The following excerpted from "Putin’s speech at the Eastern Economic Forum."
https://thesaker.is/putins-speech-at-the-eastern-economic-forum/

The most important world changing event is the waning dominance of the United States in the global economy and politics and the West's unwillingness to accept such reality.

"The waning dominance of the United States in the global economy and politics, as well as the stubborn unwillingness or even inability of the Western elites to see, let alone recognise objective facts, acted as a catalyst for these processes.

I have already mentioned that the entire system of international relations has recently undergone irreversible, or should I say, tectonic, shifts. Emerging states and regions around the world, primarily, of course, in the Asia-Pacific region, now play a substantially bigger role. Asia-Pacific countries emerged as new centres of economic and technological growth, attracting human resources, capital and manufacturing.

Despite all that, the Western countries are seeking to preserve yesterday’s world order that benefits them and force everyone to live according to the infamous “rules”, which they concocted themselves. They are also the ones who regularly violate these rules, changing them to suit their agenda depending on how things are going at any given moment. At the same time, other countries have not been forthcoming when it comes to subjecting themselves to this dictate and arbitrary rule, forcing the Western elites, to put it bluntly, to lose grip and take short-sighted, irrational decisions on global security, politics, as well as economics. All these decisions run counter to the interests of countries and their people, including, by the way, the people in those Western countries. The gap separating the Western elites from their own citizens is widening.

Europe is about to throw its achievements in building up its manufacturing capability, the quality of life of its people and socioeconomic stability into the sanctions furnace, depleting its potential, as directed by Washington for the sake of the infamous Euro-Atlantic unity. In fact, this amounts to sacrifices in the name of preserving the dominance of the United States in global affairs."

On Sunday, September 11, 2022 at 9:18:10 PM UTC, ltlee1 wrote:
> The following excerpted from "Putin’s speech at the Eastern Economic Forum."
> https://thesaker.is/putins-speech-at-the-eastern-economic-forum/
>
> The most important world changing event is the waning dominance of the United States in the global economy and politics and the West's unwillingness to accept such reality.
>
> "The waning dominance of the United States in the global economy and politics, as well as the stubborn unwillingness or even inability of the Western elites to see, let alone recognise objective facts, acted as a catalyst for these processes.
>
> I have already mentioned that the entire system of international relations has recently undergone irreversible, or should I say, tectonic, shifts. Emerging states and regions around the world, primarily, of course, in the Asia-Pacific region, now play a substantially bigger role. Asia-Pacific countries emerged as new centres of economic and technological growth, attracting human resources, capital and manufacturing.
>
> Despite all that, the Western countries are seeking to preserve yesterday’s world order that benefits them and force everyone to live according to the infamous “rules”, which they concocted themselves. They are also the ones who regularly violate these rules, changing them to suit their agenda depending on how things are going at any given moment. At the same time, other countries have not been forthcoming when it comes to subjecting themselves to this dictate and arbitrary rule, forcing the Western elites, to put it bluntly, to lose grip and take short-sighted, irrational decisions on global security, politics, as well as economics. All these decisions run counter to the interests of countries and their people, including, by the way, the people in those Western countries. The gap separating the Western elites from their own citizens is widening.
>
> Europe is about to throw its achievements in building up its manufacturing capability, the quality of life of its people and socioeconomic stability into the sanctions furnace, depleting its potential, as directed by Washington for the sake of the infamous Euro-Atlantic unity. In fact, this amounts to sacrifices in the name of preserving the dominance of the United States in global affairs."

Another issue concerning a changing world is the diminishing role of the dollar:
"More than that, in an attempt to obstruct the course of history, Western countries have undermined
the pillars of the global economic system, built over centuries. It is in front of our eyes that the dollar,
euro and pound sterling have lost trust as currencies suitable for performing transactions, storing
reserves and denominating assets. We are taking steps to shed this dependence on unreliable and
compromised foreign currencies. By the way, even allies of the United States are gradually reducing
their dollar assets, as we can see from statistics. Step by step, the volume of transactions and savings
in dollars is diminishing.

I want to note here that yesterday, Gazprom and its Chinese partners decided to switch to 50/50
transactions in rubles and yuan with respect to gas payments."

The dollar exchange regime has long passed its sweet spot at which both buyers and sellers of the
dollar equally benefited. With recording setting productivity drop**, rising inflation, slow growth, high
national debt, persistant budget deficit, and to top it all, the talk of civil war, the dollar COULD collapse.
Holding large amount of dollar long term is getting riskier. Will more nations following the example of
Sino-Russian trade?

