You won’t read this on the front page or even hear it discussed; but, over the last few weeks, we have seen significant economic moves against the West.
This has, indirectly, and concerningly, security implications.
Brazil, Russia, India, China, Malaysia, Saudi Arabia, Argentina, the United Arab Emirates, countless African nations, and even France have turned against the United States and its allies, via the US dollar.
Let me explain.
Since 1973, all natural resources around the world, most importantly oil, have been traded in the US dollar.
The deal was simple.
The United States would be the world’s policeman.
It would work to crush communism, Islamic radicalism, and any other threat to global peace.
In return, resource-exporting nations like Saudi Arabia, and manufacturing nations like China and India, would sell their goods in the US and use their US dollar reserves to buy US debt.
As a result, the United States has been able to rack up huge debts and deficits and keep interest rates at a manageable level.
This is simple economics; but no longer does this status quo hold.
The gig is up.
Over the last three months, the East has turned against the West, shooting the West in its Achilles heel.
The world order is rapidly changing by the day | Alan Jones
‘Brazil and Argentina announced that they will build a common currency to trade and transact. Iraq will sell oil to China.’@AlanJonesAO believes the tide is turning against the Western World. pic.twitter.com/2NA1fV46cM
— ADH TV (@adhtvaus) April 14, 2023
Brazil and Argentina have announced that they will build a common currency to trade and transact.
Iraq will sell oil to China in Chinese yuan.
China and France have completed a liquified natural gas transaction in Chinese yuan.
China and Brazil are trading iron ore in yuan.
India and Malaysia are now settling transactions in the Indian rupee.
The Kenyan President told his people to dump their US dollars.
The Namibian President has told Germany to back off and stop lecturing them on how bad China is.
The Rwandan President has told the BBC that it will no longer be lectured by the West, and the list goes on.
Meanwhile, China has surrounded Taiwan with fighter jets and battleships; and in August, all these countries are meeting in South Africa to discuss how to collaborate and advance their geopolitical and economic power.
The point of all of this?
The United States is losing credibility at a rate we haven’t seen in decades.
Countries are fed up with the West lecturing them on gay marriage, climate change, and human rights.
They want to run their own show.
They are fed up with being forced to use the US dollar to trade and invest.
They want change.
They want a multipolar world order instead of a unipolar world order.
That means they want an end to the United States being the predominant world power, the world policeman, so to speak.
The consequences will be profound.
The change will force Australia to wake up.
If much of the world turns against the United States, we can’t assume the United States will protect us here in Australia.
Remember in 1941, the British abandoned Australia for Singapore.
We need to get serious.
We have to boost our defence spending.
We have to cut down on waste.
We have to revitalise our manufacturing.
In short, we have to turn our economy around and in a hurry; and we should start with reasserting our status as an energy superpower and stop this rubbish about demonising fossil fuels.
How on Earth can we survive in this brave new world if we import 90 per cent of our fertiliser, 90 per cent of our fuel and 90 per cent of our pharmaceuticals?
It is a disaster waiting to happen.
We need to wake up before it is too late.
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