Russia, China making moves to replace U.S. dollar as world’s reserve currency
07/15/2022 // JD Heyes // Views

Since the end of World War II, the U.S. dollar has been the world's reserve currency since the U.S. had become, by far, the world's most powerful country.

But in addition to being the most powerful and being able to project that power globally, the U.S. also had become the wealthiest nation on the planet as well, thanks to our ingenuity and, for decades, successive presidential administrations and congresses that had America's best interests in mind.

Yes, Donald Trump was not the original "America first" president; in fact, that's why his campaign in 2016 was so successful: He ran on a platform of returning our country to those days (and you see what the deep state that now runs the country from within the shadows did to him).

Trump's stolen election, the installation of a dementia patient as president, and the fact that Americans did not revolt over what took place by the tens of millions have led many of the world's lesser powers to conclude that we are now an 'empire in decline,' like the British and Romans before us, and as such, feel it's the right time to move on from the United States.

China and Russia are seeking to implement a new currency among BRICS members -- Brazil, Russia, India, China, and South Africa -- according to reports stemming from a mid-June meeting of the countries, The Epoch Times reported this week:

The meeting, chaired by Chinese leader Xi Jinping, was part of a lengthy series of BRICS cooperation events, which began on June 6 with the second finance ministers and central bank governors meeting and ended with the second meeting of the committee of senior energy officials on June 28.


Brazil, the largest country and economy in South America, is a U.S. ally, but obviously, its leaders are seeking to hedge their bets and play both sides of the Pacific Ocean.

"We should also expand BRICS cooperation on cross-border payment and credit rating to facilitate trade, investment, and financing among our countries," Xi said during the meeting, according to transcripts.

The outlet noted that he "went on to reaffirm the Chinese Communist Party’s (CCP) commitment to working together with the BRICS nations to achieve the CCP dream of the Global Development Initiative (GDI)."

Wang Yi, the Chinese foreign minister, presented the initiative to the United Nations in April as part of a Beijing-led global development initiative. It was welcomed by the UN, of course, because most of the member nations are run by authoritarians and tyrants who hate America and the U.S. republic. More than 100 nations sent messages of support, while more than 50 countries have since joined the Group of Friends of the GDI, according to the ministry's website.

Analysts say that China is working on developing a non-U.S.-dollar-based payment system that will help achieve the objective of leaving America behind.

The XIV BRICS Summit Beijing Declaration that was issued last month lays out the goals for the coming year. The declaration includes continued collaboration on “the BRICS Payments Task Force (BPTF) as a platform for exchanging experience and knowledge, and welcomes the central banks’ further cooperation on the payments track," according to the document.

Xi, along with Russian President Vladimir Putin, called for payment system alternatives to the U.S. dollar in order to deteriorate its dominance in international trade and to reduce American control of the current widely-used SWIFT payment system.

"The GDI was warmly received by Secretary-General of the United Nations António Guterres when it was put forward, and actively participated in by the UN member states at large," the Chinese foreign ministry said in a press release.

"Wang Yi said the GDI is another global public good put forward by President Xi Jinping following the Belt and Road Initiative. It serves as an accelerator of the 2030 Agenda for Sustainable Development and remobilization of the global development cause, which fully meets the expectations of all countries, especially the vast developing countries," the press release added.

China is actively working to become the dominant global power, replacing the declining U.S. For all of America's problems, the vast majority of the world will not like an authoritarian China taking the United States' place.

Sources include:

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