Kenya has joined the long and growing list of former staunch American geopolitical allies to ditch the dollar in favor of using local currencies, gold or other precious metals, or cryptocurrency for international transactions of oil and other precious commodities.
The President of Kenya, William Ruto, has spoken against the use of the United States Dollar (USD) during trade between African countries.
Ruto said traders from Kenya and Djibouti are facilitating trade with the dollar when they could take advantage of the pan-African payment and settlement system (PAPSS) created by Afreximbank.
He suggested African countries should trade with currencies on the continent rather than depending on US legal tender, as traders often have to search for dollars to complete transactions.
The president spoke about the dollarisation of the African market on Tuesday during his address at the Djibouti parliament on Tuesday.
According to Ruto, prioritising local currencies ahead of the dollar during trading between two African countries will ease trade.
Kenya is by no means the only nation jumping the neoliberal ship. Numerous other countries — notably including Saudi Arabia, the single most important nation for maintaining petrodollar hegemony — have announced plans to seek greener economic pastures.
Earlier this year, multinational banks began sounding the alarm over the decline of the U.S. dollar, accelerated by America’s proxy war in Ukraine and the related sanctions to cut Russia out of the global economy.
Via Business Insider:
Goldman Sachs has warned the US dollar faces risks that could erode its global dominance, saying it’s dealing with some of the same challenges that the British pound faced in the early 1900s.
The move by the US and its allies to freeze Russia’s central bank out of much of its foreign currency reserves has raised concerns that countries could start moving away from using the dollar, due to worries about the power the currency grants the US.
Beyond that, there are a lot of other reasons the petrodollar is collapsing that can’t be laid at the Biden entity’s feet. But it surely doesn’t help having a geriatric corpse wheeled around the world and said to be the chief executive.
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As Rick Moran covered a couple of months back, dispatching the Karamel-uh entity to pander as the regime’s token Woman of Color™ to the people of Africa isn’t doing any wonders for U.S.-Africa relations either. This individual is highly unlikeable and transparently disingenuous. It certainly isn’t instilling confidence in American leadership. Any decent person with a shred of self-respect would feel a deep pang of indignation were they exposed to the often-incoherent ramblings of the vice president.
The idea, propagated by the Biden regime, that Kamala is best to handle the geopolitical issues facing Africa due solely to her vaguely ethnic background is laughable and, to use the hated phrase, offensive on its face. This woman has no ties to speak of to Africa and, more importantly, betrays herself in her poor political performance as totally uninterested in its welfare.