*Giventhatthedollarissoembeddedinthesystemofinternationaltransactions,theUnitedStateshasturneditintoatooltobleedothercountriesbycollectingseignioragerevenue.
*Toboostitsdomesticeconomy,theUnitedStatesoftenpumpsexcessmoneyintoglobalmarketsduringperiodsofeconomicexpansion,creatingtheillusionofaworldwideboom.
*Aggressiveinterestratehikeshaveledtoagloballiquiditytightening,resultingincapitaloutflowsandcurrencydepreciationinemergingmarkets.
(资料图片仅供参考)
BEIJING,April4(Xinhua)--TheworldisholdingitsbreathforasimmeringbankcrisisintheUnitedStatestriggeredbythespectacularcollapseofSiliconValleyBankandSignatureBank.
AcrosstheAtlantic,therepercussionsarereverberating.AsEuropeanbanks,includingSwitzerland"sCreditSuisse,edgeclosertoasimilarcrisis,concernsaregrowingthattheregionalcrisiscouldbecomesystemic.
TherealculpritforthefesteringcrisisistheU.S.FederalReserve(Fed)"smonetarypolicybasedontheU.S.dollar"shegemony,whichhas,onseveraloccasions,plunderedglobalwealth.
PeoplequeueupoutsidetheheadquartersoftheSiliconValleyBank(SVB)inSantaClara,California,theUnitedStates,March13,2023.(PhotobyLiJianguo/Xinhua)
PLUNDERINGWORLDWITHSEIGNIORAGE
AfterWorldWarII,theUnitedStatesdeliberatelyestablishedthedollar"shegemony.
Inthethirdquarterof2022,thedollarcomprisednearly60percentofglobalforeignexchangereserves.InJanuary2023,thedollaraccountedforabout40percentofinternationalpayments.
Giventhatthedollarissoembeddedinthesystemofinternationaltransactions,theUnitedStateshasturneditintoatooltobleedothercountriesbycollectingseignioragerevenue.
Witha100-dollargreenbackthatcostsonlyabout17centstoprint,theUnitedStatescouldreap100dollarsworthofgoodsandservicesfromothernations.
ThisphototakenonMarch16,2023showsasignageofCreditSuisseinGeneva,Switzerland.(Xinhua/LianYi)
JustasformerFrenchPresidentCharlesdeGaullegrumbledmorethanhalfacenturyago,theUnitedStatesenjoyed"exorbitantprivilege"and"deficitwithouttears"createdbyitsdollaranduseditsworthlesspapernotetoplundertheresourcesandfactoriesofothernations.
Fromthegolddollar,thepetrodollartothecreditdollar,andnowtothedebtdollar,overthepastdecades,theworldhasbeenwitnessingthebasisofthedollarasaninternationalcurrencyweakening.
Tosalvagethedollar"shegemony,theUnitedStateshasrecklesslyexhaustedallmilitary,financeandtrademeans,attemptingtocontinuouslyexportriskstoandreapbenefitsfromothercountriesthroughthelucrativedollarbusiness.
CREATINGGLOBALASSETBUBBLES
Toboostitsdomesticeconomy,theUnitedStatesoftenpumpsexcessmoneyintoglobalmarketsduringperiodsofeconomicexpansion,creatingtheillusionofaworldwideboom.
Aftertheinternationalfinancialcrisisin2008,theFedintroducedmultipleroundsofquantitativeeasing.
FollowingtheoutbreakoftheCOVID-19pandemicin2020,itimplemented"unlimited"quantitativeeasing,pushingglobalinflationtoa40-year-high,formingacolossalassetbubbleandexacerbatingriskstotheworldeconomy.
WhiletheoversupplyofU.S.dollarshasbrought"inflationarypressuresnotseeninageneration"totheUnitedStates,othereconomieswerehitharder.InFebruary,annualinflationinArgentinabreachedthe100percentmarkforthefirsttimesince1991.
