11:48 GMT +3 hours30 May 2016
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Russia, China, India and other emerging powers are pushing for a multipolar world; meanwhile the United States, a former hegemon, is unable to stop them as it is losing its political power and is “de-facto bankrupt,” William Engdahl, a political observer for New Eastern Outlook, told Radio Sputnik.

World Rushes to De-Dollarize Oil Trade Before US Economy Crashes and Burns

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Russia, China, India and other emerging powers are pushing for a multipolar world; meanwhile the United States, a former hegemon, is unable to stop them as it is losing its political power and is “de-facto bankrupt,” William Engdahl, a political observer for New Eastern Outlook, told Radio Sputnik.

Slowly, but surely Russia, China and other emerging economies are beginning to reduce their dependency on the US dollar. Russia plans to trade oil using rubles by undermining the current US oil price monopoly.    

"That would begin de-dollarizing the world oil trade in a significant way," Engdahl told Sputnik.

This move would be a dramatic blow to the economy of the United States and break the US political hegemony, Engdahl explained.

To make things even worse, the US economy is already struggling.

"The rest of the world is beginning to realize that the United States of America, the hegemon or the sole super power, whatever you want to call it, is de-facto bankrupt," the political expert told Sputnik.

It's not simply about the upcoming de-dollarization of the global oil trade, Engdahl explained, but due to the fact that the US economy has been severely hit on multiple fronts.

With US industries outsourced to other countries, unemployment shooting through the roof and trillions of dollars of debt, the US economy is in a terrible shape, Engdahl said.

JP Morgan analysts were less dramatic than Engdahl, but even they agreed that the chance of the US economy slowing down over the course of next few years increased by 75 percent. While the global economy is expected to grow by 2.6 percent in 2016, the US economy would likely slide into recession.    

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oil trade, de-dollarization, US economy, economic recession, F. William Engdahl, United States
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  • teddy jin reply toElsa JV(Show commentHide comment)
    Elsa JV, you are right .. and thank Elsa -- for reminding us -- AND your other SUPERB, SUPERB , ultra- clear explanations about matters.

    isn't putin also some sort of educated in engineering at some point?

    by contrast -- the majority or a very high percentage of american politicians are --

    LAWYERS -- the great majority - likely CORPORATE lawyers . who then have had big businesses or ties...

    basically the EXPERTS at twisting word and language...
  • teddy jin reply toElsa JV(Show commentHide comment)
    Elsa JV, THANK YOU for also reminding us of this, Elsa.

    how true - it will never be heard of based on western=leaning or , direct western media in general.
  • maskazerin reply tomichael(Show commentHide comment)
    Hello Michael,
    No, never even visited USSR. During that time - I grew up in one of Anglo-Zionist's Middle Eastern puppet countries which had to pump out lots of petroleum, in order to help the American dream and its pursuit of happiness, come to fruition against the USSR system ( politics you know?). If by the great sufferings of the USSR citizens, you really mean that they didn't have access - especially the female gender i.e. half the population everywhere - to tight jeans or bikinis, etc. then you are absolutely right. However, if by ' the great sufferings', you mean the USSR achievements - to name a few - in science, space, universal health care, universal education, lifetime employment, social housing as well as winning all the gold - silver - bronze medals in Olympic games at the time, then I am afraid you could be wrong. The question is what kind of people when under such huge sufferings could make numerous first-class strides? Is - let's say- Bangladesh, which is a poor country and under great sufferings - I suppose - doing it?, or Saudi Arabia with lots of money, making something similar to what the USSR did to its own people and peoples elsewhere?
  • Blackie in reply toElsa JV(Show commentHide comment)
    Elsa JV,
    Hi nice comment,
    I will keep it short. All these groups who they say you cannot say bad things about are the cause of the problem
  • Blackie in reply toElsa JV(Show commentHide comment)
    Elsa JV,
    Hi again,
    Lots of Skull and Cross Bones and others...
  • Matthewbleu2
    The US is a indeed de-facto bankrupt with a US$18.8 trillion national debt and a US$222 long term fiscal gap. Watch here:

    www.rt.com/usa/debt-crisis-us-kotlikoff-535
  • rasojin reply toElsa JV(Show commentHide comment)
    Elsa JV, you describe the situation for many Americans very well but your government is not distributing money to other countries for any charitable reason. The people in control of your government are seeking complete global dominance through wars, both direct and proxy, and through economic means like sanctions, "free trade" agreements and financing of opposition forces. Instead of spending on domestic needs they are spending massive amounts on their military in order to rule the world. Americans may be suffering but so is the rest of the world because of your government's actions.
  • michaelin reply toteddy j(Show commentHide comment)
    teddy j, I too have similar experiences when talking with people who have immigrated to australia as well. It is not better, different yes and some sense of loss as well.

