Venezuela can be best understood as another phase of the US dollar’s historic demise, and the concomitant bigger demise of American global power.
The US policy of trade wars and sanctions has triggered the global process of de-dollarization. Using punitive measures as a foreign policy tool is like shooting oneself in the foot.
Independent analysts from Russia and Turkey to Brazil and Iran largely agree that the overwhelming factor in the current currency crisis is a reversing of the US Federal Reserve quantitative easing (QE) policy.
With the United States withdrawing from major global treaties, engaging in economic warfare on several fronts, and having considerable disagreements with traditional allies, Washington now more than ever needs the support of friends.