The following report is by Foreign Policy:
Argentina will officially start paying for Chinese imports in yuan rather than dollars, Argentine Economy Minister Sergio Massa announced on [April 26th]. Argentine authorities hope the currency deal will help ease the country’s diminishing dollar reserves. Building up its foreign currency reserves was a key pledge that Argentina’s government made as part of a $44.5 billion debt relief deal with the International Monetary Fund—and doing so is seen as critical to the stability of the country’s financial system.
For decades, Buenos Aires has battled high inflation and poverty, which were both exacerbated by the COVID-19 pandemic and a sharp drop in agricultural exports caused by a historic drought. Now, Argentina’s financial crisis is only getting worse. The country has one of the world’s highest inflation rates: It is currently more than 100 percent for the first time in three decades. Many banks are even having to build new vaults to hold all of the country’s currency deposits.
Argentine President Alberto Fernández has followed a Peronist economic strategy to fight inflation, one that “prioritizes popular economic welfare in the short term at the cost of long-term economic development,” FP’s Anusha Rathi explained. But any relief Peronism offers is short-lived.
On Tuesday, Fernández accused the country’s right-wing opposition party of fueling erosion of the peso against the dollar. Massa has since ordered an investigation into alleged wrongdoing and money laundering. He is the third finance minister to hold the key post since July 2022. Argentina will hold general elections in October, and combatting inflation is expected to be a top issue for voters.
Argentina is not the first Latin American country to switch to the yuan. Brazil recently signed an agreement with China to trade in yuan and reals instead of dollars. China is Brazil’s largest—and Argentina’s second-largest—trading partner. Both countries hope trading in yuan will decrease their dependency on the U.S. dollar as Chinese investment in the region grows; Beijing, meanwhile, hopes the moves will provide further momentum in its efforts to globalize the yuan.
SEE: Brazil Strengthens Ties With China, Strongly Urging Nations To Overthrow US Hegemony
AUTHOR COMMENTARY
Again, as global economies collapse and the U.S. dollar continues to lose its value, more nations are looking to get out of the dollar; and with more and more nations aligning with BRICS and China, America’s hegemony is fleeting fast. It will not happen overnight, but as things continue at this pace, along some major wild cards, the dollar will lose its preeminence.
He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Proverbs 22:16
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Another planned sleeper cell of Rome & recipient of the Ratlines plays its part in the grand plan of the antichrist builders who’ve rejected the chief cornerstone…but God sees, & he is not mocked.