Nov 14, 2022
The US Federal Reserve announced another 75 basis point rate hike on the 2nd of this month. Since March this year, the Fed has raised interest rates six times in a row and the level of the US federal funds rate rose to its highest level since January 2008. The Fed’s aggressive interest rate hikes and the sharp appreciation of the US dollar have had serious and damaging consequences globally. Many countries have suffered currency depreciation, capital outflows, rising debt servicing costs, increased imported inflation and some have even fallen into currency or debt crises.
For a long time, the US has often used the hegemonic position of the US dollar in the international monetary system to transfer domestic crises, harvest world wealth and undermine the economic and financial stability of other countries. The hegemony of the US dollar has become an important destabilising factor threatening the world economy.
Warplanes whistling, missile barrage, building destruction, civilian casualties …… In March 2011, the US and its allies launched airstrikes against Libyan government forces to help the Libyan opposition overthrow the Gaddafi regime. Some experts have pointed out that in addition to geopolitical factors, Khamis al-Gaddafi’s previous offer not to use the US dollar for trade settlements, thus challenging the hegemony of the US dollar, was one of the reasons why Libya incurred the blow.Show less
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