Several countries — like India, Brazil, and Saudi Arabia — are making moves in partnership with Russia and China to weaken the U.S. dollar. And now, France may be considering such moves as well. After spending hours with Chinese President Xi Jinping, French President Emmanuel Macron told reporters that his nation must re-establish ‘strategic autonomy’ and resist becoming ‘just America’s followers.’ This — plus a few more stories that Glenn details in this clip — signals more trouble for the U.S. dollar, which is already down in usage around the world, Glenn says. A dollar collapse 'will happen slowly,’ he explains, ‘[and] then ALL AT ONCE.’
Below is a rush transcript that may contain errors
GLENN: Let's start with Macron. Which always sounds like a cookie to me. But he's the French president.
And Macron says that dedollarizing might be the thing to do.
He said, trading in commodities and other currencies. Might be the right thing for France and others.
After spending six hours with the Chinese President Xi, as part of a three-day state visit to China.
Macron made it extremely clear that France wants nothing to do with World War III, emphasizing that Europe must employ strategic autonomy, presumably led by France, while speaking with reporters aboard the Air Force One for France. The French president said, that the great risk facing Europe right now, is that it got us caught up in a crisis, that is not ours. Which prevents it from being its strategic autonomy. He is calling for a single global world order. He said, we're living in a jungle right now.
And we have two big elephants trying to become more and more nervous. I don't even understand that. That didn't be a bad translation. Two elephants that are trying to be more nervous. What are you talking about?
STU: Somebody just threw it into Google Translate.
GLENN: Ah, it's the president of France, they don't ever make sense.
If they ever become nervous and start a war, it will be a real big problem for the rest of the jungle. You need the cooperation of a lot of other animals. Tigers, monkeys, and so on.
What, is he talking to Kamala Harris?
Like, and boys and girls, we need tigers and monkeys and maybe even a chicken or two.
His concept of strategic autonomy was enthusiastically endorsed by President Xi and the CCP. They are trying to weaken the transatlantic relationship to accelerate this trend. What's going to do that is cutting us off at the knees with the dollar. We are now down in that are usage, for international trade. We are down now 7 percent.
That is significant. Significant amounts of money, are now being liquidated. And countries are not using the dollar. This is going to happen very slowly. And then all at once.
So you're going to see it slip 10 percent. Maybe 15 percent.
And then it will be dumped.
France said -- no. I'm sorry.
China said to France: The question you need to answer. Is it in your interest to accelerate a crisis on Taiwan?
The answer is no.
The worst thing would be to think that Europeans will become followers on this topic and take our cue from the US agenda, and a Chinese overreaction.
Just hours after he was headed back to Paris, China launched their military exercises around Taiwan.
Taiwan, I mean, is going to be trouble for us.
Do we have the Lindsey Graham cut, from I don't know, face the nation or Chuck Todd or whatever the hell it is.
Pat played it this morning. See if you can get it from him. It is -- it is -- I mean, I want to talk about marching to yet another war. Listen to this.
VOICE: I am fearful that the Chinese may be setting conditions to block a Taiwan in the coming months. Or weeks.
And we need to respond forcefully, if they do that. We need to blockade all shipments coming from the Mideast to China. And let them know, if you blockade Taiwan, we'll cut off your oil.
We need to train more aggressively. Taiwanese forces, so they can fight like the Ukrainians. We need to put nuclear missiles into our submarines.
Biden won't do it. The military asked for nuclear-tipped cruise missiles to be put back in submarines, like the Russians did.
And we'll never more forces in the region.
I think if you do those things, you can deter a blockade.
VOICE: It sounds though, that a ratcheting of a situation, and if Taiwan is not trained, armed, ready for this, we don't want to be leading to World War III.
GLENN: Listen to this.
VOICE: Well, nobody wants World War III. But what kind of world do you want to live in? Do you want to live in a world where an island called Taiwan can be taken by China? Ninety percent of the high-end chips made in Taiwan, that have a monopoly on the digital economy.
Do you just want to let Putin take whatever he wants in Europe? I don't want to live in that kind of world. There's no reason for this. Listen, I believe in a One-China policy. But I would be willing to fight for Taiwan.
GLENN: Good. Let's send him over. All in favor of sending Lindsey Graham over to Taiwan to fight the Taiwanese? Say aye.
