Iran's Supreme Leader calls for global community to dump the dollar and embark on bi-lateral trade

7:44 AM bi-lateral trade, dollar, economic sanctions, iran, oil, reserve currency, russia No Comments

In a meeting on Nov. 2 with Russian President Vladimir Putin, Iran's Supreme Leader, Ali Khamenei stated that the best way for nations to protect themselves from U.S. economic aggression is to dump the use of the dollar and embark upon bi-lateral trade using one's own sovereign currencies.

The best way to beat US sanctions against Iran and Russia is joint efforts to dump the American currency in bilateral trade, according to Iranian Supreme Leader Ali Khamenei. 

"By ignoring the negative propaganda of the enemies, that seek to weaken relations between countries, we can nullify US sanctions, using methods such as eliminating the dollar and replacing it with national currencies in transactions between two or more parties; thus, isolate the Americans," he said on Wednesday at a meeting with Russian President Vladimir Putin in Tehran. – Russia Today

Both Iran and Russia are currently targets of U.S. sanctions and key players in the ongoing paradigm shift from West to East.  And even as more and more nations, as well as oil producers like Venezuela and potentially Saudi Arabia, catch onto the idea of direct bi-lateral trade, the days of dollar hegemony controlling most aspects of the global financial system weaken immensely, as will the ability for Washington to use its reserve currency status as an economic weapon against anyone who doesn't toe the U.S. empirical line.