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The overuse and misuse of sanctions have been eroding their effectiveness for a long time. So called "non-aligned nations" are steadily setting up their own trading systems that bypass the US dollar and the Fed. It used to be that all foreign trade was done in dollars, and so it all passed through the Fed, which made a percentage on every transaction. That was the advantage of the dollar being the "world currency."
But because this trade system has been used to coerce other nations into conforming to the will of the US government (and Europe), other countries are now setting up their own direct trading systems. Hence, Japan and China can now facilitate trade in their own currencies without using the dollar. And now that the US has imposed sanctions on Iran by refusing to let them settle international trade payments through the Fed and the dollar, Iran is now literally forced to revert back to the gold standard.
Iran and India have agreed to trade oil for gold. The same is now occurring with Turkey, which purchases Iranian oil and pays them in gold through the banks of Dubai, according to this news article:
http://www.reuters.com/article/2012/10/23/us-emirates-iran-gold-idUSBRE89M0SW20121023
The bottom line is that US foreign policy is fast destroying the mechanism of power by which America has been bullying the world. Given enough time, the dollar will become irrelevant and pass from the scene as only a bad memory. Then America will have to live within its means.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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