Current account surpluses of Russia, China and Saudi Arabia have reached record levels. But now these surpluses are not being transferred to traditional reserve dollar assets,” says Zoltan Pozhar, strategist and managing director of the Swiss bank Credit Suisse, on the pages of the British Financial Times
Instead of the dollar, these countries invest primarily in gold, raw materials assets, and also make geopolitical investments. The remaining surpluses are stored on bank deposits in a liquid form to guarantee the possibility of their use
Moreover, dedollarization is fundamentally accelerated by three fundamental trends:
1️⃣ Settlements in national currencies greatly reduce the role of the dollar as a world equivalent
2️⃣ Digital currencies of central banks will allow transactions to be carried out without using the infrastructure of the financial system of the West
3️⃣ Reserves denominated in US government debt are declining
At the same time, Credit Suisse emphasizes that many today are stereotypically approaching the upcoming confrontation in the US Congress over raising the debt ceiling. They say they will break the comedy, as usual, and then they will agree. But the main question is not whether there will be a default in the US or not, but that a protracted confrontation will accelerate global de-dollarization (flight from the dollar worldwide)
So, even Credit Suisse are agreeing that things are looking pretty dire for the US and those western econonies tied to the prosperity of the US (i.e. UK). But, on top of the looming dollar crisis, we have the massive … and it really is massive US debt, of which a large lump was simply hidden (as Lord James explains below).
$15 TRILLION is equivalent to the the federal debt of the U.S. Treasury Department. Lord James of Blackheath has spoken in the House of Lords
At the present moment, the US is technically bankrupt. But, it continues to struggle on, because the world’s bankers make their money from the dollar, and if the US falls, so do they. But, as Credit Suisse kindly point out, the US war against Russia in Ukraine, has seen a flight from the dollar, and a flight away from those bankers that sustain the US (and through it the UK and similar economies in the EU).
To add to this, we have the (Russian supported) move away from fossil fuels and toward costly unreliables, which means that even the Germans cannot afford to make armaments for their own army any longer.
To add to this, we have the Net Zero WEF inspired destruction of agriculture, through the attack on fertiliers, and obviously the attack on the rule of law as occurred by the totalitarian attack on civil liberties during covid.
Add to that, the massive import of people with no historic connection with our country, who will almost certainly flee with their gains as soon as the going gets tough, and it isn’t difficult to see where this is all leading.
The UK is going to be:
And there is nothing anyone like me can do about it. They chose to destroy Britain … they are going to have their wish. The only optimistic thing I can say, is that those British who destroyed Britain will not be remaining in positions of power.