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Jim Rickards reported the following:

Dollar Dominance Under Multiple, Converging Threats

For years, currency analysts have looked for signs of an international monetary “reset” that would diminish the dollar’s role as the leading reserve currency and replace it with a substitute agreed upon at some Bretton Woods-style monetary conference.

That push has been accelerated by Washington’s use of the dollar as a weapon of financial warfare, including the application of sanctions. The U.S. uses the dollar strategically to reward friends and punish enemies.

The use of the dollar as a weapon is not limited to trade wars and currency wars, although the dollar is used tactically in those disputes. The dollar is much more powerful than that.

The dollar can be used for regime change by creating hyperinflation, bank runs and domestic dissent in countries targeted by the U.S. The U.S. can depose the governments of its adversaries, or at least blunt their policies without firing a shot.

But for every action, there is an equal and opposite reaction.

As the U.S. wields the dollar weapon more frequently, the rest of the world works harder to shun the dollar completely.

I’ve been warning for years about efforts of nations like Russia and China to escape what they call “dollar hegemony” and create a new financial system that does not depend on the dollar and helps them get out from under dollar-based economic sanctions. …

Europe has also shown signs that it wants to escape dollar hegemony. For example, German Foreign Minister Heiko Maas has called for a new EU-based payments system independent of the U.S. and SWIFT (Society for Worldwide Interbank Financial Telecommunication) that would not involve dollar payments. …

Another challenger to the dollar is the IMF’s special drawing rights or SDRs. … in a financial crisis … the replacement of the dollar could happen almost overnight. 04/16/19 https://dailyreckoning.com/dollar-dominance-under-multiple-converging-threats/

Let me also add that the US is heavily indebted, which will also ultimately lead to its collapse (cf. Habakkuk 2:6-8). There are various ‘prophetic threats’ against the USA which will converge against it dollar (see also Who is the King of the West? and USA in Prophecy: The Strongest Fortresses).

The USA’s use of the dollar as a weapon has a cost. Those who think that Donald Trump’s sanctions and threats of sanctions are not undermining the US dollar are in error.

Here are some other comments relating to international efforts related to the USA’s weaponizing of its dollar:

19 April 2019

Russian Foreign Minister Sergei Lavrov stated on Friday at an international investment council session that Washington is undermining the status of the US dollar in the long term by abusing it in the short term.

“We see direct abuse of the US dollar’s status and in the long term this, of course, will have a negative effect on the currency, because everyone understands how unreliable it is”, the minister said, adding that the US stance has resulted in “billions in economic losses” on the global markets due to the instability of the dollar.

At the same time, the minister criticised sanctions against the country.

“Our foreign policy, however, aims to provide the most favourable conditions for cooperation with foreign partners on a mutually beneficial basis and in all geographical areas. In short, this cooperation is hindered by the illegitimate unilateral sanctions bypassing the UN Security Council, which have been imposed mostly on far-fetched ‘highly likely’-based pretexts”, he concluded.

Earlier this year, the Russian Central Bank stockpiled a considerable amount of gold and cut its dollar foreign exchange reserves from a whopping 46 percent in 2017 to 22 percent this March.

The changes came after the Russian government’s press service last October announced that the authorities were working on a plan to reduce the economy’s dependence on the dollar. https://sputniknews.com/business/201904191074279470-russia-dollar-usa-lavrov/

Convinced of an existential threat from competitors, America is weaponizing the dollar to preserve its global economic and geopolitical position.

While the U.S. accounts for about 20 percent of the world’s economic output, more than half of all global currency reserves and trade is in dollars. …

When combined with access it gained to data from Swift, the Society for Worldwide Interbank Financial Telecommunication’s global messaging system, the U.S. exerts unprecedented control over global economic activity.

Sanctions target persons, entities, organizations, a regime or an entire country. Secondary curbs restrict foreign corporations, financial institutions and individuals from doing business with sanctioned entities. Any dollar payment flowing through a U.S. bank or the American payments system provides the necessary nexus for the U.S. to prosecute the offender or act against its American assets.

