This month Pakistan has adopted a major departure from its long-standing reliance on the US dollar for export payments, as it utilized yuan to pay for its inaugural government-to-government purchase of 100,000 tons of Russian crude oil, which marks the countrys first international transactions in a currency other than the US dollar.

Similarly, Argentinas Secretary of State for Trade, Matias Tombolini, also revealed recently on social media that his country has settled transactions worth a staggering $2.721 billion with China, using the yuan as the main instrument of transaction. Interestingly, 19% of Argentinas imports were settled in yuan in the months of April and May, and Tombolini asserted that this strategic shift would fortify their foreign exchange reserves and enhance their control over the economic landscape. Consequently, on April 26, the Argentine government announced the adoption of the yuan for settling trade in Chinese-imported goods, symbolizing a potent blow to the dollars dominance. The emergence of parallel currencies in international trade has fueled the on-going heated debate over de-dollarization, with recent events providing additional ammunition to those critical of US dominance. These two examples serve as poignant reminders of the growing trend toward alternative currencies and the potential erosion of the US dollars hegemonic status. As countries like Pakistan and Argentina embrace non-dollar payment systems in major transactions, the allure of diversification and reduced reliance on the American currency becomes all the more apparent. The global financial landscape is undergoing a subtle but significant transformation, one that challenges the long-standing supremacy of the US dollar.

Recently, in a significant development, China and Brazil unveiled a momentous agreement to conduct trade using their domestic currencies, effectively sidestepping the dominant influence of the US dollar. This move underscores this new shift in trade links between the two economic powerhouses, with China holding the position of Brazils largest trading partner, as bilateral trade soared to a remarkable $150 billion in 2022. Furthermore, the yuan has secured a prominent place as Brazils second-largest international reserve currency. This strategic shift amplifies the expanding role of the yuan on the global stage. Chinas recent decision to maintain its imports of crude oil and Liquefied Natural Gas (LNG) from GCC countries, while conducting trade settlements in the yuan, has amplified this trend. China executed its inaugural cross-border settlement in yuan for LNG sourced from the UAE on March 28.

The trend of exploring alternative currencies to reduce dependence on the dollar is gaining momentum via transnational and regional organizations like BRICS and ASEAN actively considering such measures. Currency momentum in BRICS is already significant and enticing new countrie...

<p class="graf">Indias decision to sign on as one of the members of the Indo-Pacific Economic Framework (<a href= "https://www.livemint.com/news/world/14-ipef-nations-forge-stronger-supply-chains-to-reduce-reliance-on-china-11685330072229.html" rel="noopener noreferrer" target="_blank">IPEF</a>) could be a landmark moment for trade in the country, but it depends on how it makes use of its unique geopolitical standing. This strategic move by India is a rational next step to strengthen international supply chains, coming a little under a year after the government came out with the National Logistics Policy (NLP) aimed at strengthening domestic supply chains.</p> <p class="graf"><strong> </strong></p> <p class="graf"><strong><i>SWIFT & rupee trade

SWIFT is currently the dominant messaging network for international payments. However, there are concerns that SWIFT could be used as a tool of economic coercion like the United States and the European Union did when they imposed sanctions on Iran that effectively cut Iran off from the system, making it very difficult to conduct international trade and significantly impacting the Iranian economy. More recently, Russias removal from the SWIFT system further demonstrated the leverage the West has on the global financial system.</p> <p class="graf">The SWIFT ban has also led to countries trying to promote settling international trade in their domestic currencies lest they be a future victim of this financial weapon. India has been one of the countries at the forefront of this effort, most recently trying to negotiate a rupee-ruble trade deal with Russia with limited success, understandably so given the limited external uses for the rupee. The IPEF provides a unique opportunity for India to take a step in the direction of increasing international rupee trade.</p> <p class="graf"><strong><i> </i></strong></p> <p class="graf"><strong><i>The UPI pitch</i></strong></p> <p class="graf">It is widely accepted that, despite economic powerhouses like Japan, Indonesia & South Korea being signatories of the IPEF, only India comes close to being a regional economic counterbalance to China. As the final drafts of the IPEF agreement are in the works, this is the time for India to leverage its standing in the region.

