Its unsustainable, US financial system leaves countries and populations greatly suffering.
So the US imposed USD as the one and only currency for almost all commodities’ transactions tens of years ago, and at the times emerging countries’ currencies are collapsing vs USD, they dont care.
People suffering but they project their world power.
Look at below Reuters article about Sudan, a recent example.
Sudanese wheat traders are obliged to buy USD on the black market at exorbitant rates (bcs all intl. wheat contracts are labeled excusively in USD!!!)
Did you hear about emergency US financial aid to Sudan to alleviate this crisis?
Moreover US is breaking the supply chains of cheap food products that countries like Soudan are only able to purchase. Example? Ukrianian, Russian, cheap and quality wheat is usually sold in big volumes to Turkey (who has the biggest and most competitive milling industry in the world) and which transforms this wheat and sells the cheapest and quality wheat flour to poor countries.
This cheap food purchases are in fact a major part of humanitarian aid to these countries. Bigger than official aid itself.
This non-official humanitarian supply chain is there thanks to enormous efforts, ingenuity and proffessionalism of Russian, Ukrainian, Moldavian, Romanian, Bulgarian,Turkish, Egyptian, Lebanese, Jordanian and other countries grain traders and their governments subsidies to some degree.
But recently US has sanctioned Turkey and Turkish Lira plunged close to 20% in one day and more than 40% since the beginning of their year.
The result? All wheat and other grains transactions between Turkey and Black sea countries just stopped.
Im not even talking about Iran, whose regular, through Kaspian sea, grain transactions with Russia stopped already quite some time ago for the same reason and whose huge milling industry and population are suffering.
This is irresponsible and inhuman on the part of US.
Their USD will invetably loose its share of trade and of intl. reserves.
Huge number of countries can not trust them.
And I’m not at all anti-american, I just notice what’s happenning.
I will not repete that we at our start-up working on Fintech solutions to solve this problem………..I dont wanna publicity here.
Peoples and countries simply must unite their efforts and come up with the new innovative solutions to trade between them in their local currencies and also using new means of exchange like stablecoins between them.