All parties concerned should negotiate and declare a dollar replacement strategy so as to minimize the negative effects brought about by Washington's capricious acts and peacefully resolve the Iran nuclear issue.
The Trump administration's withdrawal from the Iran nuclear deal and other capricious acts have triggered worldwide dissatisfaction and many countries started to consider using new payment systems to circumvent US sanctions. For example, the Instrument In Support of Trade Exchanges, or INSTEX, is a payment channel set up by the UK, France and Germany that allows EU entities to have business exchanges with Iran, bypassing the US sanctions.
Suffering from severe sanctions by Washington, Tehran has been forced to seek alternatives to the US dollar. Iran has reportedly replaced the US dollar with China's yuan for its official currency rate. This is an important counteraction by the oil-rich country to circumvent US sanctions and maintain its national interest.
However, the US dollar is far from being marginalized and is still leading the international monetary system. Washington still has much political and economic influence on the global stage. Since finance is the root of US hegemony, the US is using its monetary power to throw its weight around. Washington issues orders worldwide as if all countries should obey its commands and follow its strategy.
But what about these countries' own interests? Has the US ever considered their welfare? Washington's selfish acts reflect the US global strategy. Using the current US-led global system to realize its goals: America First, launching unilateralism and seeking hegemony. This has sabotaged the international order. It is essential for countries to act together against unilateral US sanctions and long-arm jurisdiction.
Find alternatives: This is what the US has been forcing all countries to do. The capricious US acts oppose other countries' will and the US is ruining the future of dollar itself. Countries are seeking monetary alternatives and this may be the start of them seeking alternatives in other fields in the future as well, including high-tech alternatives. In other words, the US is isolating itself.
The unilateral US sanctions cannot make Iran surrender. The best way is to resolve the crisis peacefully, not to impose threats and sanctions. If these risky moves eventually lead to a war, no country will benefit.
Perhaps it is time for international society to negotiate and think how to deal with US unilateralism and hegemony, and how to make it more reasonable and fairer through reform and adjustment. Thus, the international system can operate normally instead of being kidnapped by the US.
- Source, Global Times
