Dollar being dealt a thousand cuts
The US-Israel conflict with Iran has accelerated discussion of de-dollarisation in the Western press, with concerns raised about the dollar's dominance. The trend towards creating an alternative international monetary system has been spurred by sanctions against Russia and other countries.
The US-Israel war on Iran has brought de-dollarisation into the mainstream Western press, with headlines warning of the dollar's weakness. Sanctions against Russia in 2022, which cut it off from the SWIFT payment system and froze over $300 billion in assets, had previously raised concerns. The dollar system has been volatile and crisis-prone, hobbled productive capacities, and boosted inequality. The New Development Bank's establishment and countries trading in each other's currencies have contributed to the trend towards de-dollarisation. Russia's presidency of the BRICS grouping commissioned a report highlighting the dollar system's faults, including frequent crises and destabilising volatility. The report identified the need for an alternative international monetary and financial system.
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