" Last week in Saint Petersburg, Russia, one of the most important economic forums of recent times was held. It was the Saint Petersburg International Economic Forum (SPIEF). Although attended, in person or electronically, by representatives of more than 170 countries across the world, it barely attracted a mention in the western mainstream media. The forum provided the opportunity for a major discussion of what might fairly be described is the new economic order: the shift of economic emphasis from the West, where it has prevailed for the past 200 years at least, to the East. There are many symptoms of this fundamental shift in the world’s economic focus. An obvious one is the steady decline of the United States dollar as the medium for international trade. This was discussed at one of the forums of the conference where IMF managing director Kristalina Georgieva, Russian central bank Governor Elvira Nebiullina and Russian minister of finance Anton Siluanov shared a forum."............"
Siluanov announced that in May of this year for the first time, less than 50% of Russia’s exports were nominated in United States dollars. Siluanov announced that Russia intended to totally abandon the United States dollar in the Russian wealth fund. This was part of a major restructuring of the Russian foreign exchange system. The role of the British pound was also to be reduced (which won’t endear the Russians to the British). The role of the Euro and Chinese Yuan would also be increased, with the status of gold and the Japanese yen remaining stable. These changes may be seen as preparation for heday, which many now see as imminent, when Russia is excluded from the world financial system. A further topic of discussion at SPIEF was the increasing role of the Chinese in Eurasia’s economy. A combination of Chinese technical capability and Russia’s massive energy resources will provide the foundation of an Eurasian market that will progressively diminish the West’s hitherto dominant role. One of the principal factors driving the change is decades of United States abuse of the power they retained as the source of the world’s main trading currency. When the use of that power turned to abuse, as has been manifestly obvious for the past several decades, it inevitably produces a reaction. The Russian and Chinese led abandoning of the dollar is the obvious outcome of the growing disenchantment with decades of United States abuse of its position." ..........https://journal-neo.org/2021/06/07/t...-recognise-it/