just exploitation of the congo turned into a real genocide. you know, late 20 years, the policy of the belgians lead to the death of nearly 10000000 people alongside the holocaust. the genocide of the congo population is considered to be one of the greenest pages in the history of mankind. the i'm rick sanchez. i've been doing news for 30 years and 2 languages around the world. and here in the united states, interviewed for presidents worked at for the us as major television networks. i believe there should be honest, direct and impactful. this is direct impact. the, you know, countries around the world have been asking a certain question about the united states dollar. now for the better part of the

last decade at 1st it, it was maybe more of just that i sent or maybe even a whisper so as to not get shut out or shut down by washington or us bags. but now the question as being, as more boldly, it seems and with more conviction, here's brazilian president luis, ignacio little of the silver saying it out loud and for all the world. but here i'm doing so from china, no less the to me want to keep, keep the spies. we still will be the cause of us a f of the feel for matthew lush to the add new dollar. forget, you know, before they move funded logical mental measure, it had lots of web slow on a silva or lula as he's known throughout the hemisphere. it was meeting at the time with president chinese presidents, asian, big g. and lou law are taking the very 1st steps to be able to trade in their own

currency. somehow, while trying to diminish or cut out, exchange in dollars is altogether, the layers say that the reason that they're doing this is because it's a, it's, it's a cost cutting move. but you know what? it's likely much more than that. in fact, it's, it's a political statement, seemingly meant to send a message to the west and more specifically, to washington that it may be time for a change and get used to it. think this latest, the dollarization move is led by breaks the organization of countries talking about pulling together an agreement to serve, in essence as its own bank. to work around the us dollar breaks is a coalition that includes brazil and russia in india and china and south africa and the who set their agenda at an annual summit. each year. it isn't just brazil in beijing, those talking about all of this. the dollar ization thing suddenly from are from india to argentina, brazil to south africa from the middle east to south east asia,

nations and regions are accelerating efforts to reduce their dependence on the dollar. so how do we get here? let's start with a ron. the decision by the trump administration to renege on the iran new deal and the actually amplified sanctions. in spite of an international agreement with terry, ron demonstrated that the us is willing to push it's will our country despite what other countries might want or think. and that we're also willing to use what amounts to economic warfare. but now the u. s. has doubled down, and this time the bottom administration with a series of financial sanctions against moscow, the likes of which are bound to have repercussions. first, there was the decision to phrase $300000000000.00, which is nearly half of which has foreign currency reserves. and if that wasn't economically punitive enough, the us to move to remove russian bank from swift,

an enter bank messaging service, which is how countries essentially talk with banks and are able to communicate with one another. taking together with the most recent economic restrictions imposed on that as well in firms and tracking these firms. there is this message that the countries around the world are hearing loud and clear. the u. s. is willing to deploy what appears to be economic warfare. but more importantly, that it's willing to use, it's now perhaps more than they've ever have in the past. so it's not just about doing it, it's about doing more of it. and that may be why countries from latin america to africa, to the middle east are asking themselves if they can do it to those countries, if they can do it to china and russia and men as well on iran. well with the next and is a time to start looking for an alternative. joining us down to talk about this as economist and professor richard wolf. always good to see you, my friend,

i'm glad we get a chance to talk about this. what do you make of this situation with low at a silver going out there and just saying out loud, but a lot of countries i've been thinking and how important is that is very important. and what he's saying is, in the mines and in the press releases of more and more countries every day, there is no nice way around this. the us dollar became the global currency at the end of world war 2, because the united states was the only country to come out of that war. stronger than it went in and all its competitors were really prostrate. you know, unable to function. 100 dollar became the international currency. the way the british pound had been in the 19th century. and that couldn't last. anybody who knows anything about history knows that that was a kind of exceptional situation. and it would not last, but it brought the norm is benefits to the united states. very simple to explain.

we bring goods and services from around the world here, french, wine, japanese cars, whatever it is. and we give them an exchange little green pieces of paper that costs nothing to make. if they need dollars, they accept those pieces of paper. we get the benefit of real product. mm hm. and a paper and then the make it worse since the paper doesn't give them anything, no interest. they lend the paper back to the american government, helping to fund the deficit and they get an interest from the united states for holding those dollars. this is a wonderful benefit multiplied to the united states, but it makes every other country jealous, they want that they don't want to be on the wrong end of that kind of deal. they want it in for most of the 20th century. they couldn't, they weren't strong enough and the united states was dominant. but with the new

