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Chinese President Xi Jinping is now wrapped up his three-day meeting with Russian counterpart Vladimir Putin by pledging to shape a new world order. Yeah, listen to this language. Xi told Putin that they are driving changes not seen in a century. Is the United States dollar under threat? Well, the US dollar became the backbone of the global economy after World War II because of America's robust economy, its democracy, and its transparent regulatory systems which made the nation seem like a safe place for international investors. But now the BRICS nations, Brazil, Russia, India, China, and South Africa have announced plans to develop a new currency. Their goal is to reduce reliance on the US dollar and other Western currencies as well. Steve, are they ready for this? China is now trying to replace the US dollar with their currency in global trade. What do you think of that story, Steve? Well, China for several years has made very clear, along with the Russians, they want to downgrade the dollar because they think that will enhance their power around the world. And certainly the way we've treated the dollar over the year has gone in that direction. However, people are not going to trust the Chinese yuan. You may get these one-off deals like they're doing with the French, but China does not have real capital markets. China has capital controls. And so in terms of currency, people are going to prefer the dollar to the yuan. And so in that sense, I think we've got some time to get our house in order. But on the other hand, people do believe a little bit of Xi's brokering of the Iran-Saudi Arabia deal not too long ago. He is trying to portray himself as being a world leader. Now, it's not that credible in the Western world, but it is becoming more credible in developing countries. And that's really the audience he's aiming at. And Ambassador, what do you make of the joint statement Putin and Xi release after their meeting, effectively calling the US and its allies a major security threat in Asia? We know that there's a debate over the South China Sea, that there's this kind of potential war with Taiwan hanging in the balance between China and that nation. People today recognizing more and more we're in deep trouble. They're very, very anxious about what's happening around the world. The seizure of that journalist is one example, but also China is now trying to secure the South China Sea, which is an international waterway. And so everything this country is doing is just feeding what our adversaries think is a declining power. And yes, we did respond to Ukraine, but we're not supplying enough weaponry so they can throw out the Russian invaders. So Putin is getting a second chance there. And the Chinese look at that and say the US does not have the staying power that it had after World War II. And that's a very dangerous situation.
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