ThisphototakenonMarch13,2023showstheexteriorviewofaFirstRepublicBankbranchinMillbrae,California,theUnitedStates.(PhotobyLiJianguo/Xinhua)
Mostoftheexcessdollarsareexportedtoothercountriesthroughimportsandoverseasinvestment,allowingtheUnitedStatestoharvestthewealthofothercountriesatnearlyzerocost.
Theoversupplyofthedollaralsocreates"irrationalprosperity"thatdeviatesfromtheactualeconomicsituationandexacerbatestheturmoilintheglobalfinancialmarket.
Moreeconomistsarewakeninguptothedetrimentsofthecurrentdollar-basedmonetarysystem.
Thecurrentdollar-centeredmonetarysystemdoesnotreflectthedynamicglobalmarket,saidDavidE.Sumual,chiefeconomistofBankCentralAsia,thelargestprivately-ownedbankinIndonesia,notingthatsuddenpolicychangesoftheFedalwayscausevolatilityinothercountries.
ButtheFedwillcontinuetomanipulateglobalmarketsandwreakhavocontheworldeconomy,solongasothercountriesdon"tcuttheirrelianceonthedollar.
AnalystshavewarnedthattheFedhaddrivenupassetbubblesworldwidetoanextremelydangerouslevel,andthefirstsignsofthosebubblesburstingarebeginningtoappear.
Afteryearsoffrothymarkets,realtroubleisonthehorizon.
EXACERBATINGGLOBALDEBTRISKS
WhiletheWesternbankingindustryisteeteringonedgeofcatastrophe,theFedshowsnosignsofstoppingitsratehikes.
SinceMarchlastyear,theFedhasraisedinterestratesninetimesinarow,withacumulativeratehikeof475basispoints.TheU.S.interestratenowstandsatthehighestlevelsinceSeptember2007.
ThisphototakenonApril20,2022showstheU.S.FederalReserveinWashington,D.C.,theUnitedStates.(Xinhua/LiuJie)
Aggressiveinterestratehikeshaveledtoagloballiquiditytightening,resultingincapitaloutflowsandcurrencydepreciationinemergingmarkets.
AccordingtodatafromtheInternationalMonetaryFund(IMF),thepressureondebtrepaymentforcountriesdenominatedinthedollarhasincreasedsharply.Morethan60percentoflow-incomecountriesarealreadyathighriskoforindebtdistress.
Ifthepastisanyindication,onceacountryfallsintodebtdistress,itsassetswouldbeexposedtoU.S.plundering.
In1998,whenaskedcantheUnitedStatesweatherAsia"sfinancialstorm,JeffreyE.Garten,thenthedeanoftheYaleSchoolofManagement,saidthat"bigAmericanfirmsoughttostaythecourseinAsia,takingadvantageofunprecedentedopportunitiestobuyassetscheaplyinindustriesthathavebeenclosedtosignificantforeigninvestment."
Garten"swordsbecameaprophecylaterfulfilled,andsimilarscenariosofU.S.capitalpouncingonindustriesinvulnerableeconomieshaveplayedoutrepeatedly.
AstheFedflip-flopsonitsmonetarypolicy,theUnitedStatesalsosufferstemporaryeconomicpain.Still,withitshegemoniccurrency,UncleSamcanshuffletheriskstoothersandemergelargelyunscathedfromacrisisitstarted.
Aftertheglobalfinancialcrisisof2008,ittooktheEuropeanUnion13yearstoreturnGDPpercapitatoitspre-crisislevel,whileitonlytooktheUnitedStatestwoyearstodoso.
Despiteabriefjolt,theUnitedStatescontinuestoplundertheworld.
However,theabuseofthedollar,theweaponizationofglobalfinancialinfrastructureandthecountry"sirresponsiblemonetarypolicyarebackfiringanderodingtheU.S.credibility.
AccordingtodatafromtheIMF,thedollar"ssharewithintheglobalreservesfellbymorethan10percentagepointscomparedwith20yearsago.Thedecliningtrendshowsnosignofending.(Videoreporters:SunLei,GuruhRiyanto,WayanAgus,YuFuqing,YangYiran,HuangZemin;videoeditors:WuYou,LuoHui,YuJiaming)■
