Changes

When the [[Federal Reserve]] raised [[interest rate]]s to take care of U.S. needs, it made [[capitalism|capital]] flow out of other countries, and  the exchange rate of their currencies fall, forcing [[inflation]] on them. Not a single country in the world was left untouched. Many countries did not want be held hostage to the implicit and explicit negative consequences of dollar [[hegemony]], and wanted to remove the “exorbitant privilege” that they believed the U.S. abused to their individual and collective detriment.  

When the [[Federal Reserve]] raised [[interest rate]]s to take care of U.S. needs, it made [[capitalism|capital]] flow out of other countries, and  the exchange rate of their currencies fall, forcing [[inflation]] on them. Not a single country in the world was left untouched. Many countries did not want be held hostage to the implicit and explicit negative consequences of dollar [[hegemony]], and wanted to remove the “exorbitant privilege” that they believed the U.S. abused to their individual and collective detriment.  

The [[BRICS]] group, led by Russia and China began building an international finance and trading system that doesn’t rely on dollars, that uses countries’ local currencies, gold, oil, or other assets to trade.  The U.S. abuse of economic sanctions to [[blackmail]] and punish countries that did not bend to American will added to the impetus.

The [[BRICS]] group, led by Russia and China began building an international finance and trading system that doe not rely on dollars, that uses countries’ local currencies, gold, oil, or other assets to trade.  The U.S. abuse of economic sanctions to [[blackmail]] and punish countries that did not bend to American will added to the impetus.

[[Category:Finance]]

[[Category:Finance]]