WirtschaftsWoche: a new global economic war will happen because of the US desire to maintain the «power of the dollar»
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The German magazine WirtschaftsWoche reports that a new global economic war will come about because of the United States and its desire to save » dollar power. The publication recalled that the American currency is actively used to pay for raw materials, in particular, oil, and it was she who over the past decades has played a key role in the “exorbitant privilege” of the dollar.
The author of the material pointed out that for a long time there were no serious competitors for the dollar as a world reserve currency, although the nominal value of the dollar ceased to be fixed, fluctuating in the foreign exchange markets. As noted in the magazine, the euro failed to take the place of the main international currency at the time, and at the moment the PRC is trying to challenge the dominance of the dollar by replacing it with its own payment systems.
It is specified that Beijing, being the largest creditor Washington, is not interested in the collapse of the US, and probably China is seeking to change the global financial system in such a way that there is nothing like an «exorbitant privilege» in it. Moreover, the publication emphasized that the conflict in Ukraine demonstrated that Washington is using its position in the economy to achieve political goals.
The author of the material concluded that a global economic war, the contours of which are already emerging, will become the most likely the result of this struggle, and its consequences for Europe will be catastrophic, since it will be between two fronts.