millennium, with a sanctions against the iran, for example, you're quite right. this began to break down. countries wanted a little of the benefit for themselves to want to always have the dollar be the intermediary. one of the biggest things that made that happen. what saudi arabia, which agreed to be paid for its oil as the biggest oil producer in the world. only in dollars in them i make everybody need to whole dollars to keep dollars in reserve, etc. when all of this change is in the new century, the last 20 years, because not only did countries become big enough and rich enough lead by trying to to begin to say seriously, we want our own currency to be part of the deal. even europe got the euro. yeah. into the little bit after the year. 2000. but what really did it, and you,

you were right. quite right. brick pointed is when the united states changed its policies from being the dominant country and the world, making sure that its currency was everywhere available. it suddenly weaponized that dollar weaponized the swift system and all the other systems that use the dollar use them for. it's all foreign policy objective. oh wait, you're not managing it for everybody. you're managing your for your so that's a great that's. that's what amazing you see, i, the shakespeare had a quote, right? you can't leave well enough alone. the united states, was it a free to use an old term? the only guys like you remember, a pretty groovy place, right? i mean, they had the best of both worlds. but when, when, when we started doing what we've done with cit, go in venezuela, just as an example off the top of my head or with the deal with iran or what we're

doing now with china and my god with. as you mentioned, what we did recently with russia that seems punitive, it's not, we want to be a part of the system and we're going to be equal players. know, it's what you just said. we're in a position where we can use our power to leverage it against you. and i think that's, that's the turnaround in this whole thing, professor. yep. and i think if i can venture a moment of history, it's a classic moment when an empire makes a fundamental mistake. it, we've had a ride up in the american empire and we replaced the british empire. it was a good ride up to most of the 2nd half of the 20th century and really roared forward. but it has peaked. we don't have the position we had before, we just don't. and the question is, how are you going to manage that?

if you manage it by you leveraging your power, beating up on other countries, you're going to sooner or later drive in to get together to confront you the power house with the reality that you're not as strong as you ones were. and they are a strong group then they once were, that has to be accommodated. and warfare is not the way to do it, not only not military warfare, which would be crazy now. but even economic warfare the, the fact of the matter is over the last 10 years, the dollar has gotten weaker literally every month. so it used to be that 7080 percent of the reserve is every central bank in this, in this planet. we're in the form of dollars today. it's less than 45 percent. it's a catastrophic drop in the importance of the dollar. and in the power of the united

states, the use of that dollar, it's one of those examples we're using that power was a big, big mistake. as under cuts that power, it would've been much better in retrospect, to have managed and kept your dominant position as a reliable, trustworthy manager, then to become a partners in flight or when the rest of the world. and let's remember the united states is very wealthy, but it 4 and a half percent of the world's population, not the rest of it. and the rest of it. that's remember the 2 biggest companies in the world are india and china. they're part of the bricks, as you correctly pointed out. this is the united states welling around because it doesn't want to face that it's shrinking in its footprint around the world. it's all one's, it's higher. and you, whether you come to terms with that is the crucial question. and denial is not

a solution. you know, i've been talking to some economists and a lot of america. and they pointed out to me, they said, you know, rick, you're, you're, you're, i understand your point about the d dollarization, but it's not so much about the dollars ation. it's just the fact of the matter that the world has changed. and while the united states was the max daddy, as we like to say, economy in the world today, they're either not or about to be, not because of what's going on with china. and that's really what is driving this. as you just mentioned, the economies of places like china and india and others are just yeah, the world is changing. the world is changing and you know, i get frightened to be honest with you rick. i get frightened because either you arrange to manage that live and let live you drive it has to have its way to develop its economy. we have to have our way that can be worked out. i want to remind people a little bit of history when the united states broke away in

a violent revolution from another empire, the british empire, the british empire, tried to stop at militarily right at the war of dependence. and then we had another warren, 1812, and then the british realized, i'm not gonna stop this by military means. and they came to terms with the united states and we had a century of no war between those 2 countries. i think we need to learn. so we're not going to the punish trying to back its drum, couldn't do it by you did do it. i really give you one statistic because i'm an economist. we now have the results of economic growth. the 1st 3 months of this year, january, february, march, 1st quarter of 2023. be the economics of britain, a girl 0, no growth at all. france 0.2 percent. the united states, one percent. the people's republic of china, 4 and a half percent. i mean, you can make, believe these realities aren't they?

