{"id":1192534,"date":"2023-03-12T16:10:11","date_gmt":"2023-03-12T20:10:11","guid":{"rendered":"https:\/\/bugaluu.com\/news\/india-takes-a-leading-role-in-de-dollarization\/1192534\/"},"modified":"2023-03-12T16:10:11","modified_gmt":"2023-03-12T20:10:11","slug":"india-takes-a-leading-role-in-de-dollarization","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/india-takes-a-leading-role-in-de-dollarization\/1192534\/","title":{"rendered":"India Takes A Leading Role In De-Dollarization"},"content":{"rendered":"
\"\"<\/a><\/div>\n

India Takes A Leading Role In De-Dollarization<\/span><\/p>\n

\n

Authored by Andrew Korybko via The Automatic Earth blog,<\/em><\/a><\/p>\n

Reuters reported on Wednesday that \u201cIndia\u2019s Oil Deals With Russia Dent Decades-Old Dollar Dominance<\/a>\u201d, which informed their audience that the growing trend of those two using national or third-party currencies like the UAE\u2019s is something significant for everyone to pay attention to. To that outlet\u2019s credit, it also reminded readers that IMF Deputy Managing Director Gita Gopinath foresaw in the month after Russia\u2019s\u00a0special<\/a>\u00a0operation<\/a>\u00a0began that the West\u2019s sanctions \u201ccould erode the dollar\u2019s dominance\u201d.<\/strong><\/p>\n<\/p>\n

Lo and behold, that\u2019s precisely what happened, with India of all countries accelerating de-dollarization through its non-dollar-denominated energy deals with Russia.<\/strong> About them, Russia has since become India\u2019s largest supplier\u00a0over the past year<\/a>\u00a0and now provides a\u00a0whopping 35%<\/a>\u00a0of that country\u2019s needs, which is also the world\u2019s third-largest oil importer and\u00a0fifth-largest economy<\/a>. Their new energy ties, and particularly the growing de-dollarization dimension of their deals, are thus globally important.<\/p>\n

None of what was just described is driven by any anti-American animus on India\u2019s part since everything is purely motivated by the pursuit of that country\u2019s objective national interests<\/strong>. Delhi had no choice but to gradually diversify away from dollar-denominated energy deals with Moscow due to Washington\u2019s illegal sanctions. Its multipolar leadership wasn\u2019t going to let the world\u2019s most populous country slip into an economic crisis just to please the US by eschewing the import of discounted oil from Russia.<\/p>\n

By defying American pressure upon it to unilaterally concede on those aforementioned objective national interests, India\u2019s economy ended up growing at\u00a0twice the pace of China\u2019s<\/a>,<\/strong> which contributed to\u00a0catapulting that country to the forefront<\/a>\u00a0of the\u00a0global systemic transition to multipolarity<\/a>. Amidst the\u00a0impending trifurcation of International Relations<\/a>, India is now poised to de facto lead the\u00a0Global<\/a>\u00a0South<\/a>\u00a0in helping fellow developing countries balance between the\u00a0Golden<\/a>\u00a0Billion<\/a>\u00a0and the\u00a0Sino-Russo Entente<\/a>.<\/p>\n

Had India complied with the US\u2019 illegal sanctions, then the New York Times wouldn\u2019t have recently\u00a0admitted<\/a>\u00a0that those restrictions failed\u00a0just like<\/a>\u00a0the West\u2019s efforts to \u201cisolate\u201d Russia did as well. It was largely due to that South Asian Great Power\u2019s\u00a0truly independent grand strategy<\/a>\u00a0that this latest phase of the\u00a0New Cold War<\/a>\u00a0didn\u2019t decisively end in the Golden Billion\u2019s victory over Russia and the restoration of unipolarity, which would have been detrimental to India and every other developing country\u2019s interests.<\/p>\n

India therefore changed the course of history by remaining committed to the pursuit of its objective national interests, which to remind everyone, aren\u2019t driven by any desire to harm the interests of third parties like the US.<\/strong> Its leading role in de-dollarization via its increasing number of non-dollar-denominated energy deals with Russia is also reshaping the global financial system by reducing that currency\u2019s prior dominance and thus leading to a more multipolar state of affairs for everyone.<\/p>\n

Even the US itself seems to have finally accepted that it can\u2019t reverse this trend, which is evidenced by former Indian Ambassador to Russia Kanwal Sibal recently telling\u00a0TASS<\/a>\u00a0that \u201cLately, the discourse from Washington has changed and India is no longer being asked to stop buying oil from Russia. In a recent visit to India, the US Treasury Secretary actually said that India can buy discounted oil from Russia as much as it wants so long as western tankers and insurance companies are not used.\u201d<\/p>\n

Nevertheless, radical\u00a0liberal<\/a>\u2013globalist<\/a>\u00a0ideologues<\/a>\u00a0like\u00a0Color Revolution<\/a>\u00a0mastermind George Soros are still desperately clinging to the dream of restoring the US\u2019 rapidly declining unipolar hegemony, hence why he de facto\u00a0declared<\/a>\u00a0Hybrid<\/a>\u00a0War<\/a>\u00a0against India during the Munich Security Conference last month.<\/strong> It remains unclear whether he and his network have enough support in the Western Establishment to advance that regime change agenda, but his threat is still worrisome and should be taken seriously.<\/p>\n

Reuters\u2019 latest report about India\u2019s role in accelerating de-dollarization might fuel interest among likeminded \u201cWestern Exceptionalists\u201d in supporting his de facto Hybrid War against that country so observers should closely monitor related developments in order to assess whether this happens. In any case, those who sincerely support multipolarity should loudly applaud India for its indispensable role in comprehensively facilitating this process, especially its financial dimension as described in this analysis.<\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Support the Automatic Earth via Patreon.<\/em><\/a><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 03\/12\/2023 – 18:15<\/span><\/p>\n

From:Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India Takes A Leading Role In De-Dollarization Authored by Andrew Korybko via The Automatic Earth blog, Reuters reported on Wednesday that \u201cIndia\u2019s Oil Deals With…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1192534","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1192534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1192534"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1192534\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1192534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1192534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1192534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}