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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Dr. Anthony Chaffee: "Goldman Sachs had a part of their meeting leaked, and they said: Is curing patients a sustainable business model?"
"And of course the answer was no because a patient cured is a customer lost."
"There's another leaked document from Goldman Sachs... They attacked a company called Gilead, which in 2013 came up with an actual cure for hepatitis C."
"Goldman Sachs wrote them an angry letter saying: You really messed up. You never go for cures—you just go for treatments."
"You want to provide a medication [so] that they can live with their disease, and you can sell them that drug for the rest of their life."
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Australia will be banning social media starting in December, for children under 16. The ban will include TikTok, Instagram, Facebook, X, Snapchat, and now YouTube. They believe this will prevent the rising tide of the younger generations of Our ⚪️ People in Australia becoming noticers, but it will not.
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