In mid-April, the US Federal Reserve began "swapping" $500 billion dollars with banks around the world.
The almighty dollar is virtually the only chip you can use in the international capitalist casino. Globally, non-American banks hold $12.4 trillion dollars, which they loan out to other non-American entities for loans, to pay debts, or to conduct trade and commerce. A business in Norway may not conduct its affairs in dollars, but its bank does.
Naturally, the fact that so much financial activity is conducted in US dollars and moved through the SWIFT system means sovereign states are at the mercy of a handful of plutocrats in Washington and New York City.
Deplatforming from SWIFT and CHIPS ($1.5 trillion a day in transactions), programs that allow a network of banks run by Jews in New York regulated by US treasury Jew Steve Mnuchin to monitor dollar transactions, has become a favorite tool of intimidation for America's oligarchs, often deployed against nations that challenge Israel or defy Pax Liberalus.
This is why nations targeted by American sanctions suffer so dearly. In the case of Iran, European nations have been threatened with bans on their business' ability to access the dollar system if they defy Washington's "maximum pressure" attempt to starve the Iranians into submission. Venezuela, North Korea, Syria, Russia, etc -- all sanctioned with some or all their assets frozen (read: stolen from them, as in the case of Venezuela where Maduro government's assets are being given to failed coup leader Juan Guiado) -- have also struggled under the dollar regime, though now there are some attempts to de-dollarize and build an alternative.
For much of history, freezing a nation's assets was interpreted as an act of war. The governments of Franklin Delano Roosevelt, Britain and the Dutch Indies collaborated to take Japan's assets towards the end of July, 1941, which cut them off from 75% of their global trade and made it impossible for them to import oil. This act is seen by historians as the accelerant that led to Pearl Harbor.
Today, economic power has become more important in the age of nuclear weapons, as responding to financial attacks with a hot war is not always feasible.
The New Cold War
Escalating tensions between Washington and China have forced the Chinese to begin exploring a replacement in the fight against world dollar hegemony. Josh Hawley and Lindsay Graham both have presented bills that would freeze Chinese assets, and in case that's not enough, Tom Cotton has presented an aptly named FORCE Act, which will allocate billions of dollars worth of medium-ranged missiles to the Indo-Pacific to threaten the Chinese with, similar to what transpired during the Cuban Missile Crisis. US capital is already planning to move from China to India.
The official excuse is the coronavirus, but the real reason is that China's predicted transition from a race-centered command economy that puts politics over profits to a liberal plutocracy simply never came, and it is now forming an independent pole on the world stage. The median wage of a Chinese worker in industrial centers recently surpassed that of a Croatian, all while the middle class continues to collapse in the West.
Crypto Against Dollars
It's unclear just how far the US is willing to go against China, but the Chinese are already preparing an economic counter-attack. The new digital yuan-- crypto-currency issued by China's state-run banks -- is currently in its trial phase (including at McDonald's).
This new electronic yuan, Forbes warns, could provide an exit for countries sick of US sanctions and soft power, and potentially replace the US dollar as the world's reserve currency.
Economists believe Chinese citizens will rapidly embrace the new crypto-yuan, while it is expected that its use will be heavily incentivized for financing infrastructure projects in nations participating in the Belt and Road Initiative. Foreign Policy Magazine -- edited by a Jew preoccupied with Israel's racial demographics -- put out a procrastinated call last January to digitize dollars and copy the crypto yuan model, expressing fears that global de-dollarization will make it impossible to financially strangle Iran.
For national dissidents, this could provide a new opportunity to fund alternative media and activism in the age of tyrannical Zionist campaigns to sanction individual Americans and advocacy organizations from financial services for their political beliefs, just like they do on a macroscale to foreign nations. The global competition will also put pressure on Jewish-liberal financial power brokers to stop using these tactics altogether.
Whatever happens, its unlikely that international finance will allow the erosion of US dollar hegemony without a fight.