Fri Sep 15, 2023 – 1:04 pm EDTFri Sep 15, 2023 – 1:07 pm EDT
(LifeSiteNews) — There is great consternation in the United States that the era of the U.S. dollar as the world’s “reserve currency” is coming to an end, degrading America’s hegemony. Proposals at the recent BRICS summit in South Africa to create a common currency notionally linked to gold, and to initiate lending within the New Development Bank (NDB), a BRICS bank, have set off alarm bells, especially when about 40 other countries have expressed an interest in joining the alliance.
Such analysis of the state of U.S. dollar hegemony is wildly off the mark because most people, reasonably enough, think that the financial system makes some sense. They do not realize that, since the 1980s, the financial markets have been engaged in a constantly escalating game of illogic and extreme risk: a circus in which they endlessly invent new forms of money, making money out of money. It is so bad, defining what money actually is has become confoundingly difficult.
The first mistake made by reasonable people is to think that the foreign exchange markets are mainly used for trade, the
The remainder of this article is available in its entirety at LifeSite News
The views expressed in this news alert by the author do not directly represent that of The Official Street Preachers or its editors
