A bipolar currency regime is likely to replace the current greenback-based unipolar system, famed economist Nouriel Roubini believes
The US dollar’s status as the world’s main reserve currency is in jeopardy, renowned economist Nouriel Roubini, who predicted the global financial crisis of 2008, wrote in an article for the Financial Times on Sunday.
While no currency is yet capable of knocking the greenback off its pedestal altogether, the US currency is quickly losing its competitive advantage to the Chinese yuan, Roubini wrote.
“Given the increased weaponization of the dollar for national security purposes, and the growing geopolitical rivalry between the west and revisionist powers such as China, Russia, Iran and North Korea, some argue that de-dollarization will accelerate…In a world that will be increasingly divided into two geopolitical spheres of influence – namely those surrounding the US and China – it is likely that a bipolar…currency regime will eventually replace the unipolar one,” the economist, dubbed ‘Doctor Doom’ by Wall Street for his tendency toward grim predictions, stated.
Sceptics note that the yuan cannot become a true reserve currency unless Beijing lifts capital controls, accepts permanent current account deficits, and the yuan’s exchange rate becomes more flexible. But the economist argues that such points are no longer valid, as Washington is actively undermining the allure of its currency with sanctions.
“Complete exchange rate flexibility and international capital mobility is not necessary in order for a country to achieve reserve currency status…And while China may have capital controls, the US has its own version that may reduce the appeal of dollar assets among foes and relative friends. These include financial sanctions against its rivals, restrictions to inward investment in many national security-sensitive sectors and firms, and even secondary sanctions against friends who violate the primary ones,” Roubini argued.
The economist also noted that China has been stepping up yuan transactions with its foreign partners, and said this trend will likely continue, with more emerging market economies welcoming “the ability to trade oil in [yuan] and to hold a greater share of their reserves in the Chinese currency… given that they do a great deal more trade with China than the US.” He added that new technologies, like CBDCs, Alipay-like payment systems, swap lines between China and its partners and national analogs of the SWIFT messaging system, “will hasten the advent of a bipolar global monetary and financial system.”
“For all these reasons, the relative decline of the US dollar as the main reserve currency is likely to occur over the next decade. The intensifying geopolitical contest between Washington and Beijing will inevitably be felt in a bipolar global reserve currency regime as well,” Roubini concluded.
https://www.rt.com/business/571017-nouriel-roubini-us-dollar-demise/
Niger has threatened legal action against Orano after allegedly finding 400 barrels of harmful radioactive core materials near a uranium site
Niger’s military government has accused French state nuclear group Orano of “radioactive pollution” and “predatory behavior” after officials said they found hundreds of barrels of radioactive waste abandoned near a former uranium site in the north of the country.
The Mining Ministry said inspectors discovered about 400 barrels of dangerously high levels of radioactive core materials at Madaouela, close to the uranium hub of Arlit, where Orano used to operate. Local measurements reportedly peaked at 10 microsieverts per hour, compared with a normal level of 0.5. Authorities also said tests found harmful substances capable of causing respiratory disorders.
Niger’s justice minister, Alio Daouda, told reporters on Tuesday that the company will face legal proceedings for “mass crimes,” including harm to the environment, public health,...
Sofia Lyskun cited political pressure to cut ties with Russia as among the reasons for her decision
European diving champion Sofia Lyskun has renounced her Ukrainian citizenship and obtained a Russian passport, citing political pressure in Ukraine to cut ties with Russia. The head of Ukraine’s National Olympic Committee, Vadim Guttsait, called her decision a “betrayal.”
A four-time European champion and two-time Olympian, Lyskun claimed she was repeatedly reprimanded for staying in touch with her first coach, who had relocated to Moscow after the Ukraine conflict escalated in 2022. She said staff at training camps told her that “no one else was in contact with Russians,” and she could not understand why such remarks were directed at her.
The 23-year-old Lugansk native argued that Ukrainian sport portrayed itself as “outside politics,” yet athletes “were the first to feel the pressure.”....more below
https://www.rt.com/russia/628964-ukrainian-diver-russian-passport/
Brussels and Kiev are covering up for each other instead of “confronting the truth,” the Hungarian leader says
The EU is still claiming “the moral high ground” despite “drowning” in corruption, Hungarian Prime Minister Viktor Orban has said, accusing Brussels and Kiev of “shielding” each other from graft scandals.
Orban ripped into the EU leadership on Friday in an interview with Kossuth Radio, invoking the latest corruption scandal that hit the bloc earlier this week. The European Public Prosecutor’s Office (EPPO) has formally accused three high-profile suspects, including the bloc’s former foreign policy chief and EU Commission vice president, Federica Mogherini, of fraud, corruption, conflict of interest, and breaches of professional secrecy.
The Hungarian PM drew parallels between the affair and the string of graft scandals that has hit Ukraine, including the $100 million kickback scheme linked to Vladimir Zelensky’s inner circle. Despite the scandal, ...
