>And we have not yet started talking about the weaponizing of the dollar, which can be recently seen in the conflict with Iran.
Not just with Iran, but everywhere. Most people do not realize the monopoly of USD in banking transactions.
Essentially US can pass laws or even through executive order control the economic and trade policy of other countries.
Turkey and India are barred from buying Russian equipments. This is not free trade. When US uses its monopoly to block India from trade with Iran and tries the same with China, that’s not really free trade either.
You mentioned weaponizing dollar, many people do not realize how it works. We’ve seen a lot of negative news about China recently . I suspect some of it has to do with their decision to open their own oil futures trading that is not run on USD. This could be the largest threat to the USD monopoly. Time will tell..,
edit: additional links and info:
Basic info on Shanghai crude futures [0]
Some early speculative behavior. I wonder with low early volumes in this market can be manipulated to scare off more serious investors [1]
Seems like the Shanghai market had its first delivery on Sep 12 [2], that being said, some predict it might take 10 years before it will have serious impact on the market. But sometimes financial markets move ahead of the physical realities. So, its impact might become palpable in just a few years [3]
For me it like "Why I cannot trade some Americans? They say that they are free."
You are mismatching unrestricted (wild) market with free market. Market, to be free, requires someone to play role of guard and punish bad actors, who disobey rules. Otherwise, bad actors will convert free market into non-free in no time.
Usually, such power is granted to a government or to an association of traders.
Currently, world have no united government. We have WTO, which is our world trade organization, but it have very limited power.
Why have enough power and strict moral principles to keep market free? As you said, USA cannot do that, of course, so maybe it should be job of Russia, Iran, China, or North Korea?
Not just with Iran, but everywhere. Most people do not realize the monopoly of USD in banking transactions. Essentially US can pass laws or even through executive order control the economic and trade policy of other countries. Turkey and India are barred from buying Russian equipments. This is not free trade. When US uses its monopoly to block India from trade with Iran and tries the same with China, that’s not really free trade either.
You mentioned weaponizing dollar, many people do not realize how it works. We’ve seen a lot of negative news about China recently . I suspect some of it has to do with their decision to open their own oil futures trading that is not run on USD. This could be the largest threat to the USD monopoly. Time will tell..,
edit: additional links and info:
Basic info on Shanghai crude futures [0]
Some early speculative behavior. I wonder with low early volumes in this market can be manipulated to scare off more serious investors [1]
Seems like the Shanghai market had its first delivery on Sep 12 [2], that being said, some predict it might take 10 years before it will have serious impact on the market. But sometimes financial markets move ahead of the physical realities. So, its impact might become palpable in just a few years [3]
[0] https://uk.reuters.com/article/uk-china-crude-oil-futures-an...
[1] https://www.bloomberg.com/news/articles/2018-08-07/oil-specu...
[2] https://oilprice.com/Energy/Crude-Oil/China-Completes-First-...
[3] https://www.scmp.com/comment/letters/article/2139676/will-ch...