Consequently, America’s hegemony is in decline. Yes, the dollar is still the international currency for pricing commodities and cross-border transactions, but the Eurasian Economic Union (EAEU) is designing a new commodity linked currency to be used as a medium of exchange between its members, and it is anticipated that this will be extended to all inter-SCO trade, SCO trade with non-member BRICS, and even with oil exporters in the Middle East.
But the success of a new trade currency raises a question over the future of the $33 trillion of foreign-owned US financial assets and deposit balances. If the scheme gets off the ground successfully, the impact on the dollar will almost certainly be for foreign interests to unwind these assets substantially, to replace them with balances in the new trade currency. Foreign-owned capital would be withdrawn from the US economy in devastating quantities. https://www.goldmoney.com/rese....arch/russia-is-winni
