French President Emmanuel Macron doesn’t want to “follow America” into a war with China over Taiwan, and has said that “Europe needs its ‘strategic autonomy’ from the United States, including potentially its dependence on the dollar.” Of course, Macron is looking out for himself, but even so, France would benefit from his proposals. This is completely unlike Joe Biden, whose every decision causes America to lose ground in the global arena.
The European Central Bank has, in fact, been working on its own digital currency in order to counter potential threats from China — and the U.S.
At the end of March, during a three-day summit between Vladimir Putin and Xi Jinping, Putin said, “We are in favor of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa and Latin America.” Aside from Russia and China, countries seeking alternatives to the US dollar now include India and Brazil.
Moving away from the American dollar will sink the value of the dollar, and reduce America’s global financial dominance. This is yet another frightful legacy of the Biden administration.
“Europe should reduce dependence on the US dollar, avoid ‘following America in conflict with China,’” Italy 24, April 10, 2023:
(AGENPARL) – ROME, April 10, 2023 – – French President, Emmanuel Macron, has said Europe needs its “strategic autonomy” from the United States, including potentially its dependence on the dollar, and should avoid following the America in any conflict with China over Taiwan.
On his return trip to Paris after a three-day state visit with Chinese President Xi Jinping, President Emmanuel Macron once again expressed his desire for Europe to become the world’s “third superpower” and, of course, with France in command.
In an interview with the site POLITIC Macron, who is a leading proponent of forming a proper EU army, has stressed the need for “strategic autonomy” for Europe from the whims of Washington. A key element of this for the French president would be to upgrade Europe’s defense infrastructure in order to reduce its dependence on American arms manufacturers.
More striking, however, were Macron’s comments on using the dollar as the world’s reserve currency, saying that Europe should seek to reduce its reliance on the “extraterritoriality of the US dollar.” The comments would likely be music to the ears of those in Moscow and Beijing, both of which have sought to undermine the petrodollar.
The petrodollar has been the backbone of the global economy since 1973, when US President Richard Nixon made a deal with Saudi Arabia to trade oil for US dollars only, a move that was quickly adopted by the Organization of Exporting Countries of oil (OPEC).
However, the system has come under increasing threat from the so-called BRIC alliance of emerging economies (Brazil, Russia, India, China and South Africa), which have been actively trying to get major oil suppliers and other countries to accept currency beyond the dollar.
Recently, China and Brazil signed an agreement to conduct bilateral trade in their own currencies and not in dollars.
The main buffer to the petrodollar’s collapse – which could be disastrous for the US economy – has been the fact that the European Union has continued to support it and continue to conduct oil exchanges in the US currency. However, the EU has already made noise about trying to create its own euro version of the petrodollar.
After taking office, President Joe Biden promised a return to close cooperation with American allies after President Trump slammed Europe over demands that NATO powers like France and Germany effectively pay the bills for the defense requests. However, amid persistent foreign policy failures from the botched withdrawal from Afghanistan to the war in Ukraine, Biden also appears to have failed to rally allies….
Robin Wolfe says
Creepy Criminal Corrupt Career Politician FJB, ALL his Fault.TRUMP 2024
FYI says
Regarding China:
Who wants war with China?
Who wants war with Russia?
Who benefits?
Who makes the money from it?
Why would any sane human being want such a catastrophe for humanity?
I mean you would have to be nuts,evil or morally bankrupt.
Just a little reminder..
“We need to go to war with Russia”
Hillary Clinton 2017
{And this was BEFORE Putin invaded Ukraine}’WE NEED..’Who is WE?allah of the royal We?The neocons.
Deplorable.Only a complete basket case would want WW3.
And so the neocons desperately engineer a war with ..Russia via a proxy war in Ukraine 2022
It looks like they really want a war alright{The neocons I mean}
Who REALLY wants WW3?
Especially with all those MEDICAL COINCIDENCES dying all over the place.WW3 would certainly kill off millions more.
Rob (Robin) Blair Harris says
A few years ago a Chinese economist raised the possibilty of using Special Drawing Rights as a settlement currencey alongside the USD. The continual raising of the US ‘Debt Ceiling’ i.e. printing money, removes part of the value of USD holdings EVERYWHERE!
VictorMc says
Britain has been at war with the jealous, egregious French for a 1000 years. The biggest reason the UK left the EU was ‘France’ NOT the Germans…give me them to me any day. I will not be here to see it but Britain did the right thing and chose a much better and different path to the ghastly thieves who run ‘Europe.’
Macron is just the latest in a long line of horrors in that (now Muslim) dominated country.
Stop giving these people the oxygen of airtime they crave.
OLD GUY says
Sadly this is all being done to bring America down. China wants to be the world power and leader at all cost and is working diligently to that end. The world will probably not be a better place with China at the head of the table. But I think we may find out.
࿗Infidel࿘ says
Actually, by trying to isolate Russia from the world economic system, the West has just made other countries leery of it, which is why you see several countries do deals that eliminate the role of the dollar. The Saudis definitely delivered a major blow when they agreed to start selling oil to Beijing for renminbi, and India too started doing Rupee-Ruble transactions w/ Russia, buying oil and selling industrial goods. Other countries like Indonesia have noted this and don’t want to put themselves in situations where they could be bullied by the West for any reason, be it a genuine one like human rights violations or fake ones like LGBTQIA+ restrictions. As a result, Indonesia is phasing out payment systems like Visa & Mastercard in favor of homegrown alternatives
In short, while we’re spending trillions like there’s no tomorrow, the dollar is fast ceasing to be the world’s reserve currency. Once that illusion is shattered, the dollar will be about as valuable as currencies from Zimbabwe or Uzbekistan, where they need wheelbarrows to have the sort of cash to buy basic groceries