are, they've been there for 20 years. they're not going away. it's time to sit down and work out something where we can live together on this planet because there really is no viable alternative. and the d dollarization is a screaming message to us, so i hope we have the brains and the capability to absorb. i wonder if we do though, because what i've seen lately from about the trump administration and frankly, going back to all the administrations, including the one that we have now, who happens to be a man with you know, with all due respect to him and god bless his soul is a guy from the cold war mentality, tons of the 19 fifties and sixties, of which makes him act like everything is about a bludgeoning tool. you've just got to have up the old american acts and we can do

away with all of our competitors. well, no, we can't. but it seems like that's the only way that they're going to use see any way forward where we would be a little more understanding a little, maybe more compromising as well. i'm hoping and i know this may sound a bit odd. i'm hoping that be the way the feed teaches us something as it has in the history, at least sometimes. we thought we had the power to win in vietnam. we didn't, we thought we had the power to vent a winter in afghanistan. we didn't. we thought we had it in the rock, we didn't. the reason we're talking now about f sixteens in ukraine is recall of a whole the previous escalations did not work. that's why we keep giving them bigger and bigger. bearing for the book, they're not winning the war rush, it hasn't been dropped to its knees. russia found other people to buy it's oil and

gas, found other people to work their trade deals with. i'm not in favor of the regime or against the regime, but i want to look honestly, we're not able to do what we try to do in the past. we had that power once, but we don't anymore. and the sooner we understand it, the sooner i think the capabilities there to work out, let's remember, nixon and kissinger went to china to quote, open it up. and we had several decades in which the united states prospered and trying to prosper. i don't believe that is forever gone. i think that logic can come back. neither of us wants a nuclear war, which is lunacy. so let's try to work out some arrangement that does not involve these efforts to destroy that are having negative effect. the,

the irony is the inflation in the, in europe is worse than it is it, russia, inflation in europe is worse than it is here. they're paying norm is price. the whole country of france is basically come to a stop because they can't work out the problems that come in large part from the rising price of energy, which makes europe unable to compete with the rest of the world. i mean that, that the fallout from this should be teaching a less than you didn't understand what you were getting into. and it is blowing back on you in a way you have to take account though. when we come back, i want to talk to you about africa, latin america, parts of the middle east, the places that we haven't paid a lot of attention to in the past that are suddenly raising themselves up and saying, wait, we want a piece of it goes to, by the way, professor richard, well, if you stay right there, by the way, i have to tell you i have

a pod cast where i as a journalist as a latino and as an entrepreneur, tell my story and share with you what i had learned. and we also talked about some of the stories that to hear right here. it's called the rick sanchez podcast. i invite you to check it out when we come back. well, more on the potential destruction of the us dollars of many countries around the world, including some of the smaller ones. now say they can have it their way. we'll be right back the, you know,

probably maybe she did you say the week monday or is cisco web shows or some are used to work. what's the weight and the email as well set up for general, but the most are things of the tools and most and that leaves the windows and both. i believe the can unique us. usually the media. there is no games. why, why would you be to see it but not the screen that that was the

pre welcome back. how much sanchez, i want to once again list for you some of the agreements that are already taking place to show that this p dollarization effort is more than just a thought that our country's economic and foreign policy advisors would be smart to start taking some of these things into account argentina and brazil recently moved forward on an agreement to facilitate trade between them between the each country without having to use dollars back in march. as we reported here, a trade deal for a supply of natural gas was reached between the united states. a, pardon me, the united arab emirates and china that it was carried out in chinese cohen c with, according nation of the french energy for think about that. and then in april

report surfaced that a group of countries were negotiating with india's central bank about conducting transactions in india. and, well, please, among the countries involved in those talks are the ma, leaves me and mar russia. and also somewhat surprising. are you ready for this? the united kingdom, germany, josean. so these are not little countries, but they're going along now with other countries that wouldn't traditionally be making these arguments back now with the professor, richard wolf. um, what do you make of that professor? that not only are we seeing sadly african nations, america, latin american countries, like we said, with lula and argentina coming forward and asking for a change in the system. but that we're also seeing countries like new zealand. and if in great britain popping their heads out and going, you know what? i think we want to be invited to this dance before it gets away from us. it seems

to be what's going on now. absolutely, i mean, in the past i bypassed by me in the last 506070 years, any small country in asia for go latin america, eastern europe and so on. basically had nowhere to go. the, the dominant place to go for a loan for his development project. for any idea about changing the system would be to go to washington and western europe, maybe to tokyo and try to work a deal. but since the japanese and the western europeans in the americans were a tightly knit group that had worked together for a long time, you basically could not to negotiate this click. now you can, that isn't birth the shaking difference lead by trying the but now with the brakes and all the people joining them, they are an alternative. so for example,