This gives the nation extraterritorial reach over non-Americans trading with or financing a sanctioned party. …

China, Russia and increasingly Europe want an alternative reserve currency system. The problem is that immediate replacement of the dollar is difficult. https://www.bloomberg.com/opinion/articles/2018-09-06/how-the-u-s-has-made-a-weapon-of-the-dollar

I recently came across an article published on MintPress News. It was written by Whitney Webb is, who is a staff writer for MintPress News and has contributed to several other independent, alternative outlets. Her work has appeared on sites such as Global Research, the Ron Paul Institute and 21st Century Wire among others. She also makes guest appearances to discuss politics on radio and television. She currently lives with her family in southern Chile.

In her article, she references a leaked military manual on “unconventional warfare” that was recently highlighted by WikiLeaks. The U.S. Army states that major global financial institutions — such as the World Bank, International Monetary Fund (IMF), and the Organization for Economic Cooperation and Development (OECD) — are used as unconventional, financial “weapons in times of conflict up to and including large-scale general war,” as well as in leveraging “the policies and cooperation of state governments.”

She put it so well below that we have posted it below:

The document, officially titled “Field Manual (FM) 3-05.130, Army Special Operations Forces Unconventional Warfare” and originally written in September 2008, was recently highlighted by WikiLeaks on Twitter in light of recent events in Venezuela as well as the years-long, U.S.-led economic siege of that country through sanctions and other means of economic warfare. Though the document has generated new interest in recent days, it had originally been released by WikiLeaks in December 2008 and has been described as the military’s “regime change handbook.”

WikiLeaks’ recent tweets on the subject drew attention to a single section of the 248-page-long document, titled “Financial Instrument of U.S. National Power and Unconventional Warfare.” This section in particular notes that the U.S. government applies “unilateral and indirect financial power through persuasive influence to international and domestic financial institutions regarding availability and terms of loans, grants, or other financial assistance to foreign state and nonstate actors,” and specifically names the World Bank, IMF and The Organisation for Economic Co-operation and Development (OECD), as well as the Bank for International Settlements (BIS), as “U.S. diplomatic-financial venues to accomplish” such goals.

The manual also touts the “state manipulation of tax and interest rates” along with other “legal and bureaucratic measures” to “open, modify or close financial flows” and further states that the U.S. Treasury’s Office of Foreign Assets Control (OFAC) – which oversees U.S. sanctions on other nations, like Venezuela — “has a long history of conducting economic warfare valuable to any ARSOF [Army Special Operations Forces] UW [Unconventional Warfare] campaign.”

This section of the manual goes on to note that these financial weapons can be used by the U.S. military to create “financial incentives or disincentives to persuade adversaries, allies and surrogates to modify their behavior at the theater strategic, operational, and tactical levels” and that such unconventional warfare campaigns are highly coordinated with the State Department and the Intelligence Community in determining “which elements of the human terrain in UWOA [Unconventional Warfare Operations Area] are most susceptible to financial engagement.”

The role of these “independent” international financial institutions as extensions of U.S. imperial power is elaborated elsewhere in the manual and several of these institutions are described in detail in an appendix to the manual titled “The Financial Instrument of National Power.” Notably, the World Bank and the IMF are listed as both Financial Instruments and Diplomatic Instruments of U.S. National Power as well as integral parts of what the manual calls the “current global governance system.” https://www.collective-evolution.com/2019/04/17/leaked-wikileaks-doc-reveals-us-military-use-of-imf-world-bank-as-unconventional-weapons/

The frequently-expressed reasoning for their gold policies is Russia and China are locked in a financial war with their largest debtor. This is not the underlying reason these nations have chosen gold as an expression of their dislike of America’s weaponization of her monetary policies. They know the difference between unbacked fiat currencies and sound money, which has been chosen by people ever since they began to use a separate commodity to intermediate in transactions.

