India and Malaysia agrees to trade settlement with India rupees, the opening channel of Brazil and China to increase the opening of the local currency settlement, the consent of the Asian Diandan countries to strengthen the use of local currencies, Saudi Arabia announced that they have received alternative currencies other than the US dollar outside the export of oil ... Since this year, globalThe butterfly effect of "going to the US dollar" is quickly fermented and expanded, and the US dollar hegemony position has been further challenged. When it fell from the position of the hegemony, it is even more full of conjecture.
With its strong economic and military strength and 80%of the world's gold reserves, the United States established the Bretton Forest system after World War II. The core skeleton is linked to gold in the US dollar, and other currencies are linked to the US dollar.Since then, the US dollar has replaced the pound as the king of global currencies. The gold standard has made the US dollar standard, and the global US dollar system is formally established.Subsequently, Marshall plans to be launched for four years in Europe for four years and up to more than $ 13 billion.Because the aid method is 90%of the gifts, only 10%of the loan form is equivalent to the US dollar's roots in Europe, and the US dollar across the country to the world, thereby taking a key step.
Next, the US dollar was shining under the role of governments and market forces. At that time, the gold content of one dollar was 0.88867 grams, which shows how expensive it is.However, with the outbreak of the Korean War and the Vietnam War, like a bottomless military expenditure, forcing the US government to print and issue a large number of US dollars, and the US dollar depreciated sharply.In order to stop losses, countries holding the US dollar have thrown out the dollar and bought gold, which drove the US dollar to accelerate the depreciation, which also caused a large amount of loss of US gold reserves.Millions of ounces quickly shrink to 250 million ounces.Under the pressure, the Nixon government implemented a new economic policy to stop performing the obligation of foreign governments or central banks to use the US dollar to exchange gold to the United States. After that, the Fed announced that the US dollar was decoupled from gold, and the Bretton forest system was officially disintegrated.
However, this does not mean that the US dollar has abandoned the identity of the king. The fourth Middle East War that broke out next time created a chance to reshape the golden body for thousands of years.On the eve of the outbreak of the war, the US intelligence agency had taken the lead in learning about the plan of Syria and Egypt to attack Israel, but deliberately did not tell Israel and the sound of gunfire started, and the United States spared no effort to assist Israel.The Soviet Union assisted the tanks and cannons of the Middle East country, and defeated the defeat until the Suez Canal, and Israel completely established an undefeated image in the Middle East.In this regard, the Middle East country also realized that Israel was actually the American thug, and the member states of the Oil Alliance began to bow their heads to the United States unexpectedly.
In 1973, Saudi Arabia first signed a contract with the United States and agreed that exported oil must be settled in US dollars. Two years later, all members of the oil alliance agreed to use the US dollar.Since then, the dollar's dollar has formed a new combination with oil.
The "Oil US dollar" trading mechanism arrangement allows the United States to obtain more benefits other than the US dollar as a trading tool.On the one hand, oil is the world's largest trading product. Many countries need to import oil. Every time a transaction is completed, the US Bank can get a handling fee.In order to buy oil, countries have to prepare a large number of US dollar reserves.This has led to continuous demand for the US dollar.At the same time, oil exporting countries purchased U.S. Treasury bonds and related financial products with petroleum US dollars, thereby forming a large number of US dollars.The U.S. government no longer has to worry about the previous depreciation and panic of the US dollar.
In fact, in addition to the co -supporting US dollar and U.S. debt, after leaving the capital system, the status of a general currency in the world, the two major institutional achievements that can be retained after the disintegration of the Bretton Forest system -the International Monetary FundOrganization (IMF) and the World Bank are also continuing to lead the international stage to clear stasis for the US dollar.Among the currency baskets of the special withdrawal right (SDR), the US dollar occupies a 70%absolute share in the currency basket of the special withdrawal right (SDR). The United States is also the largest shareholder of the World Bank.Essence
Of course, whether it is the IMF external economic assistance or the project loan issued by the World Bank, it is also based on the US dollar.In this specific institutional arrangement, the dollar has obtained the blessing and support of more countries.
