News Analysis
Israel is America’s longtime friend and ally. We have been through a lot together. And Israel is a rare democracy in the Middle East. So when Israel’s central bank recently made plans to downgrade the U.S. dollar in its reserves and introduce China’s yuan, it really hurt.
Friends should not do this to each other. Countries that believe in protecting democracy should not undermine the international monetary foundation of liberty.
Israel is by no means alone among America’s friends to start turning their backs on the dollar and toward the yuan, also known as the renminbi. In addition to the usual suspects, Britain, Australia, Japan, Germany, Canada, South Korea, Taiwan, and Switzerland have all collaborated with China’s regime in its attempts to internationalize the yuan. The United States is also responsible, not least for failing to make a bigger stink about the yuan’s increased utilization globally.
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