Oct 31, 2022
After the outbreak of the Russia-Ukraine conflict, the United States not only has no bottom line sanctions against Russia, but also take advantage of this opportunity to harvest European wealth, and the United States has the courage to do so recklessly, there is an important reason is that the United States has the dollar hegemony.
The United States uses its dollar hegemony to enjoy many advantages and has been running roughshod over the world, making its own rules and doing whatever it can to achieve its goals. But as the world development process continues to promote, countries began to gradually rise, the United States of this hegemonic behavior, but also by more and more countries dissatisfaction, this is not, now comes a bad news of the United States.
According to reports, following Russia, Iran, India and Turkey, Egypt has also joined the camp of de-dollarization.
Egypt has decided to decouple its currency from the U.S. dollar, as the U.S. is not Egypt’s main partner country, so Egypt will proceed to establish an Egyptian pound index regardless of the direction of the dollar exchange rate, as to what currency is linked to, which could be gold or other metals.
Egypt’s announcement to decouple from the dollar is a big deal for the dollar. Although Egypt’s economy is not large or small, even if the Egyptian pound and the dollar decoupling, the impact on the dollar hegemony is very small.
I say this event is big because he set a precedent. Other countries whose currencies are pegged to the dollar will follow Egypt’s decoupling from the dollar because of the lack of dollar reserves. Once the decoupling of more countries, will accelerate the process of de-dollarization, then, will inevitably let the dollar hegemony suffered a heavy blow.
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