The writer is the chairman of Brookings India and senior fellow, Brookings Institution.
Non-dollar based trading regime holds key to breaking US stranglehold over oil trade
One of several reasons for America’s economic leverage is that it sits at the epicenter of the global financial system. The dollar is a reserve currency. Global trade is preponderantly carried out in dollars. Oil is priced in dollars.
One should not be surprised by US President Donald Trump’s imperious approach to the rest of the world. He has but one concern. To keep his domestic constituency intact and to win the 2020 elections. He may not even care if in the process, the “rest “go to hell in a hand basket”. His latest missive against Iran is manifestation of this attitude. The question that one must ask is what can the “rest” do to prevent such an outcome.
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