renew sewage. there is a a hello and welcome to cross hock, where all things are considered. i'm peter lavelle. sometimes the law of unintended consequences kicks in with a vengeance take, for example, washington's addiction of sanctioning countries around the world for short term political gain. the unintended consequence is the weakening of the american greenback and american power. with cross hawking the u. s. dollar, i'm joined by my guess,

rick sterling and walnut creek. he is a journalist at anti war dot com in winnipeg. we have radical decide she is a professor at the university of manitoba and here in moscow we have ralph niemeyer . he is chairman of the council for a constitution and sovereignty or at cross sack rosen. if that means you can jump any time you want. and i always appreciate radical, i go to you 1st. in winnipeg, we hear a lot of stories. i talked about this a number of years ago, the end of dollar dominance. now it's becoming a very common theme in financial media, political media, even. what is the danger or what, what is the prospects for the west dollar as more and more countries are trading in their own currencies? go ahead in winnipeg. i think that the more than ever the dollar has always been very problematic. people, even it's most ardent advocates have already said he's not perfect, but it's the best is to leave got it cetera. so it's always had problems in serving the was reliably stable ian neutrally. today,

the u. s. economy is weakening its financial systems contradictions at exploding. all over and its presence in world trade is diminishing where all of these are put together, then what you're getting is essentially the rest of the world seeking and now finding alternatives to the dollar. this is the big change now, is that the rest of the world that has never been satisfied. and remember, for the overwhelming majority of the world, the world majority, as i think russians that increasingly calling it the one of the problems or the donor system, or the major problem is always been a massive under valuation of de courtesies. these are we, the dollars. so the world has been selling the united states and the rich countries in general, things at a far lower price than they should be getting. so for all these reasons, now that alternatives are available now that the weapon ization of the donor system is so blatant, they are seeking and finding alternatives. well, right? that's really the point. i mean, it's trust in this currency currency if it's used as

a political weapon against real or imagined adversaries. it diminishes its whole purpose as being a fee of currency here and more and more of the world is waking up to that and. and as the professor pointed out here, it's inherently unfair, it's a rig system, and people have alternatives now in this is what we're seeing. go ahead break in walnut creek. yeah. well they, they created the alternative speakers and countries have increasingly been been punished for relying on the dollar so that the u. s. has given countries the strong motivation to move away from them. at the same time, we've seen the u. s. national deb exploding where they could just print money at will and heaven accepted around the world. and countries are seeing this as well the, the national debt of the us as accelerating to over one trillion dollars a year. and many countries are looking at that and saying, well,

why can you do that? why can you punish us by, by effectively forcing us to use the dollar. so the us itself has given countries around the world and the mode of to move away from the us dollar route. essentially, the same thing applies to the euro, because as the us manages its economy in its interests around the world, it doesn't hesitate to punish europe and damage to the euro. i mean, it's really extraordinary. we talk about real and imagined adversaries. i thought europe was americans, friends, but no, that'll be the treasury department will stop the year on the back and a drop of a hat. go ahead, ralph. yeah, it's absolutely true. and of course, you also have to, to see that parts of it is owed to the financial crisis that was never solved in 2000 a, 2009. it was only fresh depths that were created trillions hanging over

us all. and this is of course collapsing now. so now people are questioning whether the dollar is that all the reserve currency and the longer and probably it won't be because now the virtual reality hits us all back. i mean, we see now that virtual currencies on the rise, and this will be the new world order and it will be different new world order that they had been planning for in those or in washington or california. so this is a new world order that i see happening here now with the brakes. and i wish that germany would be part of that because we are talking about a real economy with production. and i want to get to that, i want to get to that in a moment here, radically. i've asked a number of economists to me. it seems to me and explain to me if i understand this correctly as more and more people countries reject to us dollar for as a means of trade. where do all these dollars go? or isn't there a tendency for them to start flowing back to the united states?

isn't that create the possibility of hyper inflation will be overwhelmed with all these dollars that they've been printing? a quantitative e thing. all of that? it's good, it's good. it's good, like a back to me, it's going to go back to the u. s. because there's no one else that wants them. is that a fair description? yes, absolutely. so essentially, all the dollars that, you know, the feet of dollars that are around the was the rest of the was the be selling dollars in buying of the currency. so yes, the dollars will flow back into the united states, creating a sophie to dollars. but there is one small qualification that one ought to me, which is the united states. federal reserve has been essentially printing. hello is involved one of these for a long time. certainly since the 2008 financial crisis. but until the last year or 2 of this did not result in inflation. why? for a very simple reason, the all handling majority of the trillions of dollars that have been created since

