Welcome to the end of Brenton Woods and the Washington Consensus that defined the world money systems around U.S. controlled institutions and the U.S. dollar as the sole reserve currency.I am perplexed by this and similar reports (see this and this), and most authors blithely see this as the end of the US dollar as the world's dominate currency. My surprise is compounded by such staunch American vassals as Britain, France, and Germany also joining the new financial institution organized by China. Because the US dollar is an integral part of maintaining US Empire rule, it doesn't make much sense. See if you can make sense out of it. I will await further commentaries from other financially well-informed people.
We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up