All right,Let's start at the beginning. In the 70s of the last century, in order to help the poor and become rich, Egypt listened to the advice of the United States, gave up growing grain, and switched to planting cotton in exchange for foreign exchange. As a result, Egyptians not only could not afford to wear pants, but also fell into a severe food crisis. As a result, since 2010, Egypt has spent $12 billion a year on food imports, and its wallet is empty. Well, not only are the Egyptian people living in hardship, but the country is also in a state of dependence on the dollar, and it is difficult to get rid of it.
After joining the BRICS, Egypt gradually moved away from dollar settlements and also found a way out. It's like a person trapped in a deep pit, and suddenly someone throws down a rope, isn't it a hell of a life!
Next, let's talk about the petrodollar in the Middle East. Settle oil sales in US dollarsThis is simply a sure-fire business for the United States. You don't have to use it in vain, print your own money, and take a cut from the countries of the Middle East. Whoever dares to oppose it will know just by looking at the fate of Gaddafi and Saddam. Therefore, the oil-producing countries of the Middle East have been suffering from the hegemony of the dollar for many years, but they can't help it.
Now that the situation in the Middle East is in chaos, it is just in time for the decline of the dollar's hegemony. Egypt decisively seized the opportunity to adopt local currency and ** settlement. This trick is very clever and hits directly at the soft underbelly of the dollar. Iran also announced its withdrawal from the SWIFT system a few days ago, which shows that regional countries are uniting to fight the hegemony of the dollar.
Here are a few lessons to be learned from Egypt's operations:
First,The big fish and big meat are happy before they reach their mouths, isn't this looking for death? Egypt has endured for decades, and finally waited for a good opportunity to fight back against the dollar.
Second,Be cautious about taking advice from foreign countries. We must make our own decisions on key issues concerning the national economy and people's livelihood, and the jobs of 1.4 billion people are firmly in our hands, which is a good example for other countries to learn from.
Third, de-dollarization requires a long-term effort. If you want to defeat the hegemony of the dollar, it is not enough to just pay lip service, you need to really improve your own strength. For China to internationalize the renminbi, it also needs to work hard for a long time, with both patience and perseverance.
The hegemony of the dollar is declining,Middle Eastern countries finally found an opportunity to fight back, and Egypt seized the opportunity to abandon dollar settlements, which soon caused heated discussions on the Internet. Some netizens think that this is a smart chess game in Egypt, and it has finally come out of the control of the dollar; Some netizens also think that Egypt is beyond its own strength, and in the end it will only suffer like Iraq; Others argue that this is economically viable, but the political consequences are unpredictable. However, other netizens believe that although Egypt is risky in doing so, it can only truly achieve economic independence by breaking with the international monetary system dominated by the US dollar. Since the beginning of reform and opening up, China has also been working in this direction. All in all, Egypt's move has undoubtedly dealt a heavy blow to the hegemony of the US dollar, and it is worth thinking about seriously.
Okay guys, that's all for today. As an outspoken commentator, I think Egypt's move deserves our appreciation and learning. Only by truly achieving economic independence can we work for the well-being of our people. Decoupling from the dollar is a long-term process, but the road to success has been opened, as evidenced by Egypt. Let's wait and see the arrival of a new multipolar international monetary order that is not dominated by the dollar. If you have any opinions, please feel free to speak in the comment section and let's push the wheel of history together!