On Friday, August 19, 2022 at 5:11:14 AM UTC+8, David P. wrote:
> Sri Lanka Collapsed First, but It Won’t Be the Last
> By Indrajit Samarajiva, Aug. 15, 2022, NY Times

> It’s going to get worse: The I.M.F. just warned that the likelihood of a global recession is growing. As economies collapse, Western loans simply won’t get repaid, and poor nations will crash out of the dollar system that props up Western lifestyles. Then, even Americans won’t be able to money-print their way out of trouble. It’s already begun. Sri Lanka has started settling loans in Indian rupees, and India is buying Russian oil in rubles. China may buy Saudi oil with yuan.
>
> The Sri Lankan uprising that threw out our leaders is called the Aragalaya. It means “struggle.” It’s going to be a long one, and it’s spreading across the world.
>
> https://www.nytimes.com/2022/08/15/opinion/international-world/sri-lanka-economic-collapse.html

The coming recession and collapse of economies will be beginning of the crash out of the US dollar system in the world. Countries will buy imports with their own printed money, instead. They can export in exchange for payment by other country's currency. But they will not have to use US dollar or when they don't have enough of it.

They know that US dollar system can squeeze and choke the economy if they have not exchanged enough of US dollar to stockpile in their own central bank for distribution to their own retail banks to make external payments of imports purchased by locals.

Hence, with the use of local money to pay for their imports, they will not have to find US dollar to stockpile in their central bank for US dollar transaction with the international controlling body on cash payment controlled and manipulated by the US swift system.

Russia has learned fast from the cut-off of the international swift payment system by the US in February war on Ukraine. Now countries have pay them in rubles, instead. This will be the beginning of new normal for foreign currency payment system.

China being the largest exporting country in the world will soon be requiring countries to pay in Chinese Yuan. China has the capacity to run a fast exchange of payment by countries in Yuan. It has already started in March 2022 to begin with the digital payment system to manage the ins and outs of its yuan currency used and transacted in China's payment system.

As people in China are used to exchange of payment by digital payment through their mobile "wallet" in their phone, it will be very successful soon when countries are asked to pay in Yuan, instead. This means the yuan system can be used for international transaction of foreign payment of currency like the swift system.

When the Yuan payment system is introduced to the world, it will be an alternative system to the swift system. When countries used it, they will not use the swift system anymore. The swift system will be dumped. US will be cut-off and isolated from it. This will teach US a lesson on not bully countries and not to use swift payment system to sanction on Russia or even other countries, too. This will be what US will get as their own dessert from cutting of the swift payment on Russia.