2008 have actually gone directly into financial institutions where they have gone into the black holes that are the balance sheets of these financial institutions. hardly any of this money has actually taken out into the pockets of the ordinary, joined jane in the united states, which means that this money printing is hardly really a cause of inflation. inflation has been caused because all those conditions, which for the last 3 or 4 decades has kept inflation law, specifically the weakness of labor and the weakness of the world. majority the rest of the world in terms of demanding higher prices for that commodities and for their product. these have been suppressed, and now these can no longer be suppressed. which means that this, it's the fact that very development of the rest of the world is now causing a challenge to the united states dollar. and that challenge takes the form of inflation. also, if i go to rick in walnut creek,

another issue parallel to all of this is that we all know that the, with the advent of the conflict in ukraine, rushes central bank reserves were frozen. we had a few years before that been his whale is gold was confiscated, i mean, the western supposed to be an impartial banker you know, protecting all assets around the world. well that is patently not true any longer. we've never seen these kind of acid seizures before. i don't know why any other country would want to put their money in the bank of london, for example. go ahead, rick. yeah, you're exactly right peter. that the u. k and the u. s. are the, the main culprits in this were they have seized the assets of a country such as valensuela, the cisco network of gas stations was seized by the united states that a national resource of the bins, oil in people was,

was just seized. more recently we saw the afghan and national reserves that were in the u. k. stolen and apparently some of the money is being given to american victims of 911. so how does that figure people around the world are looking at that? ok, so you know that theft of a national currency, the national reserves is supposedly the holdings were safe in the u. k. it turned out to be they were only not safe as well as individuals. a russian are investors and russian. the billionaires thought their money was safe in the u. k. they, they found out otherwise. well, absolutely. in ralph, we have the european union and least members of the european union are speculating how they can seize illegally sees, because there is no law for this right now. individuals assets and to, uh, pander them off on to others, presumably the elite in can't here. i mean,

this is just a wide array of, you know, illegal activity. and all it does is undermined the front competence. people have an international financial institutions. ralph? yeah, and it is, as you said before, and the feared currencies are trouble and risk now because of course they've financed wars with that and did type in hyper speculation like higher trading pro wasn't all that we've done. now we have at the same time that the real purchasing power, the purchasing power parity that has called has increased for the 1st time ever and served past the one of the g 7 by the bricks countries. so it's 30 point one percent 30.5 percent towards 29 percent or so after breaks that they have more share off the global g d p. now this is for the 1st time that

the brakes are overtaking the g 7, and that is the new reality. people have to wake up too. so why go for a fear at currencies any longer, if they are not, not providing the security that they used to. and of course, if you mentioned a war as, yeah, well, they are financed by these, by des, feared currencies. so if we take that away, i think a lot of the funding goes away for ralph what, you know, we were talking about sanctions and seizures of assets here. what the g 7 countries will do in turn, is sanctioning these countries that are going around the us dollar and western financial. i mean, the vicious circle goes around and around, finish up for us before we go to the break ralph? yeah, it is true and that's what ruining is our country germany, our industry is suffering heavily and to population as well under sanctions to us make us impose and to tell us not to have gas and oil from russia. i mean, that is the most aggressive act towards germany in the postwar history. yeah. well

that tells you how much our washington respects the sovereignty of other countries . i'm going to go to, we're going to go to a short break or after that short break. we'll continue our discussion on the us dollar. stay with our team. ah ah, ah . mm. mm. mm. mm. mm

. ah ah, mm mm. because they've already asleep here because they couldn't scroll through a matthew or just the greater finland to the euros. the nazi theory of racial superiority finish style

for years of korean ss, occupation, 14 concentration camps, 30 full prisoner of war, labor camps 10 prisons able give little skill level. she's the media and you've shown the senior needing in the chest, maybe to get all the equity elephants been listening eagles on the city in approximately 25000 people, went through the audio kind of go of finished camps according to official figures. his most stuck dumbly looked at it that she did to it in leg. my dear nashika, i get a stove. so again, cook gastanyon here was salmon disease, forced labor torture by the warden super mutual was giving up on the water that also need, you know, i thought so deep, you got that considerable, glad you went off with his name, push that things up a gives you a thousands of testimonies of crimes and the impunity of criminals.

