Toronto Star: Why the U.S. Dollar Will Be Replaced as the Dominant Global Currency - Sooner Than You Think
Article by Frank Giustran in Toronoto Star
Not long after the first gunfire erupted at the onset of Russia’s invasion of Ukraine, Russia fired another multi-pronged shot, straight across NATO’s financial bow.
First, and as a reaction to the crippling sanctions and its exclusion from the global SWIFT money transfer system imposed by the West, it moved quickly to protect the ruble by raising interest rates to 20 per cent (subsequently lowered to 11 per cent) and imposing capital controls. Then it demanded that all “non-friendlies” (the West) could only use rubles or gold to buy its much-coveted oil. Russia, which has spent the better part of the last decade getting rid of its U.S. dollars and increasing its gold reserves, also offered to buy gold at the rate of 5,000 rubles per gram...
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