Just when you think that you repeated that USD and US stock market papers are just virtual "values" which are "worth"... well, let's leave at that for now, enough times to drive point home, news come in which in these strange times take it to eleven. From yesterday (in Russian):
Translation: Government of Russia allowed to invest resources of the Fund of National Wealth (FNB) into national currency and state obligations of China.
This is exactly what many of us here discussed very recently, and that means acceleration of the removal of the USD as one of many (yes, Pound Sterling, Euros, Swiss Franks are also there) cash (I stress it--cash, not some BS paper) from Russia's main piggy bank. That also shines a light on the long-term policy of growth of trade between China and Russia and that means, among many other things, dedollarization of the oil trade. Reputable "establishment" Gazeta Ru then proceeds to make this astonishing statement:
Доля европейской валюты в отечественном экспорте в КНР за год выросла с 12% до 45,6%. При этом импорт китайских товаров и услуг в Россию почти на 25% оплачивается в «других валютах». Вероятнее всего, это и есть юани.
Translation: The share of European currency in domestic (Russia's) export to China grew in one year from 12% to 45.6%. Meanwhile, almost 25% of import of Chinese goods and services in being paid for almost 25% in "other currencies", which, most likely are Yuans.
This is what drives many people in the US (like yesterday's Paul Brandus) totally desperate and butt-hurt, because removal of USD in mutual payments between geopolitical players who matter IS the end of the petrodollar. It is a very practical end, without much fanfare--just normal everyday economic activity which is ongoing without employing USD and creating a financial fortress and common Eurasian market whose actual size dwarfs US economy even when this economy is valued by Wall Street fraudst.... pardon me, exceptionalists. Ah, yes, about exceptionalism. Daniel Larison published today a good piece related to Andrew Bacevich's latest article:
Well, I have a minor quibble with this title, because this fraud was exposed way before any COVID was present. In fact, I launched this blog in 2014 to do precisely this, prior to that I formed opinion on this fraud years before. As I state ad nauseam, American exceptionalism is a self-replicating delusion which is organic to the US body-politic as a main prerequisite of achieving anything on the way to power and money. It is also a main driver behind degeneration of American political and intellectual elites. As Larison observes:
The more that U.S. policies have proved “American exceptionalism” to be a pernicious myth at odds with reality, the more we have heard the phrase used to defend those policies. Republican hawks began the decade by accusing Obama of not believing in this “exceptionalism,” and some Democratic hawks closed it out by “reclaiming” the idea on behalf of their own discredited foreign policy vision. There may be differences in emphasis between the two camps, but there is a consensus that the U.S. has special rights and privileges that other nations cannot have. That has translated into waging unnecessary wars, assuming excessive overseas burdens, and trampling on the rights of other states, and all the while congratulating ourselves on how virtuous we are for doing all of it.
As the recent events of the 2020 have demonstrated so dramatically--to have some "special rights and privileges" one has to perform across the board, from economy, to military to culture, to society. And, I mean, of course, in real terms not by cooking books, declaring defeats victories and praising social illnesses as achievements. The world is not impressed anymore, not to mention this ever present fact that, as I wrote in my latest book:
Today, the same titanic battle for life on Earth is being waged globally for a new, better, freer, more just and more peaceful global order to emerge. This struggle is not for glory and the sword for forestalling evil has been forged.
But it will be ultimately up to Americans and America's internal struggles to determine if, she can be, as Larison observes:
American exceptionalism has been the story that our leaders told us to excuse their neglect of America. It is a flattering story, but ultimately it is a vain one that distracts us from protecting our own country and people. We would do well if we put away this boastful fantasy and learned how to live like a normal nation.
One can only hope.