China and Russia—With Help from Biden—Attack the Dollar

In this mailing: - Gordon G. Chang: China and Russia—With Help from Biden—Attack the Dollar - Raymond Ibrahim: Climate Change: The Latest Excuse for Slaughtering Christians [] [China and Russia—With Help from Biden—Attack the Dollar]( by Gordon G. Chang • August 10, 2022 at 5:00 am [Facebook]( [Twitter]( [WhatsApp]( [Telegram]( [Send]( [Print]( - Russia and China have launched another attempt to develop a "new global reserve currency." In other words, they are again attacking the dollar. - There is only one country that can dethrone the dollar, and it is not a BRICS nation. It is the United States. President Joe Biden is China's and Russia's biggest ally in "dedollarizing" the world. - Russia's ruble, although showing surprising strength of late, is tied to a country in long-term—and seemingly irreversible—decline. Moreover, the Russian Federation, thanks to its aggression and barbarism in Ukraine, is cementing its role as a pariah. - Who wants to hold a weak Chinese currency that is racing toward the edge of the cliff? - Furthermore, Xi Jinping, the Chinese ruler, believes in "absolute" control of every aspect of society. The idea of free convertibility, therefore, is almost certainly anathema to him. So until China completely abandons its model of economic development and removes Xi as ruler, the renminbi cannot dethrone the dollar. The Chinese failure to make their currency widely acceptable means, as a practical matter, the BRICS currency will never get off the ground. - What are the attributes of a global reserve currency? It must be stable, it must be underpinned by a large and strong economy, it must be freely convertible, and it must be used widely. - Americans should not remain overconfident. The only reason the greenback is still the world's reserve currency is because there is no practical alternative. China and Russia, however, are busy trying to figure out how to engineer a replacement. Russia and China have launched another attempt to develop a "new global reserve currency." In other words, they are again attacking the dollar. Meanwhile, President Joe Biden looks as if he is trying to kill the dollar. In Beijing and Moscow, they cannot believe their good fortune. Pictured: Russian President Vladimir Putin and Chinese President Xi Jinping meet in Beijing on February 4, 2022. (Photo by Alexei Druzhinin/Sputnik/AFP via Getty Images) "The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," said Vladimir Putin in June, at a meeting of the BRICS—Brazil, Russia, India, China, South Africa—grouping. Russia and China have launched another attempt to develop a "new global reserve currency." In other words, they are again attacking the dollar. A "coordinated global challenge taking place to the U.S. dollar... would be the biggest news story in decades," writes "Tyler Durden," the pseudonym for in-house staffers at the ZeroHedge site. Durden is "stunned that nobody seems to care that arguably the largest shift on the global macroeconomic playing field over the last half century may be taking place." Hold the "shift" language. There's only one country that can dethrone the dollar, and it's not a BRICS nation. It's the United States. President Joe Biden is China's and Russia's biggest ally in "dedollarizing" the world. [Continue Reading Article]( [] [Climate Change: The Latest Excuse for Slaughtering Christians]( by Raymond Ibrahim • August 10, 2022 at 4:00 am [Facebook]( [Twitter]( [WhatsApp]( [Telegram]( [Send]( [Print]( - "And it is striking how quickly politicians and commentators trot out the same discredited banal narrative that the drivers for such carnage are climate change and lack of resources. They say that the causes are 'complicated,' with hardly a mention of the Jihadist ideology that is behind the endless atrocities of ISIS and Boko Haram. And then they say that everyone [Christian and Muslim] suffers and there is a sort of equivalence with victims coming from varied religious backgrounds. They should tell that to the families whose loved ones are targeted, day in and day out, and see what sort of response they receive." — Lord Alton of Liverpool, June12, 2022. - "[T]he shocking murders in a church in #Nigeria are attributable to Ideology, Insecurity and Impunity - along with indifference by the Buhari Government. Nor can climate change be blamed for executions, abductions and murders." — Lord Alton, Twitter, June 6, 2022. - "[P]oliticians need to be more honest about what drives the carnage." — Lord Alton, June 12, 2022. Pictured: The bloodstained floor of St. Francis Catholic Church in Ondo State, Nigeria, after the murder of 50 Christians there, on June 5, 2022. (Photo by AFP via Getty Images) Politicians have found a new straw man: climate change. There are certainly many things we can gradually do not to pollute or wreck our planet, but blaming it for the pervasive slaughter of Christians by Muslims in northern Africa is not one of them. It seems, sadly, that what drives the persecution of Christians there, and elsewhere, is doctrine, not climate change. On June 5, 2022, Muslims massacred 50 Christians inside a Nigerian church on Pentecost Sunday (one of many examples of Nigerian Christians massacred while worshipping in their churches). Two days later, Ireland's President Michael Higgins issued a statement linking the Nigerian church massacre to -- climate change. "The neglect of food security issues in Africa, for so long has brought us to a point of crisis that is now having internal and regional effects based on struggles, ways of life themselves," he wrote, implying that food shortages caused by the climate are what cause murder. [Continue Reading Article]( [Facebook]( [Twitter]( [RSS]( [Donate]( Copyright © Gatestone Institute, All rights reserved. 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