there are no independent players in the world anymore. ah, ah ah. hello and welcome to cross hawk 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 sucking the u. s. 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 or at cross sack rosen. if that means you can jump any time you want. and i always appreciate radco. if 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, what is the danger of what, what is the prospects for the u. s. dollar as more and more countries are trading in their own currencies. go ahead in winnipeg, but i think that the more than ever the dollar has always been very problematic. people, even it's most ardent advocates have already said it'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. but today the u. s. economy is weakening. it's an anxious distance, contradictions at exploding all over,

and its presence in world trade is diminishing. where all these up 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, the word majority as i think russians that are increasingly calling it the one of the problems of the donor system or the major problem has always been a massive and evaluation of vacancies visa, either 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 representation of the donor system is so blake, the us seeking and finding alternatives. well, rick, that's really the point. i mean, it's trust in this currency of 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 head break and walnut creek. yeah. well they, they have 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 haven't accepted around the world. and countries are seeing this as well. the, the national debt of the us as excel rating 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 effectively forcing us to use the dollar? so the u. s. itself is given countries around the world, the, the motive to move away from the us dollar route essentially the same thing applies to the euro. because as the u. s. managers, it's economy and it's interests around the world. it doesn't hesitate to punish europe and, and damage the euro. i mean, it's really extraordinary. are we talking about real and imagined adversaries? i thought europe was america spread, but know that the, the treasury department will stab the, you're 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 a different new world order that they had been planning for in davos or in washington or california. so this is the 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 getting sources on the line 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 explained to me if i understand this correctly is 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?

doesn't that create the possibility of hyper inflation will be overwhelmed with all these dollars that have been printing a quantitative easing? 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 this. 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 a surf he took dollars, but there is one small qualification that one ought to me, which is the united states. federal reserve has essentially printing dollars involved wanted 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 overall heading 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 figured 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 cause 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 their 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 and walnut creek,

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 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. the, the u. k and the u. s. are the, the main culprits in this where they see the assets of countries such as bad. so a lot of the go network of gas stations was saved by the united states. a national resource of the venezuela people was, was just seized. more recently we saw the,

the afghan national reserves were in the u. k. dolan, and apparently some of that money is being given to american victims of 911. so how does that figure people around the world are looking at that? so you know, that theft of national currency, the national reserves, supposedly the holdings were said in the u. k. it turned out to be they were totally not safe as well as individuals. russian investors and russian 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, speculating how they can seize, illegally cease because there is no law for this right now. individuals assets and to pay them off on the others. presumably the elite and care here, i mean,

this is just a, a wide array of illegal activity. and all it does is undermine the 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, dave finance wars with that and did type in hyper speculation like higher trading pro isn'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 cert passed the one off 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 currency. so if we take re, 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 it except for it's 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 and wrapped in that short break. we'll continue our discussion on the us dollar. stay with our team. hi, i'm rick sanchez and i'm here to plead with you. whatever you do, do not watch my your shelf seriously. why watch something that's so different. my list of opinions that you won't get anywhere else work if it pleases you to have the state department, the cia weapons makers, multi $1000000000.00 corporations. choose your facts for you. go ahead by change and whatever you do. don't watch my show stay main street because i'm probably gonna make you uncomfortable. my show is called direct impact, but again, you probably don't want to watch it because it might just change the wayne thing.

in hungary has been a member of the european union and nato since 1999 during the 1st post soviet wave of nato's eastwood expansion. number syllis gazelle. yes, the my log a thanks is dylan law for all 3 of us. see like by now as a crunch it so me, me and if so we did is after i did do, my asked the what, the show room. yeah. still motion, i will beach ross you, but i see a boshoway a mug which is funny in the early ninety's hungry was a country with a worst view of russia due to historical disagreements left over from the soviet union in the white one and some 9 years from what i see if somebody hasn't come to political more than otherwise, but i c k and i did it at the political move in

welcome back to cross talk where all things are considered. i'm peter belts around you were discussing the us dollar in the 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 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 weight, and 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,

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 guidance is required confidence in historically backing up currency with a resource. usually gold has been one way of inspiring confidence. however, let me say that guarantees themselves 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 under valued, 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 country is kept ready, resources, i mean china, for example, doesn't need to back if you, on with resources. if people believe that the chinese economy 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 a perception 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 pretty much want to stay away from that, particularly. i don't agree with those policies here. 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 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 trade among those major countries in. if we look at the, even the holdings of us national security is 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, 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, their companies have 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 fulcrum that 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 those don't want to trade. but it's actually, if they get a 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 last time as long as they still have that 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 waking up. and of course you mentioned bricks, early of the job are already of super power all together. so we will see

a change that is as radical as the 19891990. 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 missed them across who recently went to china, who said that they should not and frowns should not, and europe in union should not stand with, with america in all aspects. it's making, it's not making the dollars stronger. it's making the dollar weaker. so consider this, what happens when the only weapons you have a 10 actually have a counterproductive effect? the actually is like, you know, the only rep when you have it, when you're sitting on the far 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 b of saying, you know what, we should settle down to a multi currency world. we should not try to impose a dollar 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 wes, particularly those that worship the us dollar. they a poor competition because if you are competitive, you get a better, you were production costs, you lower them, you have lower prices for your consumers here, but that's not what the dollar is for. the dollar is for the 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, in 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 can 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 at 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 33 years ago because the allies kept became too big socialism imploded capitalism. explodes, that's why sees the wars and all these 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 the 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 these wars, how do we continue? and i think discretion is more about the economy than about any military alliances . i think, well, i'm kind of an old fashioned guy. i think the economy should be about the well

being of every one of people it should be caught. and that's, we've lost that we have lost that because of politics because of ideology and the people are being left behind and radical 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 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. i want to thank my guests in walnut creek, winnipeg, and here in moscow. and i wanna think our viewers are watching us here. r t c. you next time. remember, cross the me i ah

may be able to turn a blind eye to atrocities in other countries, united states of america is different. wherever people long to be free. they will find a friend in the united states for with it about it all ready basie. she's already sitting, draw the look at both dan sanders and the cigarette a few color revolutions is one among several meetings to reach the goal of conquering foreign lands and bringing them onto the hell of u. s. western economic interest to popping sadie. i didn't get to get to that. go

back to give them a little bit of a recap for you. ensure that there are a lot of me sitting in that that a if you would you can fuck with me. i'm gonna get, you know, thank people. what i see. i've got the, i got the only people go by and i got a little b like buffy wilson. ok, you know, so i, you can you sanctions, i really painful to all european. they called me because apparently

it was based on the cheap energy coming from russia. so now we are in a vision regarding this, like we got the fire legs and we cannot walk anymore. just just a reckless behavior. ah mash is both call me when you try. i got i had some new political mika, and then you're supposed to move across the would you be? i used to was more of a country where the last i didn't forget to let you talk about the whole partition . a stupid book,

a group for a whole more than what i see is great. you know, it's funny to play with my mom such as or chain, bordeaux, porsha gas or electric. i mean like i'm buying up a leukemia shop.