The Global Economy is Dead

And the Great Bifurcation is now in place. Russia and China are no longer using the US dollar for trade between their countries:

Western currencies have been almost completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, Russian First Deputy Prime Minister Andrey Belousov announced on Monday.

Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions between Russia and China are now carried out in one of the countries’ national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is likely to grow.

Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.

World War III largely remains unfought, and yet its economic victors are already apparent. For decades, the USA has bombed, staged coups, invaded, and occupied in order to defend the primacy of the US dollar. In less than two years, inspired by what has to be the dumbest, least well-considered economic siege in recorded history, the USA has lost its ability to exert currency influence over the biggest economy on the planet and the foremost military power on Earth.

It’s only a matter of time now before all the BRICS countries stop using the dollar for trade outside the Western bloc. The ramifications of this are massive, and may well serve to mark the precise moment that the USA ceased to be a global power and became a regional one again.