    I believe, in the CCCP that there were different values at work as well. I base this on conversations of people who actually lived there at the time so not only opinion as such.

    your comments about life in the U.S. are getting to be a frequent comment in various threads / articles here ate Sputnik. The story needs to be told far and wide I believe, this will counter the lies pushed by politicians etc. :)
  • michaelin reply tomaskazer(Show commentHide comment)
    maskazer Hi! no I was referring to simple things like food, access to public transport and being able to pay the rent or utility bills - that type of thing. To use that as a way of bringing down the U.S., I don't believe that that is in the Russian 'nature' It is too abhorent.
  • teddy jin reply tomichael(Show commentHide comment)
    michael,

    michael...i don't know how closely 'copied'' in australia the american system is. it's clear that they are close enough owing to the same roots of angl0-americanism...but surely there also have been differences...

    although nowadays the aussie authorities seem to have been like canada, basically -- getting the orders from washington - and less and less ''british" - if one might say that.

    and of course we can only know what we hear of the particular people we have heard from.

    but i can say that someone - from a former 'east bloc under communism" - albania which today is basically an american colony -

    someone who as a girl grew up in albania before their family became americans --
    just a few years after beginning to work and after college...with what was a pretty stable job , she said;;

    went to australia.

    saying - before she left: "teddy -- look at my face -- just a couple of years ago - how much change do you see? "
    i was being polite not to say anything -- but she added:

    "my face expresses a loss of any happiness and joy as i realize just how stifling this place is - this new york and this country...and i'm not going to let it do this to me - so i'm leaving even if my mom is crying ...because i know this country destroys people -- and that's not gonna happen to me".

    she's there now - and her mom tells me she's very happy.

    i told her mom:

    'SMART girl -- she makes her move EARLY before all the institutional chains of the USA get to her".

    and her mom agreed finally -- "it is true after all -- here we do have many things we never had under the communists - and of course we're established here now and too many things to take care of now..but it's endless worry even for the smallest things"..
    "all we ever do is work ...and still we have no real guarantees ...at least under the communists -- people actually would help each other more readily - you would never truly be alone when your'e down -- but not here".
  • Mark Gewissin reply toElsa JV(Show commentHide comment)
    Elsa JVElsa JV, This is good summary of what everyday life is like in the usa.
  • Blackie in reply toMatthewbleu2(Show commentHide comment)
    Matthewbleu2,
    Hi,
    Nobody knows, and I heard it is over 700 trillion and climbing.
  • I can't wait for that shit of a country to collapse!
  • michaelin reply toteddy j(Show commentHide comment)
    teddy j, thanks for that, I appreciate it when we can share the reality, the stories from our lives, that makes the conversation genuine as compared with the opinions based on readings or viewings etc. :) The final point about people helping each other is what I have found too. It was not only when a crisis hits, it was a daily event. That for me, is one of the strengths of cultures in and around Russia. That being said, I realise that I do have to add the caveat that not everyone is like that - but enough it seems. :)
  • michaelin reply toElsa JV(Show commentHide comment)
    Elsa JVElsa JV, yes, I have heard similar recounts from Americans in this country. It is one of the reasons that they are here and they prefer to stay. I was told once that for an American, Australia is like an old rural town from the '50's. Your final point reminds me of the story / film The Loved One.
  • in reply tokarlof1(Show commentHide comment)
    karlof1, Obama can't lie. He took an oath. *sarcasm*
  • in reply tojerrys57(Show commentHide comment)
    jerrys57,
  • in reply toElsa JV(Show commentHide comment)
    Elsa JV, And even on a personal level, as a role model.
  • starzinger82
    jkkjk
  • starzinger82
    Babylon the great is falling!
    Great news for the world Halleluja!
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