the cross talking the us dollar, i'm joined by my guess rick sterling in 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. all right, cross that grows and effect. that means you can jump anytime you want. and i always appreciate radical if i go to you 1st in when a pig 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, what, what is the prospects for the us dollar as more and more countries are trading in their own currencies? go ahead and when it pay i think they'd be more than ever. the dollar has always been very problematic. people, even it's most odd advocates have always said it's not perfect, but it's the best is to be got in cetera. so it's already had problems in serving

the world reliably stable lee and usually, but today the u. s. economy is weakening, its financial systems contradiction that exploding all over and its presence in world trade is diminishing. where all of these are put together, then what you are 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 majority of the world, the world majority, as i think russians are increasingly calling it one of the problems are the dollars system or the major problem is already been a massive under evaluation of vacancies reason, dollars. so the world has been selling the united states and the rich countries in general, things at the far lower price than they should be getting. so for all these reasons, now the alternatives are available now that the representation of the dollar system is so blake, they are seeking and finding alternative. well rick,

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 currency here and more and more of the world is waking up to that and, and is the professor pointed out here. it's inherently unfair, it's a rig system and people have alternatives now. and this is what we're seeing. go ahead break in walnut creek. yeah. well, they have created the, the alternatives because countries have been personally been been punished for relying on the dollars. so the, the us says, 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 and will inhabit, accepted around the world. and countries are seeing this as well. the. the national debt of the us is accelerating over $1000000.00

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 offers, given countries around the world and the motive to move away from the us dollar route. the essentially, the same thing applies to the euro, because as the us manages its economy and its interests around the world, it doesn't hesitate to punish europe and damage of the euro. i mean, it's really extraordinary. we talk about real and imagined adversaries. i thought europe was americans, friend, 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 though, 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 davos 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 sources. and i want, 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 rains 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 and they've been printing a quantitative e thing. all of that? it's good, it's good, it's good, like a vacuum. 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 so 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 us. so if he does dollars, but there is one small qualification that one ought to me, which is the united states. federal reserve has been essentially printing live involving 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 old 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 sheet of these financial institutions. hardly any of this money has actually taken out into the pockets of the ordinary join 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 low, 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 products. these have been suppressed, and now these can no longer be suppressed. which means that this, it's the fact that the 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, but another issue parallel to all of this is that we all know that the, with the advent of the conflict in ukraine, russia's 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 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 saved 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 so, so you know that theft of a national currency, the national reserves are supposedly the holdings were safe in the u. k. it turned out to be, they were totally 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, at least members of the european union are speculating how they can seize illegally sees, because there's no law for this right now. individuals assets and to append to them

off on to others, presumably the elite in, in camps. here, i mean, this is just a, a wide array of, you know, illegal activity. and all it does is undermine the front competence people have in international financial institutions. ralph. yeah, and it is, as you said before, and the feared currencies are trouble and risk. now, because of course, dave finance wars with that and did type in hyper speculation like how you 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 surpassed 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 a share of 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 u. s. 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 shows 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. but after that short break, we'll continue our discussion on the us dollar. stay with our team. lou needs to come to the russian state. total narrative. i've stayed as i'm phoning the northland scheme div s. mm hm. and i'm not in our son's. i'm at for a group in the 55 we did. okay, so mine is 2000 speedy. one else with we

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robot must obey the orders given by human beings, except we're such orders that conflict with the 1st law show your identification. we should be very careful about artificial intelligence. and the point obviously, is to rates trust rather than fis for various char, with artificial intelligence. real, somebody with a robot must protect its own existence with oh, welcome back to cross shop where all things are considered. i'm peter labelle to him and you were discussing the us dollar. 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 whimsical. 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 as 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 u. s. dollar. 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 up currency with a resource. usually gold has been one way of inspiring confidence. however, let me say that guarantees them says, always fit money. you know,

you may choose to back them with a resource, but they will receive 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 bead oil. copper. what have you? so if the value of the currency is kept reading, this is no different from backing it with resources. i mean, 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, cetera, et cetera. so i think while it's a good measure, you can dig if there is a 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 of 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 pretty much want to stay away from that, particularly if i don't agree with those policies here. and, and obviously we see countries like china in india and others really in large emerging countries, brazil, for example. they're seeing how poorly the us dollars being managed. and going back to some of the things that ralph have 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 bricks country. countries are looking at creating a basket of currency 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. so 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 us 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,

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 it saudi arabia, well, exclusively sell it's oil in dollars. i mean, i don't know if people in the treasury department are listening here. the petro dollar is really the fault 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 markets 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 don't want to trade. but it's actually if they get a forced 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 last time as long as they still have the power before the new world is being constructed. and i think it will be much more a road of sovereign nations, like in africa, a lot of nations are breaking up. and of course you mentioned bricks earlier of a job are already of super power all together. so we will see a change that is as radical as in one, 989990. about 33 years ago when the berlin wall fell. no one had expected that to happen a year before. so i think now with the conflict in ukraine being to capitalizing the fact that we see the world through, we see that also it will come to

a new world. probably mister crow, who recently went to china, who said that they should not, and france should not into european union, should not stand with the america and all aspects. and the longer that is probably where most europeans would, would become various and they are 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 if you wanted to reverse this trend, is there anything it could do? no, i think that's it. yeah, that's what i was expecting. go ahead. yeah. and 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, it's not making the dollars stronger. it's making the dollar weaker. so instead of this, what happens when the only weapons you have at hand actually have

a counterproductive effect? it actually is like, you know, the only weapons you have when you're sitting on a solidly milford tree is a so, and all of that helps you to do is got the limb on which you are sitting. right. that's the situation that the united states does not have any good weapons, but it is not going to stop trying. 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, the worship, the u. s. dollar. they'd a poor competition because if you're competitive it, you get a better view that 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 brick countries confirming that they're going to move away for to a different due to a different trade trade in a different currency. saudi arabia joining the shanghai cooperation organization. all of these trends are, are happening and, and, and the u. s. population is largely unaware of it and unaware of what of the, the status of the us dollar. 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 we'd 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, and the eastern european countries fail 3 years ago because the lies can't became

too big socialism, imploded, capitalism explodes. that's why it sees 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 discretion is more about the economy than about any military alliances . i think so. 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, of politics because of ideology and the people are being left behind and radical is

really pointed out. the most important thing here, lead people in the global south get true value for their work and their products at something the west because we'll have to, we'll deal with and it's going to be a harsh reality for all. it's all the time we have a want to thank my guess in walnut creek winnepeg and here in moscow and i think our viewers for watching us here are t c. you next time. remember, cross the the me because they already see here because they could throw that amelia matthew with greater finland to the euros. the nazi theory of racial superiority finish style. for years of

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