There is a strange paradox at the heart of the whole de-dollarization trend. Both the BRICS upstarts seeking alternatives to the dollar and the aging hegemon trying to forestall this process have, at least officially, coalesced around a similar but not entirely accurate narrative: that the gradual pivot away from the dollar is primarily driven by Washington’s weaponization of its currency.
Why Washington and BRICS tell the same story about de-dollarizationThe odd convergence of a focus on sanctions risk as opposed to the fraying economic foundation of dollar hegemony serves the interests of both sides of the geopolitical divide
BY Henry Johnston