F. William Engdahl -- EURASIA CAN FIND A WAY TO GET RID OF THE DOLLAR

EURASIA CAN FIND A WAY TO GET RID OF THE DOLLAR

17.03.2017

Eurasia

F. William Engdahl

The following is from an interview transcript:

The most optimistic development on the world stage that I have seen in decades is what's coming out of Eurasia, especially out of China and the Eurasian Economic Union, led by Russia and other countries, that is to build a grid.

That was the dream of Sergei Witte at the end of the 19th century. In Russia it would be the Trans-Siberian Railway project, but now it is to build a network crisscrossing all of the land space of Eurasia with high-speed rail infrastructure and deep water ports that make it virtually impossible for the North Atlantic Treaty Organization or the United States Navy to control choke points like the Malacca Straits for the oil deliveries to China and elsewhere. And with them, to create what I think is going to emerge as a new alternative to the dollar as the world reserve currency.

By the way, keep in mind that dollar, as the world reserve currency, is one of the fundamental pillars of American hegemony worldwide since World War 2. The other being the US military as the largest military power on Earth.

The United States’ dollar is tottering, the banking crisis of 2008 has not been solved. Industries cannot rise above several accruable percent for the last eight years. This is a critically ill financial system called the Wall Street banking system.

Therefore, they lied to the world that the United States economy is in recovery, while in reality it has been estimated that the real unemployment of people who would like to have work, but no longer count on the labor polls, is 23 percent of the workforce.

This is a Great Depression in America. And the debt of the government is from 103 to 104 percent of the gross domestic product. For instance, Russia's national debt is something like 17 percent of gross domestic product - it's a paradise in comparison.

Therefore, this Eurasian infrastructure development is going to create the basis on common land areas for completely new markets in Central Asia that, for the first time, would be very linked to a broader economy through Russia and China.

I think this is unstoppable at this point and it's going to create the basis for a real, genuine economic prosperity for the first time since the 1970's for Russia, as well as for China and other countries.