**
"Productivity, or nonfarm business employee output per hour, decreased at a 4.6% annual rate in the
second quarter after falling at a 7.4% pace in the previous three months, Labor Department figures
showed Tuesday. That marked the weakest back-to-back readings in data back to 1947."
https://www.aei.org/articles/the-strange-plunge-in-us-productivity-growth-explained/

On Wednesday, September 14, 2022 at 2:45:10 AM UTC+8, ltlee1 wrote:
> On Sunday, September 11, 2022 at 9:18:10 PM UTC, ltlee1 wrote:
> > The following excerpted from "Putin’s speech at the Eastern Economic Forum."
> > https://thesaker.is/putins-speech-at-the-eastern-economic-forum/
> >
> > The most important world changing event is the waning dominance of the United States in the global economy and politics and the West's unwillingness to accept such reality.
> >
> > "The waning dominance of the United States in the global economy and politics, as well as the stubborn unwillingness or even inability of the Western elites to see, let alone recognise objective facts, acted as a catalyst for these processes.
> >
> > I have already mentioned that the entire system of international relations has recently undergone irreversible, or should I say, tectonic, shifts. Emerging states and regions around the world, primarily, of course, in the Asia-Pacific region, now play a substantially bigger role. Asia-Pacific countries emerged as new centres of economic and technological growth, attracting human resources, capital and manufacturing.
> >
> > Despite all that, the Western countries are seeking to preserve yesterday’s world order that benefits them and force everyone to live according to the infamous “rules”, which they concocted themselves. They are also the ones who regularly violate these rules, changing them to suit their agenda depending on how things are going at any given moment. At the same time, other countries have not been forthcoming when it comes to subjecting themselves to this dictate and arbitrary rule, forcing the Western elites, to put it bluntly, to lose grip and take short-sighted, irrational decisions on global security, politics, as well as economics. All these decisions run counter to the interests of countries and their people, including, by the way, the people in those Western countries. The gap separating the Western elites from their own citizens is widening.
> >
> > Europe is about to throw its achievements in building up its manufacturing capability, the quality of life of its people and socioeconomic stability into the sanctions furnace, depleting its potential, as directed by Washington for the sake of the infamous Euro-Atlantic unity. In fact, this amounts to sacrifices in the name of preserving the dominance of the United States in global affairs."
> Another issue concerning a changing world is the diminishing role of the dollar:
>
> "More than that, in an attempt to obstruct the course of history, Western countries have undermined
> the pillars of the global economic system, built over centuries. It is in front of our eyes that the dollar,
> euro and pound sterling have lost trust as currencies suitable for performing transactions, storing
> reserves and denominating assets. We are taking steps to shed this dependence on unreliable and
> compromised foreign currencies. By the way, even allies of the United States are gradually reducing
> their dollar assets, as we can see from statistics. Step by step, the volume of transactions and savings
> in dollars is diminishing.
>
> I want to note here that yesterday, Gazprom and its Chinese partners decided to switch to 50/50
> transactions in rubles and yuan with respect to gas payments."
>
> The dollar exchange regime has long passed its sweet spot at which both buyers and sellers of the
> dollar equally benefited. With recording setting productivity drop**, rising inflation, slow growth, high
> national debt, persistant budget deficit, and to top it all, the talk of civil war, the dollar COULD collapse.
> Holding large amount of dollar long term is getting riskier. Will more nations following the example of
> Sino-Russian trade?
>
> **
> "Productivity, or nonfarm business employee output per hour, decreased at a 4.6% annual rate in the
> second quarter after falling at a 7.4% pace in the previous three months, Labor Department figures
> showed Tuesday. That marked the weakest back-to-back readings in data back to 1947."
> https://www.aei.org/articles/the-strange-plunge-in-us-productivity-growth-explained/

The removal of swift payment system has given all countries in the world to be alerted of such action on them, too. Hence, now is the right time to begin the removal of use of American dollar in their payment system. They should start with using a basket of other currencies to transact their businesses and to refrain from US dollar per se at all. There should be digital operation of the basket of currency so that the payment can be verified and accountable to its values, too. Over time, US dollar will diminish and its value will become a piece of banana paper, printed in circulation over the past many years with worthless value as there is no way to know how much the circulated dollars were floated around the world.