised not to penalize you for defaulting on your mortgage. What do you do?

In any event, underpinning this trade with the USD is problematic not only for Russia, but any country which may now (or in the future) disagree with the US. This lesson was taught earlier this year, after Russia found $300b of its USD currency reserves to have been stolen. As such, any alternative currency must be removed from any Western influence in the trade.

It is no longer a matter of if the U.S. dollar will lose its dominance among global currencies — but when. The economic sanctions following the Russian invasion could have just accelerated that downfall.