==Weaponization of the dollar==
[[File:Notice of Funding Opportunity (NOFO) for Grants to Support the Needs of the LGBTQI+ Community.PNG|right|400px|thumb|Countries that do not allow [[American]] interference in their [[social]], [[political]], and [[economic]] system are threatened with being labeled as [[human rights]] violators and [[economic sanctions]].<ref>[https://www.mishcon.com/news/lgbt-history-month-the-use-of-sanctions-against-lgbt-human-rights-abuses LGBT+ History Month: The use of sanctions against LGBT human rights abuses], 23 February 2022. Mishcon de Reya. <small>"The [[EU]] made headlines in March 2021 with its decision to sanction two [[Russia]]n individuals for their alleged [[human rights]] abuses, which included detaining [[LGBTQI+]] individuals under the pretence that they opposed far right [[Chechen]] leader, [[Ramzan Kadyrov]]. These measures came shortly after the EU sanctioned four other Russian individuals also involved with arbitrary arrests and the repression of freedom of expression. Ramzan Kadyrov, who is under sanctions for human rights abuses himself, denied the alleged purge of LGBTQI+ individuals in Chechnya on the basis that according to him, no such people exist there. Given the conflict of societal and legal norms between different states over LGBTQI+ rights, it is legitimate to question whether a punitive sanctions regime is an appropriate and effective response to such egregious conduct.... The [[US]] [[Council on Foreign Relations]] describes sanctions as "a lower-cost, lower-risk, middle course of action between [[diplomacy]] and [[war]]", as the [[foreign policy]] tool aims to ensure compliance with the interests of the state or international organisation imposing the measures in a more humane way than [[military]] intervention. Sanctions may come in the form of arms embargoes, asset freezes, travel bans or more general restrictions on [[trade]], and are often grouped together in 'sanctions regimes' which are either thematic or geographic. Sanctions have long been used, and are an increasingly common response to illegal economic or military activity. However only more recently have sanctions been employed in response to human rights abuses, and more specifically LGBTQI+ discrimination....in February 2021, [[Joe Biden]] issued the ‘Memorandum on Advancing the Human Rights of [[Lesbian]], [[Gay]], [[Bisexual]], [[Transgender]], [[Queer]] and Intersex Persons Around the World’. This directed [[Executive Branch|US executive departments]] to enact [[financial]] sanctions and travel restrictions on countries and individuals that had a track record of abusive behaviour towards LGBTQI+ persons. Following this, the [[US House of Representatives]] approved the Global Respect Act in February 2022 which aims to prohibit those who have committed LGBTQI+ human rights abuses abroad from obtaining a [[visa]] to enter the US.... A comprehensive study from 2006 which reviewed 200 sanctions regimes concluded that the tool was only successful 33% of the time in the period spanning 1960-2006. Alongside this alarmingly low success rate, many commentators complain that sanctions harm the [[living standards]] and humanitarian situation of the [[population]] in the sanctioned state, and this [[negative]] impact has been found to effect [[women]], [[minority]] communities and other marginalised groups to a greater extent. A 2017 study suggested that targeted sanctions on individuals had a lesser negative impact on the wider population...the same study found that targeted sanctions were less likely to work on those targeted individuals, who often found ways to circumvent the measures. The ineffectiveness and [[collateral damage]] associated with sanctions regimes invites critics to question whether viable alternatives exist. ... The US recorded a 933% increase in sanction designations since 2000, meaning that despite their shortcomings, it is likely sanctions are here to stay."</small>www.mishcon.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|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>