when you've got hell, you know, wanted to study to speed man here actually. yeah. for the good i see you want me to lose. you can really sound but he you because i'm you. but the year was but it the mood along me the welcome back to cross talk where all things are considered. i'm peter belts. revenge. we're discussing the us dollar in ah okay, let's go back to winnipeg. professor ralph mentioned just briefly in the 1st part of the program about how other currencies are basing the value of their currencies on products on assets. and i think that's another reason why people are looking for alternatives because the u. s. dollars is kind of a wind circle. we have a small group of people telling us what it's worth, what it might not be worth relative to this to that. but if it's backed by assets

by we to in grain and oil and all these other things here and has a real tangible meaning. and it's going back to some of the things you said earlier in the program about real price value of products around the world. that are undermined by the us dollars. so this is another reason why people are looking for alternatives to get true value out of their products. go ahead. yes, i mean, definitely guns. he's require constant isn't historically backing a currency with a resource. usually gold has been one way of inspiring confidence. however, let me say that guarantees them says, all of these fit money. you know, you may choose to back them with a resource, but they are always money. and the confidence can also come from other sources, including, for example, knowing that the currency is well managed, is not over or undergrad you, etc, in relation to go to key commodities,

including gold. but also you mentioned the oil, copper, what have you. so if the value of the cars he's kept reading, this is no different from backing it with resources. i mean, the china, for example, doesn't need to back if you, on with resources. if people believe that the chinese economy and the value of the you are the stable, the chinese economy is large, et cetera, et cetera. so i think while it's a good measure, you can dig if there is but section of a lack of confidence in your currency, it's not strictly necessary. confidence can come from many sources. that's very good point here. it's about how much competence you have any, how well it's managed as a professor pointed out here, and i think there's a recklessness to the way the us dollars been managed. because if it's, if the purpose of your currency is to derive political aims. i mean, i've pretty much want to stay away from that particularly, but i don't agree with those policies here. and, and obviously we see countries like china in india and others really large emerging

countries, brazil, for example. they're seeing how poorly the u. s. dollars being managed and going back to some of the things that ralph has to say, how about a basket of currencies, you've got to spread out your risk right there. and i think that's what smart money is doing. rick and walnut creek. yeah, well, exactly. the brooks country countries are looking at creating a basket of currencies so that they can conduct all the among those major countries in. and if we look at the, even the holdings of us national security, the biggest holder is japan. in the last year, it reduced its holdings in u. s. national to pressure is a by 15 percent from $1.00 trillion $1.00 to $1.00 trillion dollars. the 2nd biggest boulder is china, which similarly reduced its holdings by 15 percent in the, in the last year from $11.00 slightly over 1000000 dollars to point 85000000

dollars. so we can see that that's a, that's a pretty clear indication that that countries are having a waning confidence in the us dollar and seeking to reduce their holdings at the same time, i think it's clear that china does not want to see the u. s. dollar crash, the u. s. is still the largest trading partner with china, and they would see a lot of negative consequences of a sudden crash of the u. s. dollar. but, but we're seeing clear signs that many countries around the world. most countries around the world are, are, are seeing and seeing that need to move away from the reliance on the us dollar. well, exactly, ralph we, as i mentioned, we have china in brazil. they've agreed, these are companies of agreed that they will trade in their own currencies. and probably one of the biggest stories of the year is that saudi arabia won't

exclusively sell its oil in dollars. i mean, i don't know if people in the treasury department are listening here. the petro dollar is really the fall from the gave the west, so much prosperity since the 19 seventy's. and we see this huge direction directional change in the, in the energy market here. that is going to diminish american power. but what i worry about ralph is that when they know this is diminishing element is facing them, it will make them more aggressive against though it's the don't want to trade. essentially, if they're going to force people to trade in dollars, that's a very dangerous environment. i think that's right, and we see the reasons for all the wars that the united states are engaged in at the moment, indirectly in ukraine, but also they're preparing for war in taiwan. if you look at that, it looks like they are trying to claim their stakes the last time a year before. so i crane being to capitalizing effect. the world probably missed

a my career breaking up at the moment. well, i mean, the whole premise of the european union with prosperity and security and they're, they're getting less and less of both as time goes on. reco. explain to me. i mean, what could it be you? it's wanted to reverse this trend. is there anything it could do? no, i think that's. yeah, that's what i was expecting. go ahead. yeah, that's a really interesting question because, you know, look at it this way, as you, your says, pointed out the weapon i vision of the us dollar is boomerang being back on the united states. it's making that it's not making the dollars stronger. it's making the dollar weaker. so consider this. what happens when the only weapons you have it can actually have a counterproductive effect. it actually is like, you know, the only rep when you have it. when you're sitting on a limb of a tree, you just saw, and all that helps you to do is the limb on which you are sitting, where that's the situation the dollar is in the united states. however,

