U.S. strategy to save the dollar could end in a new Great Depression
This is stated in the publication of the New Eastern Outlook, which presented a collection of articles by foreign media on the failure of the U.S. strategy to save its national currency. As noted by the authors of the material, the current state of the U.S. economy is depressing, resulting in the loss of its position in the global market.
In an attempt to hold back the decline of the dollar by all means possible, the White House administration continues to use the national currency as a weapon, apply sanctions and block access to the global dollar clearing system.
For example, in 2017, the U.S. Treasury threatened China with possible disconnection from the dollar clearing system if authorities do not comply with UN sanctions against DPRK. Similar threats were also made by Washington to Russia, Iran and other countries, including members of the European Union.
The Washington Post previously reported on the beginning of the U.S. government's consideration of possible measures to renounce some of the country's debt obligations to China. In response, the Chinese publication South China Morning Post reported that China may sell part of the U.S. government debt, thus collapsing the dollar rate.