Changes

If the world favors a second, gold-based settlement system and opts out of the [[fiat money]] dollar, which is no longer backed by gold or any [[commodity]] of value. This could lead to the end not only of dollar settlement, but also of the dollar imperium. The US has so far been able to pay for everything in the world with its freshly printed money that has no cover at all and to increase its prosperity in exchange for “fiat money”. If this were no longer possible, if the countries of the world no longer accepted worthless dollars, the [[USA]] would no longer be able to buy all the world's goods with them, to pay for 900 billion dollars in [[military]] expenditure and to cover its financial [[deficit]]s. Dollar dominance will inevitably fade and the dollar decline as the world's top reserve currency, though it will undoubtedly continue to survive in that capacity in parts of the world where the US continues to have considerable political and economic leverage, like [[Latin America]]. In this respect, the financial boycott against Russia and a counter-reaction by the world could result in the collapse of the dollar empire.

If the world favors a second, gold-based settlement system and opts out of the [[fiat money]] dollar, which is no longer backed by gold or any [[commodity]] of value. This could lead to the end not only of dollar settlement, but also of the dollar imperium. The US has so far been able to pay for everything in the world with its freshly printed money that has no cover at all and to increase its prosperity in exchange for “fiat money”. If this were no longer possible, if the countries of the world no longer accepted worthless dollars, the [[USA]] would no longer be able to buy all the world's goods with them, to pay for 900 billion dollars in [[military]] expenditure and to cover its financial [[deficit]]s. Dollar dominance will inevitably fade and the dollar decline as the world's top reserve currency, though it will undoubtedly continue to survive in that capacity in parts of the world where the US continues to have considerable political and economic leverage, like [[Latin America]]. In this respect, the financial boycott against Russia and a counter-reaction by the world could result in the collapse of the dollar empire.

[[Elon Musk]] explained the process of de-dollarization succinctly: "The United States has overplayed its hand in weaponizing the dollar with sanctions...You're now seeing a lot of countries de-dollar their transactions because we’ve forced it...And this goes beyond even Russia, China, and Iran...Countries like Brazil or India still want to transact with Russia...They can’t do it with dollars, so we've forced them to de-dollarize their transactions, thus weakening the strength of the dollar in the world."<ref>[https://www.realclearpolitics.com/video/2023/10/25/elon_musk_the_risk_of_world_war_three_is_increasing_rapidly.html Elon Musk: "We Are Sleepwalking Our Way Into World War Three," "Putting Civilization Itself At Risk"], Posted By Tim Hains, October 25, 2023. www.realclearpolitics.com</ref>

[[Elon Musk]] explained the process of de-dollarization succinctly: "The United States has overplayed its hand in weaponizing the dollar with [[economic sanctions|seanctions]]...You're now seeing a lot of countries de-dollar their transactions because we’ve forced it...And this goes beyond even Russia, China, and [[Iran]]...Countries like [[Brazil]] or [[India]] still want to transact with Russia...They can’t do it with dollars, so we've forced them to de-dollarize their transactions, thus weakening the strength of the dollar in the world."<ref>[https://www.realclearpolitics.com/video/2023/10/25/elon_musk_the_risk_of_world_war_three_is_increasing_rapidly.html Elon Musk: "We Are Sleepwalking Our Way Into World War Three," "Putting Civilization Itself At Risk"], Posted By Tim Hains, October 25, 2023. www.realclearpolitics.com</ref>

Russian State Duma Chairman Vyacheslav Volodin observed on June 14, 2024, "The [[dollar]] has become [[toxic]]...[[Washington, D.C.|Washington]] has totally undermined [[trust]] in the dollar as a global reserve currency by imposing [[illegal]] sanctions against our country’s financial institutions."<ref>[http://duma.gov.ru/en/news/59478/ Vyacheslav Volodin: USD became toxic], June 14, 2024. duma.gov.ru</ref>

Russian State Duma Chairman Vyacheslav Volodin observed on June 14, 2024, "The [[dollar]] has become [[toxic]]...[[Washington, D.C.|Washington]] has totally undermined [[trust]] in the dollar as a global reserve currency by imposing [[illegal]] sanctions against our country’s financial institutions."<ref>[http://duma.gov.ru/en/news/59478/ Vyacheslav Volodin: USD became toxic], June 14, 2024. duma.gov.ru</ref>