if you want to build a new railroad in some corner of after a good that can move key resources to the cost where they can be shipped around the world. who's going to build your railroad. it used to be either the united states or west and you know, not the chinese will come in, build you a better railroad, cheaper quicker. but what are you going to do? and if the chinese gu, they will work a deal and pretty soon you're going to see the parts of the western, the lions, like you pointed out, breaking away a french farm here, a british firm there, or maybe it looks like an egyptian firm. but if you study it long enough, right behind it is a belgian and a dutch firm. in other words, they don't want to be left out. china is the most rapidly growing market in the world. i've taught in american business schools, we teach young, long term for newer. as you want to succeed,

be where the market is growing fast as that's where you need to focus. well, then you're going to go to china. and if your government says they're not nice in china, you're going to say a lot of it may be, but if i'm going to survive competitively, i have to go there. otherwise, i'm going to be left behind. this is a whole new world and every small country is experiencing whether we know whether or not in tens debates inside the leadership of those countries. have we been on the wrong horse by staying with the united states in western europe? are we missing opportunities that would be better for the development of ours society and for the profit ability of our companies? if we stay the way we've done and they're answering the question, that's why d dollarization is happening. the chinese say we're not going to deal with dollars, you have to deal and you want to will build in your currency. in other words,

they are the open come or they are doing in the world. what the united states a 100 years ago was doing tool, which is how it became, what it was and why others are now say, it's our turn. well, and i'll disagree with you on that just a little bit. and here's, here's how i'll push back because i happen to be latin american as you know, and i know all the stories. my father and my uncles told me growing up as a kid of what the united states did in latin america is maybe not the same as what china is doing. and places like africa and latin america, the united states seem to go in there with a clenched fist most of the time. and they didn't deals that required back country to be indebted to the united states for ever and ever. and we only put in our workers and our companies to execute on whatever plan that we put in. and then we

use new s marines to back up those companies. if those guys decided they wanted a more square deal for lack of a better term, is isn't china doing it a little differently? yes, china is trying to do it a little differently. it's a little early to tell because that spring, these move here is really only a few years old in most of these parts of the world. so i, a little bit, i have to hedge because we don't have quite enough information here. but a lot of your point is violet. good chinese know there's an accumulated 2 to 300 year bitterness and anger about the injustices of colonialism. yeah. both of, oh colonialism that the europeans to, for example, that in africa. literally carving the country up or the little bit more in formal monroe doctrine and type of control that the united states operated in latin america. but the chinese know they're on their own report. if they look or smell

or talk like they're doing what was done before, they will get a blow back from the local people that will make it much harder for them to function. so they're under a kind of pressure to behave differently. and you know, that's true for the company that goes into those parts of the world. now you cannot count on the american marines to show up next week the force people to do what you want in the way you ones. good. that's no longer possible, not just for the chinese, the possible for the west either. and if they don't learn that less than the departure of asia, africa, and latin america to join brakes, which is already under way, will excel. all right, professor richard wolf as usual. thank you for taking us through this. thank you for your time and i look forward to talking to you once again, my friend the same here and i look forward to a just as much. thank you so much. hey, before we go,

i want to remind you of our mission, why, why we do this right? and it's really simple. i think it's time to d, silo the world we've got to stop living in these little boxes, right? because the truth, they don't live in boxes, truth is everywhere. how much sanchez? i'll be looking for you again, right here, for help to provide a direct impact the take a fresh look around his life. kaleidoscopic isn't just a shifted reality distortion by power to division with no real live indians. fixtures, design to simplify will confuse really once a better wills, and is it just as a chosen few fractured images presented to this,

but can you see through their illusion going underground? can the the thunder is attachments also to punch in another punitive action by the nazis best known as the holocaust of bullets. the this terrifying footage was captured by german soldiers doing mass executions of the jewish population. an ext uh from a gentleman offices within 2 days ago, my participated in

a mass execution my hands show cuz i pulled the trigger, but they're not going to used to it like comedy aimed inside of women and children and babies during the 1st 2 years of the war alone, s as death squads together with ukrainian collaborates, has killed almost 2000000 people in the us as a opponent and punitive action. this like this, the years later, ukrainian national, this retained the intimidating methods and opened. they talked about cleansing ukraine of undesirables and those who disagreed with the new national is my done ideal to jake. what did you study? i think the research shows when you chance will delay of those which of these are still those names that will be like 2nd bill of lading the bill of all the way

from shelf.