The Flight From the US Dollar

by Ted Snider

“On March 20, Chinese President Xi Jinping met with Russian President Vladimir Putin in Moscow. In his article in the Russian media preceding the meeting, XI enthused that ‘China-Russia trade exceeded 190 billion U.S. dollars last year, up by 116 percent from ten years ago.’ Though it has reached 190 billion US dollars, it is no longer all being traded in US dollars. In his article in the Chinese media, Putin said that ‘the share of settlements in national currencies’ of all that trade ‘is growing.’ 65% of that massive China-Russia trade is now being conducting in their Russian and Chinese currencies. Though the US sees Russia and China as the largest threats to its position in the world, it is not just America’s enemies that are fleeing the dollar. Its closest friends have hinted at it too.” (05/08/23)