Dollar’s Dominance Allows for Subordination of Countries – Venezuelan Ambassador
UNITED NATIONS (Sputnik) – The dollar’s dominance in the global financial system pushes countries’ economies into subordination, as stated by Venezuela’s Deputy Permanent Representative to the United Nations, Joaquin Perez Ayestaran. This dominance not only affects the economy but also strips countries of their sovereignty, including fiscal sovereignty.
Venezuela advocates for countries to trade in their own currencies and advocates for a multi-currency system to diversify trade currencies, ensuring freedom and minimizing the impact of sanctions. Perez Ayestaran also highlighted the interest of states in the global south to join the Group of Friends alliance, emphasizing their commitment to the UN Charter.
The Group of Friends in Defense of the United Nations Charter, initiated by Venezuela in 2021, aims to promote multilateralism and diplomacy over the use of force. With 18 member states, including Russia, Syria, Iran, and China, the group advocates for a more balanced and inclusive global financial system.