Book Review: De-Dollarization by Gal Luft and Anne Korin

"An empire always thinks it can afford to make mistakes or incur additional costs. It thinks it is so powerful that this won't change anything. But those mistakes and costs keep piling up. At some point, the empire can't deal with them both in terms of security and economy. That's what our American friends are doing. They're undermining trust in the dollar as a universal payment instrument and the main reserve currency. So everybody starting thinking of a Plan B." ~ Vladimir Lenin

By Catherine Austin Fitts

The headlines are full of announcements regarding threats to the U.S. dollar's reserve currency status. Central banks are building swap capacity so that transactions between countries can be settled directly without using the dollar system. The Russians, Chinese, and Europeans are developing alternatives to the SWIFT system and U.S. credit cards. China's central bank is developing a cryptocurrency. As U.S. administrations continue to weaponize the dollar system to apply and enforce economic sanctions, fears are driving an emerging multipolar world to find alternatives.

In search of organized presentations on efforts to build payment mechanisms and liquidity independent of the dollar, the best book I have found is De-Dollarization: the Revolt Against the Dollar and the Rise of a New Financial Order by Gal Luft and Anne Korin.

Luft and Korin are co-directors of the Institute for the Analysis of Global Security. They come from an energy perspective, which is one of the things that gives the book a grounding often missing in those written by financial commentators. The dollar system is deeply intertwined in the trade for oil and gas—that is why the dollar is sometimes referred to as the "petrodollar." As our energy models evolve, so will our currency models.

If you are looking for an overview of recent efforts by numerous people, institutions, central banks, and nations in the emerging multipolar world to protect themselves from the dollar debt bubble and related financial crises and sanctions, here is a source worth adding to your collection.

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