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Friday, October 29, 2021

The End of Western Currencies

“There certainly was no money in the Trojan War. Gold and silver passed by weight; Agamemnon might have had a treasure, but certainly no money.” ~ Voltaire. Agamemnon was the superpower in the age of the Trojan War, and the words that Voltaire has used for him can be used with some justification to describe the condition of the so-called superpower of our time: the West. 

The West might have a treasure (wealth), but certainly no money. The economic policies of the Western countries are as irrational and corrupt as the economic policies of Zimbabwe and Venezuela. Yet the Dollar, Euro, and Pound have not sickened and collapsed. They have not suffered the cataclysmic fate of the Zimbabwean Dollar and Venezuelan Bolivar. This is because the Western currencies are backed by Western military power.  

The global capitalist order is an unfair and corrupt oligarchy, which safeguards the Western economies and geopolitical interests, often at the cost of the non-Western world. Most nations are forced to use the Dollar for settling their international trades, even though the usage of this currency entails importing a slice of American (Western) inflation into their economy. The economies of the non-Western countries cannot develop as long as they are forced to import Dollars and (with it) American inflation. 

The West’s most lucrative export is its paper currency. Making money by exporting money is the world’s oldest scam and the West is guilty of it. If the West was militarily weaker, its currencies would not be the standard financial tool for settling international trades and its currencies, which are not backed by gold, would have died in a paroxysm of inflation. The economic logic which has destroyed the currencies of Zimbabwe and Venezuela would have caused a similar havoc in the Western countries.

The West cannot protect its currencies by using its military power for too long. The dollar is dying; so too are the Euro and the Pound. I believe that in ten years the Dollar, Euro, and Pound will join the Zimbabwean Dollar and the Venezuelan Bolivar in the dustbin of history. The end of Western currencies will mark the end of Western hegemony, and there will be far reaching and radical transformations in the world.

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