We know what’s coming and we are prepared.
IE: US faith in the stability of the dollar will be tested
Rumours of the death of the dollar are exaggerated, but only for now, writes the author of the article for The New Indian Express. The problems with the American currency are increasing, and the cause of this is Washington itself. Ultimately, the US will overplay their hand and lose their political prestige.
At the moment, there is no doubt in the US about the stability of the dollar as a reserve currency. However, considering the country's economic, political, and social problems, this faith will be put to the test.
To paraphrase Mark Twain's famous joke, rumours of the death of the dollar are exaggerated, although its health problems are increasing.
The problems with the dollar are mainly caused by Americans themselves. The unrestrained fiscal and monetary policies of the US - with a budget deficit and government debt at 7% and over 100% of GDP respectively - have reduced the dollar's long-term purchasing power. Since 1972, it has fallen by 99% against gold and lost 90% of its purchasing power in the market for real goods and services.
American politicians have always sought to use the dollar as a weapon to achieve their own goals, thereby compensating for economic weaknesses, such as lack of competitiveness. The US has sought to exclude foreign entities from international payment systems, such as SWIFT.
Washington imposes secondary sanctions to punish individuals and organisations that are not even under US jurisdiction. If a Russian company is under sanctions, anyone doing business with it may be subject to legal action, even if they comply with their own country's laws. This is done through a questionable system of dollar transactions that only pass through the US banking system. International banks and others have already faced legal action for operations that are legal in their own country. The threats are sufficient to disrupt dealings with organisations under US sanctions.
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🇸🇪 Sweden passes 'good behaviour' law to kick out misbehaving immigrants
Sweden's parliament passed a law on Monday allowing authorities to revoke immigrants' residency permits based on bad behaviour, such as having unpaid debts, doing undeclared work or links to extremist organisations.
The law, which covers pending permits but also retroactively already granted permits, is part of a wider tightening of immigration rules by the right-wing government and its support party, the nationalist Sweden Democrats, ahead of a parliamentary election in September.
The law has been criticised by the opposition and human rights advocacy groups as arbitrary because decisions would be taken on behaviour that has not been deemed criminal.
The law does not specify what types of behaviours are deemed unacceptable but the government has mentioned unpaid debts, not paying taxes, criminality and links to extremist organisations. The Migration Agency is tasked ...
The U.S. Strategic Petroleum Reserve (SPR) has fallen to 340.3 million barrels, its lowest level since 1983, after the government released another 8.9 million barrels last week.
The reserve has dropped 18% (75 million barrels) since the Iran conflict began in February.
The administration has used SPR releases to help keep oil prices from surging.
Source: CNN
