To be fair, I never said they were playing 5D chess.
I said that Biden took a huge gamble with confiscating Russian dollar reserves and hiking interest rates, which in turn placed the dollar in a highly vulnerable position especially during the fall of 2022, betting that China and BRICS wouldn’t dare to challenge it, and it paid off hugely for both the US imperialists and especially for the Democrats, who have now not only out-played the Republicans as the war-mongering party, but also became addicted to weaponizing the dollars for their own gains.
The weakness of the dollar hegemony that Biden himself created has been patched up, with the latest $95 billion spending bill being the final nail in the coffin for the current wave of de-dollarization attempt. Until the next dollar crisis, that is.
What I am saying though is that Biden is prone to taking high risk high reward moves (reward as in asserting the hegemony of the US empire), who is not afraid to start wars with other major powers and sacrificing millions in the process. A lot of what Biden has done since assuming the office is predicated on being ruthless and willing to take huge risks (far more than his predecessors would be comfortable with), and betting that your enemies wouldn’t dare to upset the US-dominated network of global institutions. And so far, as we have seen, it is working out well for the US empire.
The weakness of the dollar hegemony that Biden himself created has been patched up, with the latest $95 billion spending bill
I’m not sure I buy this for two reasons. First, I am somewhat unconvinced that the recent dedollarization activity was organized enough to be effective at all, regardless of the actions of the US in response. And second, the amount of money being spent on war is almost a rounding error for the total number of dollars in existence. So I think the dollar hegemony is weak but has not yet been threatened, in other words.
To be fair, I never said they were playing 5D chess.
I said that Biden took a huge gamble with confiscating Russian dollar reserves and hiking interest rates, which in turn placed the dollar in a highly vulnerable position especially during the fall of 2022, betting that China and BRICS wouldn’t dare to challenge it, and it paid off hugely for both the US imperialists and especially for the Democrats, who have now not only out-played the Republicans as the war-mongering party, but also became addicted to weaponizing the dollars for their own gains.
The weakness of the dollar hegemony that Biden himself created has been patched up, with the latest $95 billion spending bill being the final nail in the coffin for the current wave of de-dollarization attempt. Until the next dollar crisis, that is.
What I am saying though is that Biden is prone to taking high risk high reward moves (reward as in asserting the hegemony of the US empire), who is not afraid to start wars with other major powers and sacrificing millions in the process. A lot of what Biden has done since assuming the office is predicated on being ruthless and willing to take huge risks (far more than his predecessors would be comfortable with), and betting that your enemies wouldn’t dare to upset the US-dominated network of global institutions. And so far, as we have seen, it is working out well for the US empire.
I’m not sure I buy this for two reasons. First, I am somewhat unconvinced that the recent dedollarization activity was organized enough to be effective at all, regardless of the actions of the US in response. And second, the amount of money being spent on war is almost a rounding error for the total number of dollars in existence. So I think the dollar hegemony is weak but has not yet been threatened, in other words.