Last Days of American Dollar?
2 min read
Over 30 years ago, a top Jamaican reggae musician named Peter Tosh who was murdered on the night of September 11, 1987 had a song he titled The Day the Dollar Die. In the lyrics of the song, Peter Tosh sings: “Bills and budgets are waiting, Finance ministers anticipating, Unemployment is rising, And I hear my people, they’re crying, The day the dollar die, Things are gonna be better, The day the dollar die, No more corruption.”
Fast forward to another September 11, 2001, several suicide attempts were made to perhaps, kill the dollar when terrorists bombed the World Trade Centre in the United States. From that day till date, the US dollar has been facing one problem or another. Just recently, several countries such as China, Russia, and the Middle East and South Asian countries came out as countries that have said a goodbye to the US Dollar. A special report Umuaka Times monitored on the internet last year 2022 reported that just last year alone, international businesses between China and Russia hit a record of $billion last and all the businesses were done using the local currencies of the two giant countries who are no longer in the good books of Washington as a result of the war between Russia and Ukraine.
Due to her role in the Ukrainian Russian war which Washington is not happy with, western sanctions had totally clamped down economic activities in Russia via sanctions. Many countries who ended up as sympathizers to Russia have formed a new economic alliance with her in order to help the Putin country to start building new economic base with their local currencies as an alternative to the almighty US Dollar.
Today, Chinese Yuan has totally replaced and reduced the powers of the US Dollar in the country. Both countries, according to some reports are really enjoying the show. The two countries who are considered as economic enemies of the US by some observers want to dethrone the dominance of the US Dollar worldwide. Can they succeed in dethroning the dollar? Only time will tell as more countries including South Africa are rumoured to be interested to see “The Day the Dollar Die,” according to Peter Tosh.