Establish a financial mechanism to maintain hegemony
Although the dollar has been bundled with oil and later international commodities, resources are in the hands of others.Therefore, in order to monitor the real use of the dollar in the process of circulation, in the third year of the end of the Bretton Forest system, the United States advocated the creation of the Global Bank of Financial Telecommunications Association (SWIFT) that linked thousands of financial institutions around the world.Although Swift's positioning is a neutral non -profit bank organization, because the US dollar is basically used as a settlement tool, the proportion of other legal currencies is almost negligible, so SWIFT is actually completely controlled by the United States.
While the dollar is in the world, it also causes indifferent pain to many countries.The appreciation of the US dollar means the depreciation of non -US currency, and the result is to promote the rise in prices of corresponding countries.Although the depreciation of the US dollar means that the appreciation of non -US currency is conducive to the price management of non -US economies, due to the US dollar pricing for international commodities, the latter's depreciation will inevitably drive the rise of the former price, and the input inflation spreads the world.
The Fed controlled the coinage rights. The US Ministry of Finance used the US dollar to raise debts around the world. The central banks of various countries had to buy US debt. Immediately after the US government diluted the cost of debt repayment through the depreciation of the US dollar, the relevant countries had no choice but to encounter the pain of reserve assets.For SWIFT, the United States often uses it to act as a US dollar.In addition, the United States can also put forward very harsh policy change requirements to some developing countries through IMF's US dollar credit assistance to form regular beatings and warnings on these countries.
The dissatisfaction and anger of depression have never been sprayed on the US dollar.Observation found that in the main camp of "going to the US dollar", there are both developed countries and developing economies; there are both American allies and American opponents; both individual charge and teams together.According to Beijing Rongshang.com's financial website BWC Chinese website, it has long -term exclusive tracking of the global de -US dollar process. It is found that as of the end of last year, at least 60 countries have begun to go to the US dollar.
But I have to admit that it is like the past relying on the fortune of the war to make the US economy surpass the British quickly, and then the US dollar can obtain the pound economy, and the US dollar rely on continuously with gold and petroleum bundles.The foundation of the US dollar has not been destroyed.Nowadays, the United States has become the world's major oil producer and exporter. There are more than 8,000 tons of gold configuration of more than 8,000 tons of foreign exchange reserves. In addition, strong scientific and technological innovation capabilities and thick economic strength.Logo "support.
At the same time, the market dominance function of the US dollar is still very strong.The price sequence of 81 raw materials issued by the United Nations Trade and Development Conference is not priced in the US dollar; in terms of circulation, according to SWIFT statistics, in the current international payment, the market share of the US dollar is 41.1%; in cross -border trade financing, the US dollar accounts forThe share is as high as 84.32%; in global foreign exchange transactions, the US dollar accounts for 88%; financial trading activities have 47%of international claims at the US dollar, and 58%of international reserves are US dollar assets.In terms of the above indicators, the US dollar is currently ranked first.
More importantly, as the US economyIn the foundation, the US dollar in the global currency array, any substantial micro -dominated, will not only make consumption -led US economic models, but the United States will also lose the privilege for low -cost financing for global low -cost financing, and even encounter national bankruptcy.Doom.Based on life and death, the United States will do everything possible to maintain the value and influence of the US dollar, including the use of SDR boss status, aiming at non -American competitive currencies, with the help of technology leading advantages to create the US dollar digital currency system, and even at the expense of more than 50 years ago, one more than 50 years ago stirred one more than 50 years ago.The Middle Eastern War allowed the US dollar to tie oil, and launched an armed conflict that conducive to consolidation and expansion of the US dollar camp.Such a series of operations does not rule out a new version of the US dollar hegemony.
Looking back, it is more popular for emerging market countries.These countries have to varying degrees of trade with developed economies, and almost all developed countries have a close relationship with the United States. In the face of common interests, they will often "speak with a voice".Against the possibility of "going to the US dollar" goal.As long as the developed economies adhere to the US dollar in bilateral trade and investment activities, the radius of the "de -US dollar" activity radius of emerging market countries will be suppressed, which is destined that the US dollar will not encounter the danger of hegemony for a long time.
