ah, that's all for now. be sure to check out our t dot com for the latest breaking news and updates. we'll see you next time with ah. 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 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 anytime you want. and i always appreciate rebecca 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 is the danger or 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, 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 effect,

but it's the best system we've got in cetera. so it's all we've had problems in serving the world reliably stable lee unusually. but today the u. s. economy is weakening, its financial assistance, contradiction that exploding all over and its presence in world trade is diminishing where all 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 of the dollar system or the major problem is always 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 that alternatives are available now that the representation of the dollar

system is so blatant, they are seeking and finding alternatives. 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 and walnut creek. yeah, well, they created the, the alternatives because countries have been personally been been punished for relying on the dollar. 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 we'll inhabit, accepted around the world. and country are seeing this as well the,

the national debt of the us as exhilarating 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 itself is given countries around the world and the motive to move away from the us dollar route. that essentially the same thing applies to the euro. because as the us manages its economy in its interest 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 american spread, but no. well, the treasury department will stab 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

2008, 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 any 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 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 explained 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 have been printing a quantitative easing? all of that, it's good. it's going to, 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, so feet of dollars that 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 you don't dollars, but there is one small qualification that one ought to me, which is the united states. federal reserve has essentially printing dollars in vance quantities 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 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 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 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, 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. the, the u. k and the u. s. are the, the main culprit, and this where they have sees 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 bins royal and people was, was just seized. more recently, we saw the, the afghan national reserves that were in the u. k. dolan. 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 you know that theft of national currency, the national reserve is 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 bought 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,

speculating how they can seize, illegally cease because there is no law for this right now. individuals assets and to pay them off on to 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 confidence people have an international financial institutions. ralph. yeah, and it is, as you said before, a day to currencies are trouble and risk now because of course, dave finance wars with that and did type in hyper speculation like you're 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 is 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 share off the global g d p. now this is for the 1st time that the bricks 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. well, 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 and is our country germany. our industry is suffering heavily and the population as well under sanctions. the 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's how you know, how much washington respects the sovereignty of other countries. i'm going to going to, we're going to go to a short break and wrapped about short break. we'll continue our discussion on the us dollar. stay with our team. the ah ah, in hungary has been a member of the european union, and nato is 999 during the 1st post soviet wave of nato's eastwood expansion number be still is because if the me naga. thank is my

property, but i see like that by now quench it e. so me that me if so with the pressure zap bud lulewicz to have what brochure? every mya still more. gina beach grass. you what i see australia. bosh roy. a mug woochie strongly 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. georgia younger in the z o in what any someone like yours or what i see if you brought by somebody in the company or political more than as what i see is great. and i did it at the political roles with russian state for narrative. i've stayed as i'm phone and ignore slam. steve asked me him the american house southland and up with

50000. okay, so mine is the final speaking with we will van in the european union, the kremlin media machine restate on russia today, and school r t spoke neck, given our video agency, roughly all band on youtube and pinterest. and with this forward to talking to you all, that technology should work for people. a robot must obey the orders given by human beings, except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence and the point obviously is to

create trust rather than fear and with artificial intelligence, real summoning with obama protective own existence with oh, welcome back to cross shock where all things are considered. i'm peter lavelle to remind you we're discussing the us dollar okay, let's go back to winnipeg, a 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 of this to that. but if it's backed by assets by we to, in grain and oil and all these other things here, it 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 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 confidence and historically backing of currency with a resource. usually gold has been one way of inspiring confidence. however, let me say that currencies then says, all these fi at money, you know, you may choose to back them with a resource, but they're always she at 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 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 a but section of a lack of confidence in your currency, it's not strictly necessary. confidence can come from many sources. what'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. i don't agree with those policies here. and,

and obviously we see countries like china and 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 currencies so that they can conduct all the trade 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 $1100000.00. the 2nd biggest boulder is china,

which similarly reduced its holdings by 15 percent. and 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 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 things 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 that 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, well 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 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'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 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 a 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 the capitalizing effect 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. 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 that could do? no, i think that's it. 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 dollar stronger. it's making the dollar weaker. so sensitive dish. what happens when the only weapons you have at hand actually have a counterproductive effect? it actually is like, you know, the only weapon you have and then you're sitting on a salim, of a tree is a saw. and all the heads you to do is got the limb on which you are sitting, right?

that's the situation. the daughter is in the united states. however, at the same time, we 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 mighty currency would the should not try to impose a dollar on the one, etc, for the last century and more they have tried to impose the dollar on the rest of the world, and the result is, 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 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 are 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, as 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 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, in these political lead from the west, all they want to do is take the can down the road. 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 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 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, evolve 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 so. 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've 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 to 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 are watching us here. r t c. you next time. remember cross the ah was what it was to be that on. i mean,

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