at the same time, we'll continue to use these weapons counterproductive as they are because you know what, they don't have a plan beach. they don't have a plan deal saying, you know what, we should settle down to a multi colored world. we should not try to impose the doors on the world, etc, for the last century and more they have tried to impose the dollar on the rest of the world. and the result is that this has never truly succeeded, and now it is receding more rapidly than ever. the united states does not have any good weapons, but it's not going to stop drawing. well, i mean reca, if we had a multi currency world, it would be far more competitive, isn't that better for everyone? it looks like the west, particularly those that worship the u. s. dollar. they'd a poor competition because if you're competitive it, you get a better, you bet we are production costs. you you, you lower them, you have lower prices for your consumers here, but that's not what the dollar is for. the dollar is for foreign policy dreams of

the people inside the beltway. yeah, yeah, that's exactly right. and the majority of the population in the united states is not benefiting from that policy. but i think there's a huge lack of awareness or ignorance in the us about about these international going on and the, the increasing move away from the us dollar just, you know, in the last days or the last week or so we've seen that. we've seen the bricks, countries confirming that they're going to move away for to a different due to a different tra, trade in a different currency. saudi arabia is joining the shanghai cooperation organization . all of these trends are happening and and, and the u. s. population is largely unaware of it and unaware of what of the,

the status of the u. s. dollars. they just keep raising the ceiling on the national debt without, you know, they don't like rhetoric. i was saying there does not seem to be a plan b there, there needs to be and that should be part of the discussion in the upcoming election in the, in 2024. but so far we've heard nothing of that. yeah. ralph and they did these political lead from the west. all they want to do is take the can down the road. maybe it's somebody else's problem. i mean, not too many years ago. i could remember when the us national debt was like 9 trillion dollars in and that was a lot of money. and now what was like $32.00 trillion dollars and that's probably underestimated that. okay. i mean, there seems to be no political will to try to reverse this trend here, but then again, it wouldn't generate any political dividends for the people in power. go ahead, ralph. well,

i think it only shows that and raises the question which economic system do we want to live under? we have seen socialism in this country fail and in the eastern european countries fail 3 years ago, because the lies can't became too big socialism imploded, capitalism explodes. that's why i see the wars and all the steps that are being created. they are now raining down onto the goods markets. this will cause a lot of tragedies for everyone, also in the united states, but around the globe. so i think the question is, is there a way possible and is that the new economic system we will see evolved from, from these crisis. and maybe this is for the next discussion that we should have. how would we see when we get out of the crisis is after all of these wars, how do we continue? and i think this question is more about the economy than about any military alliances, i think says, well,

i'm kind of an old fashioned guy. i think the economy should be about the well being of everyone of people it should be caught. and that's, we've lost that we've lost that because of politics because of ideology and the people are being left behind and radically is really pointed out. the most important thing here, let people in the global south get true value for their work and their products at something the west is we'll have to, we'll deal with and it's going to be a harsh reality for all and all the time we have want to thank my guess in walnut creek winnepeg and here in moscow. and i want to think our viewers for watching us here are t c. you next time. remember, cross the ah the

ah, the claims of the king of the belgians leopold the 2nd to the congo were finally authorized by the leading european countries in 18. 85. in the very heart of the african continent. a state under the rule of the belgian monarch was declared since the beginning, the congo free state was total, may him for the local population and functioned as a universal concentration camp. the majority of the population, including women and children, were forced to work on the rubber plantations. those who failed to fulfill their quota were beaten and mutilated. to keep the congolese people under control, the king set up the so called for spook leak, which were punitive detachments that cast terror on the captured country and its inhabitants. fearing that their subordinates would simply waste bullets hunting for wild animals,

the officers demanded that the soldiers gave an answer for every bullet used. and as proof presented a chop hand of an african. it was not uncommon when trying to justify the use of the ammunition, the colonist amputated the hands of not only those who were dead, but also of those who were kept alive. the atrocious exploitation of the congo turned into a real genocide in only 20 years. the policy of the belgians led to the death of nearly 10000000 people alongside the holocaust. that genocide of the congo population is considered to be one of the grimmest pages in the history of mankind . are exceptions. and i'm here to plead wiggly, whatever you do, do not watch my new show. certainly why watch something that's so different. my little opinions that you won't get anywhere else, work of it please. if you have to stay pharmacy, i was bankers,

multi $1000000000.00 corporations, choose your facts for you. go ahead, i change and whatever you do. don't watch my show, stay mainstreet because i'm probably going to make you uncomfortable. my show is called direct impact. but again, you probably don't wanna watch it because it might just change. and the wayne thing ah, ah, the finish war time photograph archive has very few photos of the concentration camps. and in those few, it seems as if prisoners move behind above why of their own accord.