De-dollarization underway as a result of US policies: Senate candidate
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US Senate Candidate Diane Sare has stated that the US might not be able to turn back to the dollarization of the global economy.
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In this June 10, 2019, file photo, a man walks past a money exchange shop decorated with different banknotes at Central, a business district of Hong Kong. (AP)
The de-dollarization of the global economy is already underway as a direct result of the United States' policies, independent candidate for the US Senate Diane Sare told Sputnik.
"I think that is happening. It is happening. And it doesn't have to be that way, but because of our policies, I think people really don't have a choice," she said.
When asked, Sare said a "rational" US government might or might not be able to undo the issue, noting that a multi-currency economy could prove to be better.
The candidate is running for one of the two independent senate seats in New York. She previously worked for London Larouche, an eight-year independent candidate, for 32 years. In this context, Sare said Larouche had been advocating for fixed exchange rates to prevent individuals from speculating against various currencies and destabilizing national economies.
"I think that if the United States would have a policy that was clearly intended by our founding fathers, by Hamilton, our first treasury secretary, by John Quincy Adams, even Lincoln or John F. Kennedy, this would not be happening. But at the moment it is," she further stated.
De-dollarization takes over
In April, China and Russia formally ditched the dollar in their trade to lessen their reliance on the US-led economic system and evade the numerous restrictions that hindered the countries from conducting business on the international market.
Earlier this month, during the St. Petersburg International Economic Forum (SPIEF), the director of the Latin America Department of the Russian Foreign Ministry, Alexander Shchetinin, said that de-dollarization is being discussed in trade between Russia and several Latin American countries such as Cuba, Nicaragua, Venezuela, as well as several BRICS states.
"Here is the process of negotiations of business and banking structures ... to find the most acceptable and convenient forms of interaction to ensure trade and economic ties between our countries. One of them is national currencies, the introduction of Mir [payment] cards, the introduction of direct settlements," he said.
The diplomat noted that types and forms can be different for the process of de-dollarization, but cooperation will be prioritized.
