Though not the only way, this is probably the most important way in which Biden ushered America's decline. Click on this link to a current story about the B.R.I.C.S intergovernmental organization and how Biden helped the U.S. Dollar lose its status as the World's reserve currency. Add this fact to Biden's economic failures and you end up with all of the problems so many pundits reported Trump's election to office heralded.
In this report, the fact that Saudia Arabia has joined B.R.I.C.S. is discussed as well as some of the possible reasons why it did so and how this could impact America. The story also points out the knock-on effects that Saudia Arabia's new alliance will have on America. One of the most detrimental effects of Saudi Arabia joining B.R.I.C.S. is the influence a move such as this will have on other countries that have grown weary of American hegemony.
If America does not overthrow the monarchy of this arab nation as it did when Libyan leader Muammar Gaddafi suggested that African nations trade oil for gold instead of U.S. Dollars, it will further lose its status as the World's bully. While this loss of status could prove beneficial to the rest of the world, it may not be so for America. The problem lies in the fact that the U.S. Dollar is backed by nothing but threats. This has been the underlying truth about the U.S. Dollar since it abandoned the gold standard under President Nixon in 1971. Sidebar about the Nixon video: Listen to his claim that starts at 1:43 where he "debunks" the possibility of devaluation by stating the following.
"Americans who buy American-made products in America, your dollar will be worth just as much tomorrow as it is today."
How has this prediction played out? Do you think your dollar buys the same amount of American-made products in America? How many American-made products can you buy in America today? How many American-made products can you buy anywhere in the world?
As for the U.S. Dollar, it is what is known as a FIAT (by decree) currency, which means that its value is whatever the authority that created it says it is worth. In the U.S. Dollar's case, America has had to back up this claim of value through military actions and economic sanctions, which is proving NOT to be sustainable as has been the case for every fiat currency throughout history. Oh, the hubris of America.
Now, some may ask, what benefits are there to controlling the World's currency of reserve? To that I would answer: It depends on who you are and what status you have within the authority controlling that reserve currency. For those who truly control the currency, like the Federal Reserve, it's like playing the game of Monopoly and being able to increase the amount of money in the game and give that money to whomever you want to give the extra money to, including yourself. For those without authority over the money supply, but still live within the country that controls the money supply, it means a higher standard of living. Your money is worth more than the money of other countries so you can buy more with your money than others can with their money. The downside of maintaining the World's reserve currency comes into play when a tragedy like 9/11 occurs. The problems that arise in such a system take shape when the truth of how your currency has maintained its status as the World's reserve currency comes out and your country must overlook facts like 15 of the 19 hijackers that attacked America on 9/11 were tied to Saudi Arabia. When the strength of your currency comes from a pact in which Saudi Arabia agrees to only trade the world's most sought-after commodity with your U.S. Dollars, you may seek to hide any ties between the only attack on American soil since Pearl Harbor and Saudi Arabia. THINK ABOUT THAT! AMERICA'S LONGEST WAR EVER WAS FOUGHT WITHOUT CONSIDERING SAUDIA ARABIA AS A POSSIBLE CULPRIT! Why would the U.S. government originally redact the 28 pages revealing the countries from which the hijackers came?
And, after looking the other way on 9/11, how does Saudi Arabia repay the treachery of American leadership? It joins B.R.I.C.S. which was formed by Brazil, RUSSIA, India, CHINA, and later South Africa. Saudi Arabia announces that it will be trading oil for currencies other than the U.S. Dollar and then it joins a collective of countries that include two of what American leaders claim as the biggest existential threats to America. Why don't you just blow up our tallest building... Oh, Wait.
The video referenced above covers most of the impacts that America faces when it no longer possesses the World's reserve currency, but there is one question I would have liked answered. During this interview, the financial expert claims to have noticed and pointed out the impeding issue with the U.S. Dollar in January or 2023. To this, I would have asked what took him so long. All of the trends he infers were there years before 2023, perhaps decades. This beggars my next question. If the signs were so apparent to me, as to encourage me to write a book about them and offer possible solutions in 2018, why should anyone listen to him when his warnings came five (5) years after mine and the warnings of economists like Richard Wolff? That would be like hedding Jack's warning about the Titanic as he's sliding off the float door.
In 2018, I wrote a book highlighting the problems Humanity would face if more power, wealth, and control was funneled to a small group of elite individuals, groups, or organizations. In my book, I provided solutions (from myself and others) to the inevitable problems and also a means for the Public to analyze, compare, and contrast the words and deeds of those we choose to follow against reality. In my book Solutions: Enough complaining. Let's fix America.
In "Solutions...", I provide the means for readers to disseminate information as provided by their news sources of choice, their elected officials, and any other authority they choose to follow. The book also offers a means to hold their leaders up, not just to a higher standard than is currently accepted but to one that would improve their lives and the lives of those for whom they care.