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US dollar losing its dominance
BUSINESS ECONOMICS
|August 1 - 31, 2023
Contrary to Western calculations, recent anti-Russian economic sanctions have turned into yet another example of a major financial decision going disastrously wrong.
The 7000-odd sanctions were intended to cripple Russia within days - to ‘reduce the ruble to rubble’, thundered President Joe Biden - and to end European dependence on Russian oil/gas for good.
There were Western prophecies gleefully describing Russians pulling out of Ukraine within days, begging Brussels to resume buying their fuel, at reduced prices
Eighteen months on, the fantasies peddled by the almighty Western media remain, as before, the stuff of fond dreams!
Russia has been hurt, forced to lower the price of its oil/gas, but the ruble has not collapsed. Its annual GDP growth has declined only by 2% between 2022 and 2023 as against the 10% forecast by the West. Its economy is poised to grow by about 0.7% by end 2023, according to IMF estimates.
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