Given the economic nature of the initiative and Indias position as a leader in digital technology, one of Indias most important contributions to the IPEF could be its <a href="https://en.wikipedia.org/wiki/Unified_Payments_Interface" rel="noopener noreferrer" target="_blank">Unified Payments Interface</a> (UPI). The UPI has allowed India to become a leader in digital transactions, having pro...

Palestinian girl dies after being shot by Israeli forces

Human Wrongs Watch

By Norman Solomon | Globetrotter TRANSCEND Media Service*

On the first day of March 2022, visitors to the New York Times homepage saw a headline across the top

Norman Solomon

their screens in huge capital letters:

ROCKET BARRAGE KILLS CIVILIANS

It was the kind of breaking-news banner headline that could have referred to countless U.S. missile attacks and other military assaults during the previous two decades, telling of civilian deaths in Afghanistan, Pakistan, Iraq, Syria, and elsewhere.

But those war on terror killings did not qualify for huge banner headlines.

What stirred the Times to quickly publish one about civilian deaths wasas reported on the front page of its print editiona deadly Russian rocket assault on Kharkiv, Ukraines second-largest city, that raised new alarms about how far the Kremlin was willing to go to subjugate its smaller neighbor....

Moon of Alabama June 20, 2023

Confronted with the realities of life the Biden administration has in the last days acknowledged defeat in two on its most egregious and delusional foreign policy games.

The Ukrainian counter-offensive has failed. Its army is getting slaughtered on the battlefield. The counteroffensive of the NATO trained Ukrainian brigades has made no real progress on any front. The high level of losses of men and material make it impossible that it will ever again regain the initiative.

The U.S. aim was to integrate the Ukraine into NATO. It would then have been able to station U.S. troops in Ukraine and to put its weapons into reach of Moscow so that any independent Russian move could be countered with a threat of imminent annihilation.

After more than 20 years of pursuing that aim the U.S. threw the towel:

President Biden on Saturday said he wont make it easier for Ukraine to join NATO, adding that the country at war with Russia has to meet the requirements to be a member.

They got to meet the same standards. So, Im not going to make it easier, Biden told reporters. I think theyve done everything relating to demonstrating the ability to coordinate militarily, but theres a whole issue of is their system secure? Is it noncorrupt? Does it meet all the standards every other nation in NATO does.

And yes, that is a change. A big one:

Biden has reportedly previously expressed that he is open to removing the Member Action Plan hurdle for Ukraine to join NATO, which requires countries that want to join the alliance make reforms militarily and democratically.

Still, it is not enough:

Cont. reading: U.S. Admits Defeat In War On Russia And China

Human rights concerns overshadow Modi's upcoming White House visit

Moscow seeks trade alliances with countries in Asia and the Global South at the St. Petersburg International Economic Forum. It was a brave new world when Aeroflots Delhi-Moscow flight touched down at Sheremetyevo International Airport on a balmy Monday morning. June 12 also happened to be a public holiday because of Russia Day, which has been Continue reading Russias SPIEF in, Hegemonic West Out

On June 19th, the Guardian published three separate pieces on an IDF military operation earlier in the day in the West Bank town of Jenin, where PA security forces have effectively lost control, to arrest terror suspects.  (One was an article by Ben Lynfield, and two were video reports.)

During the operation in the city, which included hours of heavy gunfire between soldiers and Palestinian fighters, eight Israeli soldiers were injured when their military vehicle was targeted by a bomb.

The article by Lynfield was oddly titled Israeli forces launch helicopter raid on Jenin in occupied West Bank, despite the text making clear that the IDF attack helicopter was narrowly used in a rescue operation during the raid to evacuate the injured Israelis soldiers.

Regarding the casualties, Lynfield writes:

The dead Palestinians were identified as Ahmed Saqr, 15, Qassam Abu Saraya, 29 who was claimed as a fighter by Islamic Jihad, Khaled Asasa, 21 and Qais Jabareen, 21.

Seven Israeli soldiers and militarised border police sustained light to moderate injuries, according to an army spokesperson.

However, at least three of the Palestinians killed during the fighting (including the 15 year old) were claimed by Palestinian Islamic Jihad not one, as Lynfield maintains.

Later in the piece, Lynfield writes that one hundred and twenty-three Palestinians and at least 21 Israelis have died, according to the Associated Press, ignoring research showing that the overwhelming majority of slain Palestinians were terrorists or males involved in violent clashes when they were killed.  Further, the Guardian omits the fact that all but...