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41 sats \ 2 replies \ @Solomonsatoshi 11 Aug \ on: In India, Trump's tariffs spark calls to boycott American goods econ
China now dominates the global economy.
India via Russia falls under Chinas broad alliance of economies challenging the wests hegemony.
US dominance of branded goods and services is waning, and with it the balance is tipping.
Russia openly defies the US because it has the backing of China and India who continue to buy Russian oil and gas and supply the manufactured goods and commodities Russia requires.
With India and Russia pivoted toward the Chinese side the US looks increasingly vulnerable to losing its legacy hegemony over strategic protocols like SWIFT.
The petrodollars demise is imminent.
China controls crucial rare earths supply chains.
BRICS and others will be using mBridge and CIPS increasingly- they already are.
Trump has really mistaken India as the weakest of the India, Russia and China. But look what India has done. The RBI will now let Indian banks open foreign rupee accounts instantly - no approvals, no delays. It means that that India now wants to trade more and more in INR. BTW India has been doing its 85% trade in dollars in 2022 which is now down to almost 70%. The dollar's supremacy is just on the brink of falling very rapidly.
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The wests 'debanking' of Russia after the Ukraine invasion showed that now there are alternatives to the SWIFT hegemony. China is the mainstay of that alternative but with India being part of it the size of the alternative grows and others are joining with Saudis joining mBridge and more and more trade conducted completely outside the legacy hegemony of western institutions and protocols.
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