23/23 In summary: This perspective argues the $USD's dominance was strategically built & maintained, often at others' expense. Now, facing internal pressures (debt) & external challenges (Euro, India/BRICS-led de-dollarization efforts), the system appears increasingly fragile.

22/23 ...the interest payments on their national debt EXCEED their defense spending. The speaker asserts the US has now reached this ominous historical threshold, mirroring the trajectory of past declining empires (Dutch, British, Ottoman mentioned).

21/23 Decades of this 'financialization' built on debt have led to a staggering US national debt (>$31 Trillion mentioned). This is critical because historically, world powers decline when...

20/23 The Core Problem of Fiat $USD : Printed 'out of thin air,' leading to near-zero interest rates, asset bubbles detached from profitability, all fueled by the world parking savings in the US.

19/23 The ultimatum presented: These legacy institutions must reform to include developing world concerns, or they risk becoming irrelevant, potentially replaced by alternative groupings like BRICS & SCO. 'Reform or fade.'

18/23 PM Modi's message was clear (quoting his speech): Explicitly called for fundamental reform of Bretton Woods institutions & the UN Security Council to reflect 21st-century realities and give voice to the Global South. Seeking 'human-centric globalization.

17/23 Challenging the Old Guard: Institutions like the UN & Bretton Woods are seen as built for the unipolar $USD era. After its UNSC presidency term ended without the desired reforms/seat, India convened the Global South Summit.

16/23 The Combined Strategy: 1️⃣ Gold Reserves ↑ 2️⃣ Bilateral FTAs (avoiding USD default) 3️⃣ UPI/RuPay Global Expansion This groundwork paves the way to push for trade in INR or a potential BRICS currency, negotiating individually via the FTAs.

15/23 Further Steps: Expanding India's digital payment infrastructure globally – UPI & RuPay cards (now mentioned as accepted in ~30 countries). This builds an alternative payment ecosystem.

14/23 India's Leadership Solidifies: Refusing multilateral trade pacts (like RCEP). Why? They often default to the $USD. India shifted focus to Bilateral Free Trade Agreements (FTAs), allowing country-by-country negotiation, including currency terms.

13/23 2018: India proposed bilateral trade in national currencies, starting with China (the world's factory - crucial for success). China initially refused . However, UAE, Iran & Russia signaled readiness (UAE understanding the cost, others sanctioned).

12/23 Key Strategy: Accumulate Gold. Just as the US accumulated European gold to establish the dollar, India aimed to bolster reserves. The 2015 Gold Monetization Scheme targeted public holdings (limited success). Focus shifted to Central Banks (RBI, Russia, China) buying gold.

11/23 Enter India post-2014 under PM Modi. This govt as pursuing 'Sanatan economics,' wary of Western debt-fueled fiat systems & anticipating their decline. India begins actively leading a de-dollarization push.

10/23 This inflation hit global food prices hard, contributing significantly to the Arab Spring (2011) in the Middle East. Gulf nations finally grasped the immense cost they bore (regional conflict, lost wealth, funding radicalization) just to keep the $USD system afloat.

9/23 Meanwhile, the US public was often placated with benefits (Medicare, 401k, recent COVID checks - $14T+ printed). But the 2008 money printing had global consequences: exported inflation.

8/23 What happened to depositors in failed banks? Not bailouts, but 'bail-ins'. Their savings were converted into stakes in the failing banks – perfectly legal under the new rules. A harsh consequence, per the speaker, of mixing commercial & investment banking.

7/23 Fast forward to the 2008 crisis. The US solution? Print more $$! (The speaker notes Bernanke won a Nobel for this). Crucially, no bankers faced jail time for the subprime crisis, largely because the Gramm-Leach-Bliley Act had legalized the risky behavior.

6/23 Result? When European savings shifted to Euros, the US IT sector, inflated by parked foreign cash and now domestic deposits (thanks to GLB), crashed. The Dot-Com Bust (~Oct 2002, 78% value drop) - seen here as a consequence of the first de-dollarization push .

5/23 This mixing of public deposits with the 'reserve currency bubble' via GLB aimed to boost sectors like IT. plus the Yugoslavia intervention, was 'revenge' against the Euro. China played a role, agreeing to buy US debt for manufacturing dominance.

4/23 Simultaneously, US manufacturing jobs shifted to China. Facing weakening sectors, the US enacted the Gramm-Leach-Bliley Act, repealing Glass-Steagall. This crucial change merged commercial & investment banking, allowing banks to speculate with depositors' money.