The Daily Populous Saturday May 11st, 2024 day edition
Authored by economist.com and submitted by jonassanoj2023

I n 2018, European officials watched President Donald Trump blow up a nuclear deal with Iran, reimpose sweeping sanctions and mull disconnecting its banks from SWIFT. They had had enough. America was using its financial hegemony to muscle allies into punishing its latest victim. European firms were fleeing Iran for fear of secondary sanctions from America.

Britain, France and Germany decided to put up a fight. Their answer was the “Instrument in Support of Trade Exchanges” ( INSTEX ), a barter system that could support humanitarian trade with Iran without any recourse to the dollar. Seven more EU states signed up. In March 2020 INSTEX ’s inaugural transaction supported a sale of medical goods to Iran.

Sad_Aside_4283 on May 11st, 2024 at 06:32 UTC »

Not any time in the forseeable future.

HeywoodJaBlessMe on May 11st, 2024 at 03:23 UTC »

To distribute enough bonds and currency to stock reserves and denominate global trade you have to run trade deficits against everyone. Only the USA can do this.

1x2x4x1 on May 11st, 2024 at 02:04 UTC »

Most of the people that analyze these things say “there’s nothing that can replace it, so no.”