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US sanctions threaten dollar as world's reserve currency: Scholar

The United States has imposed sanctions on the 40 percent of the world's population which has threatened the dollar as the world's reserve currency, E Michael Jones told Press TV on Tuesday.

The United States has imposed sanctions on the 40 percent of the world's population which has threatened the dollar as the world's reserve currency, says E Michael Jones, an American writer and former professor.

Iranian Foreign Minister Mohammad Javad Zarif earlier this month told Parliament that Iran and China were working on a 25-year strategic partnership. China has said it will invest US$400 billion in the Iranian economy.

An advisor to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has said that the potential strategic partnership between Iran and China is to help ditch the dollar in bilateral trade and bypass illegal and unilateral US sanctions.

Ali Aqa-Mohammadi said the 25-year document is more than an “agreement” which usually encompass just a certain issue.

The official said the partnership roadmap solidifies the two countries’ economic and defensive cooperation by protecting their dealings from “third-party intervention.”

It would “close up and eliminate the key spots,” where sanctions, including those targeting defense cooperation between the two countries, could be implemented, he noted.

“The US doesn’t want the sanctions to be relieved,” Aqa-Mohammadi said. “This document upsets the sanctions and the Iran-China roadmap disarranges many of the US plans.”

Jones, the current editor of Culture Wars magazine, said that “the main issue here as one of his advisors just pointed out is the dollar. And the main issue behind the dollar, as the world's reserve currency is the sanctions.”

“The Treasury Department of the United States of America under the Donald Trump administration has abused the dollar as the world's reserve currency and weaponized the international banking system, which exists to facilitate trade not hinder it.  40% of the world's population live in countries that have sanctions on them by the United States of America,” he told Press TV on Tuesday.

“This is a completely intolerable abuse of what is supposed to be an organization that is to facilitate trade and international exchange. It is completely being abused by people like Secretary Mnuchin, is being abused by the Jews who are in charge of the sanctions department of the Secretary of the Treasury Department, and it is bound to cause a reaction. And this is precisely the reaction it is going to cause. People are going to object to the dollar as the world's reserve currency,” he added.

“So, what these people have done is they once again they pushed things too far. The Jews are not known for their understanding of limits. They are in rebellion against Logos (the Word of God). They don't know how they don't know where to stop when they when they're advocating something. And they invariably push it too far,” he noted.  

“And they invariably get a reaction, and that's what we're seeing right now in the world, the reaction against the abuse of trade as a weapon, the weaponization of trade that has caused poverty, across the world, not just in Asia, not just in Iran. It has also caused poverty in Africa,” he said.  

“I've written about this before when the countries of East Africa tried to impose tariffs on US clothing, the Secretary of the Treasury threatened them with sanctions. This is intolerable. It's an abuse. It's got to stop and it's going to stop when other countries react to it because the United States has shown itself, incapable of any self-control in this matter,” he concluded.

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