(Bloomberg) -- All around the world, a backlash is brewing against the hegemony of the US dollar.Most Read from BloombergAmazon Is in Talks to Offer Free Mobile Service to US Prime MembersChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthRich Latin Americans Transform Laid-Back Madrid Into a New MiamiHedge Funds at War for Top Traders Dangle $120 Million PayoutsEverything Apple Plans to Show at WWDC: XR Headset, iOS 17 and MoreBrazil and China recently struck a deal to settle trade in the
There would be no economic power to back up a UN currency, meaning it would be dependent on voluntary participation from the bulk of the member states’ economies, which likely means that it would quickly devolve to either a protest currency used by anti-west regimes, a slightly federated version of the dollar that is responsive to the needs and desires of mainly the US and partially the EU, or it will be dropped/ignored by both the West and the Anti-west and become a currency of minimal value that is used only on the fringes of the world economy. The UN simply does not have the centralized capacity to operate a currency and enforce that currency’s use amongst it’s member states, especially those that already have a hegemony that would be threatened by such a currency