It's unanimous. Gee. Holy cow.
STU: That's amazing.
GLENN: It is truly amazing.
We have ratcheting it up. I don't know if you saw some of the documents that came out, supposedly from a Pentagon leak. We don't know -- we don't know who is leaking these yet. But apparently, they're significant. They're the most significant leak, they say, since -- what's his name, that's now over in Russia.
GLENN: Snowden. That's significant. But it had our battle plans. Apparently, it showed we were already in a war with Russia. Shows some battle plans that we have.
Shows how weak the Ukrainians are actually at fighting the numbers. Have been changed.
But this could be disinformation. We don't know. Which is a great place to be.
Because we don't know a lot it seems, in this administration.
Then Russia and Iran, met again this weekend, to weaken the US dollar. During the meeting, Iran expressed the satisfaction with the volume of economic cooperation, between a Russia and an Iran.
Praising the path that started to reduce the influence of the dollar in the region. And international economic exchanges.
We will together eliminate the dominance of the West over the world economy, to the minimum. So at least they're speaking out.
By the way, central bank, I would like to remind you again of what my grandfather said. My grandfather always told me when I was a kid. Because when I was growing up, my grandparents were the greatest generation.
They lived the lie the war. And if you had grandparents like that, they never, ever forgot it.
My grandmother, back in the '70s and early '80s, was still -- and my mom too because of my grandmother, still saving all of the wrapping paper. We would open for -- open presents for Christmas. And we would have to open them carefully. Because we had to save it to use it again, the next year.
Even though, all of us kids were like, what are you talking about? There might not be any wrapping paper. You know what I mean?
It was like crazy. But that's how bad things were. They never forgot it.
You know, they were in their 20s and 30s. And by the time, they were in their 80s, they were still like, it could happen at any time.
My grandfather said, had we known what rich people and countries were doing, we would have -- we would have fared better.
Well, you know what the rich countries are doing, and the rich people are doing.
Central banks have now doubled down on gold buying.
February, central bank gold reserves rose another 52 tons. It is the 11th straight month of central bank net gold purchases.
Well, I didn't want to say, not all the smart people. We're not buying any gold in our central bank. The People's Bank of China increased gold holdings, reported 24.9 tons, the fourth consecutive month of reported Chinese gold purchases.
In the time, China's official gold reserves have grown by 102 tons of gold.
They are clearly planning something. And speaking of that, there was somebody that did a fake interview, and was posing as Vladimir Zelinsky.
The Ukrainian president. And got the European central bank president, Christine LaGuardia, on this video conference.
And they were talking. Now, remember, one of them is AI. One of them is a fake, you know, individual. Not the president of Ukraine, is not the president of Ukraine.
But she didn't know it. Here's a little piece of that conversation.
VOICE: There are many protests in Europe, against the electronic euro. The problem is, they don't want to be controlled.
They don't want to --
VOICE: Yeah. But you know what. You know what. Now we have in Europe, this threshold, above 1,000 euros. You cannot pay cash.
If you do, you're on the gray market. Until you take your risk.
You get caught, you get fined, or go in jail. But, you know, the digital euro is going to have a limited amount of control.
They will be controlled. You're right. You're completely right. We are considering whether for very small amounts. You know, anything that is around 300, 400 euros. We could have a mechanism where there is zero control.
But that could be dangerous.
GLENN: That could be dangerous.
VOICE: But ten years ago.
And highly financed by those very small anonymous credit cards that you get recharged in total anonymity.
GLENN: Got it?
So anyone who says that digital currency is not coming, you're mistaken.
It's already in -- in -- coming down the pike. Anyone who tells you that, oh, well, it's not going to control anything. Listen to what she just said. It will have some control. Some control.
But we're thinking about -- what was it, three to 400 euros?
STU: Small transactions.
VOICE: Yeah. We're thinking about 5- to $700, you're going to be able to buy something, you know, and it won't be tracked. But anything above that, would be tracked. However, that's very dangerous to do.
Because the terrorists could win. That's what she just said.
STU: And that's really, really disturbing.
And it's three or four times as bad, when I realize she's talking to a machine.
Like, it would be one thing, if we caught her. When I first saw this headline, I was like, oh, what did she blurt this out on a hot mic?
You know, how did this -- no. No. She just got fooled by AI.