However, it is true the Americans have weaponised the dollar, bringing an urgency to China’s and Russia’s deployment of gold. US dollars have been the world’s reserve currency for the last forty-eight years, and America, which pays for everything in costless, newly-issued dollars, now says it wants a better trade deal. It obviously assumes the dollar’s supremacy is unchallengeable and in their need for dollars China and other exporters to America will be forced to comply.

Let’s pick this apart. The US Government pays for everything in a currency which it issues at will. New dollars only gain value once they are in circulation, but the cost of production is zero, stealing their circulatory value from previously existing currency. …

So far, the foreigners have been successfully conned, though questions are beginning to be asked. … Inevitably, the corruption emanating from the issuance at will of costless fiat currency leads to a deteriorating political morality. 04/11/19 https://www.goldmoney.com/research/goldmoney-insights/golden-straws-in-the-wind

Many are realizing that Russia (world largest nation in terms of area), China (world’s most populous nation), and Europe (with the combined EU having the world’s largest economy) want to stop US dollar dominance.

Foreigners will one day rise up against the USA (Daniel 11:39; Habakkuk 2:6-8).

The Continuing Church of God has put together the following video on our Bible News Prophecy YouTube channel:

15:19

US Dollar being challenged by Gold-Petro-Yuan

The US dollar has been the world’s primary reserve currency for decades. Is this about to change? What is going on with the Chinese yuan and oil and gold? What do the BRICS nations want? What did Venezuela do? Do the Europeans want to dislodge the US dollar as the world’s primary reserve currency? Does US debt play any role? Does the Bible tell us what will happen to the USA and its dollar? What happens if the USA loses its status? Will gold outlast the US dollar? Dr. Thiel addresses those issues and more.

The reality is that the world will one day dump US dollars.

It will happen, though it will take some time. But many are working on it now.

The more final drop basically could happen with a combination of multi-national cooperation (of which we are seeing more of against the USA dollar), natural and/or human-made disasters impacting the USA, and increasing USA debt (which keeps happening; see State of the Indebted Union).

Partially because of the debt and the use of other assets internationally, the Continuing Church of God (CCOG) put together the following video on our Bible News Prophecy YouTube channel:

13:36

Financial Reset by 2022?

Euro Pacific Capital CEO says the US economy is about to crash because of debt. US National Security Adviser John Bolton declared debt as a threat to society. Forbes writer John Mauldin says that a financial reset is expected in the 2020s, as does Willem Middelkoop, who believes gold may be part of a reset. Morgan Stanley believes the end of the current economic cycle may be in 2021. MIT pointed to changes in the 2020s. How much debt does the USA add daily? Does any of this tie in with biblical prophecies? Does Habakkuk 2 have applicability to the USA? Is it wise to try to discount debt and not pay it back in full? Dr. Thiel addresses these issues in the light of scripture.

Here is a link to the sermonette video: Financial Reset by 2022?

As far as sanctions go, here is a video on our Bible News Prophecy YouTube channel related to the sanctions matter:

15:19

Here is a link to our video: US Sanctions and Tariffs leading to New World Order?

US sanctions and trade policies are factors that will lead to the loss of the USA dollar as the world’s premier reserve currency.

The USA ‘benefits’ in many ways by having the world’s predominant reserve currency.

As I warned prior to Donald Trump’s inauguration, there will be many “unintended consequences” to some of his policies and statements.

The days of the US dollar’s dominance are numbered. US sanctions and tariffs are helping lead to its demise.

This status for the USA will not continue.

Do not think that the USA will continue to be number 1. The USA will ultimately be eliminated according to biblical prophecies (e.g. Daniel 11:39; Isaiah 10:5-11)–and financial reasons will be part of why (cf. Habakkuk 2:6-8).

There is a cost to USA sanctions and financial bullying tactics.

They are pushing the Gentile nations to come up with something that the USA will not like.

One day the USA dollar will be worth no more than the scrap value of the cotton-paper it is printed on.

De-dollarization will happen in the future. Not only is that consistent with various biblical prophecies, many nations are currently working to make this happen.