New York-Sana
The American Jacobin magazine warned that the sanctions weapon that the United States is waving against countries that do not revolve in its orbit raises fears that this weapon will undermine the dominance of the dollar as a major global currency.
The magazine said in its report that for decades the dollar dominated the global economy and was the main currency for monetary reserves and financial exchanges between countries, but this did not help the United States maintain its position as a dominant economic power after the sanctions it imposed on Russia.
According to the magazine, these sanctions prompted international financial institutions, including the International Monetary Fund and Golden Sachs Bank, to question their reliance on the US dollar as their largest cash reserve stock.
The magazine’s report referred to the statements of the chief economist at the International Monetary Fund, First Deputy Director-General (Gita Gopinath) last month, in which she warned that Western sanctions could undermine the global dominance of the US dollar and the movement towards other currencies that play a greater role as reserve assets. She also drew warnings Golden Sachs Bank that "the dollar faces challenges similar to those that led to the exit of the British pound in the middle of the last century."
According to some experts, the maximum extent to which Washington has gone in imposing sanctions on Russia has increased the urgency of countries to abandon dependence on the US dollar.
For many countries, the current outcome has been that Western banks are no longer a safe place for their foreign assets and that reliance on the dollar as a reserve asset or on US-dominated financial infrastructure for business transactions leaves them vulnerable if geopolitical winds change.
The magazine concluded that undermining the hegemony of the dollar was during the past years the dream of governments that do not revolve in the orbit of American politics and that looked with concern at the global American hegemony and formed economic alliances such as the BRICS countries to reach to undermine this hegemony, but it would be more ironic for the dollar to receive this The blow is from the same American policies.
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