Honour the death and resurrection of Jesus Christ War against the dollar: Would they succeed and what it means for the TCI?

The US dollar, king of all currencies, is facing a revolt worldwide – a sinister idea festered in the minds of the BRICS – an economic bloc incorporating Brazil, Russia, India and South Africa – embarking on a journey to wean the dollar of its de facto world reserve currency status.

One may ask, how did the dollar come to rule the financial universe? After World War II, in 1944, allied countries convened in Bretton Woods, USA with the goal of eluding another financial meltdown. They created a system, bearing a set of rules, which eventually shaped the global economy as we know it today.

BY D MARKIE

They inaugurated the International Monetary Fund and the World Bank, and established a new exchange rate system, where each country pegged the value of their indigenous currency to the dollar; hence, the dollar gained its dominance.

Today, the dollar is widely used outside the US and there are about one trillion notes in circulation. More so, 40 per cent of the world’s debt is issued in dollars; coupled with, nearly 60 per cent of the global currency reserves, and approximately 90 per cent of all foreign exchange trade involves the dollar, but now, the gang of dictators vowed to end this reign.

Communist China is the aggressor, entering bilateral currency swaps with 41 countries totalling 500 billion dollars and influencing other totalitarian regimes inside BRICS; along with, Iran, Venezuela, and potentially Saudi Arabia, as China becomes Saudi Arabia’s biggest customer.

The Asian giant has also become Brazil’s biggest trade partner, trading using their own currency, and since then, they’ve recorded bilateral trade of $150.5b in 2022.

Jesus now knew his time of crucifixion was over, so his final statement was “Father, into your hands, I commit my spirit.” You see he committed his spirit to Lord even in death. Of course, while on earth being alive, he did the same thing.

Despite being betrayed by Judas, Jesus knew that he was going to die and rise again. It was the ultimate sacrifice for you and me. I thank God for the resurrection and crucifixion of Jesus Christ.

I conclude by encouraging those of us who are already committed to the Lord to continue to live for him. Those who are not committed yet, I hope after reading this article, you have an appreciation and an understanding of the sacrifice that Jesus Christ made and if you do, I encourage you to commit to the Lord.

But there is a huge problem! India, a member of BRICS, is also competing for the global reserve currency crown. Last year, India’s reserve bank allowed trade settlements in the Indian rupee. Following this, banks in 18 international countries have expressed interest and have since opened special accounts.

And Brazil, another member of BRICS, and Argentina floated the idea of a South American currency.

So, why communist countries are so aggressive toward the dollar remains the biggest question!

Experts say, China is spearheading this scheme to internationalise the yuan through the coalition of dictators. Brazilian President Luiz da Silva claimed, dropping the dollar would reduce trade costs, bolster bilateral trade and facilitate investments.

However, it was Elon Musk –the billionaire global CEO – who blames President Biden’s foreign policy, for tightening sanctions against Russia.

So, what does this mean for countries like the TCI that use the dollar? Some argue China’s experiment with a central bank digital currency will accelerate the shift to a post-dollar world and once the dollar loses its reserve status, it will devalue with a soaring interest rate and market mayhem will ensue.

Monica Crowley, former US treasury assistant secretary warns of a ‘complete economic implosion’ if BRICS pursues dedollarization. This would have geopolitical consequences and; hence, would impact tourism.

A contrarian view suggests, the yuan is simply not convertible, as this phenomenon depends on policy and not technology, as the yuan share of Swift transaction slumped 2.3 percent in February this year.

Despite incessant financial shocks that keep hitting the dollar, it still stands strong in the world’s economy.

Therefore, lawmakers must stay abreast, weigh the facts and plan for the future!