“De-dollarization is not a voluntary choice by countries anymore, it is the countries’ inevitable response to the ‘weaponization project of the dollar.’”
-Iran Vice President Mohammad Mokhber at recent 51st annual meeting of Asian Clearing Union
Discussion
The countries most persecuted by the exportation of inflation are feeling empowered to push back against US financial imperialism.
Good for them
It could be tough for America if public spending had to be paid for via taxation rather than exporting inflation and debasing foreign UST holders.
Probably means Americans paying a notional tax rate that is ~10% higher than today and receiving nothing in return.