Putin and China just dealt a CRUSHING blow to the U.S. Dollar | Redacted w Clayton Morris

Summary

In this discussion, the speaker highlights the looming crisis facing the US dollar, referencing top economists who suggest it's nearing its end stage. Amidst silence from mainstream media, gold prices have surged to a new high as countries, particularly those in the BRICS alliance, seek to diminish their reliance on the dollar. The speaker discusses the implications of the BRICS summit in Russia, where leaders aim to establish a new currency backed by commodities like gold. The conversation emphasizes the potential for economic shifts away from US dominance, raising concerns about the stability of the dollar and the global financial system.

Takeaways

• 💰 Gold prices have reached a new all-time high at $2,748 per ounce, signaling a shift in economic sentiment.
• 📰 The corporate media is largely silent on the decline of the US dollar, raising questions about transparency and reporting.
• 🌍 The BRICS summit is underway, with countries discussing alternatives to the US dollar for international trade.
• 🏦 China is pushing for a BRICS currency backed by gold and commodities, indicating a significant shift away from the dollar.
• 🔄 Russia and China are increasingly conducting trade in their own currencies, highlighting a trend of de-dollarization.
• 🧮 The US dollar is propped up by the economies of allies like Japan and Germany, which are struggling economically.
• ⚠️ Economists warn that the US is at an 'end stage' regarding the dollar's dominance, with looming financial crises ahead.
• 📈 Many experts predict that gold prices could rise to over $3,000 an ounce as confidence in the dollar wanes.
• 🌐 The BRICS alliance is challenging Western-dominated financial institutions, such as the IMF and World Bank.
• 🛡️ The use of US sanctions as a political weapon is driving countries toward alternatives to the dollar, impacting global relations.

Q & A

What recent trend is concerning economists regarding the US dollar?

Economists are warning that the US dollar is in decline, with some stating we are in the end stage for the currency, indicating a lack of options for the US government.

Why is there a lack of coverage in corporate media about the decline of the US dollar?

The corporate media is largely ignoring the issue, possibly because acknowledging the decline could represent a failure of US policies, particularly sanctions against countries like Russia.

What significant event is happening concurrently with concerns over the US dollar?

The BRICS Summit is taking place in Russia, where leaders from major economies are discussing ways to reduce reliance on the US dollar in international trade.

What is BRICS and what are its main goals?

BRICS is an economic alliance consisting of Brazil, Russia, India, China, and South Africa, aiming to promote cooperation in trade and finance and challenge Western-dominated financial institutions.

How is China participating in the BRICS Summit regarding international finance?

Chinese leaders are urging BRICS members to lead urgent reforms in international finance, advocating for alternatives to the US dollar in global transactions.

What is the significance of gold prices hitting a new all-time high?

The rise in gold prices, now over $2,700 an ounce, reflects growing concerns about the stability of the US dollar and increased demand for tangible assets as a hedge against economic instability.

What are the potential implications of a new BRICS currency backed by commodities?

A BRICS currency backed by gold and other commodities could diminish the dollar's dominance in international trade and provide countries with an alternative to the US-controlled financial system.

Why are some countries moving away from the US dollar, according to the transcript?

Countries like China and Russia are moving away from the dollar to avoid being vulnerable to US sanctions and to establish greater economic independence.

What does the term 'dollarization' refer to in this context?

'Dollarization' refers to the practice of using the US dollar in international trade, which many countries are seeking to move away from to mitigate US influence and control.

What actions has the US taken in response to challenges to the dollar's dominance?

Historically, the US has used military action, as seen in Iraq and Libya, against countries that attempted to move away from the dollar for oil transactions, indicating a willingness to protect its financial hegemony.