Dedollarization is here, like it or not

Source: Responsible Statecraft
by Eli Clifton

“Dedollarization appears to be an unstoppable trend as countries around the world look to reduce their dependence on U.S. currency. Countries, particularly those in the Global South, are reducing their U.S. dollar reserves, settling cross border transactions in non-dollar currencies, and exploring the formation of new multilateral settlement mechanisms. A major driver of this trend is Washington’s weaponization of the dollar via expansive sanctions that currently cover 29 percent of the global economy and 40 percent of global oil reserves.” (05/24/23)