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Europe's Losing Game

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Rogue EU states gave Iran an ultimatum. Like Washington, they're using its alleged nuclear threat to pursue regime change plans. Direct intervention may follow if other measures fail. In response, Iran's hitting EU nations where it hurts. 

At the same time, its saying partner with America's belligerence and suffer the consequences. As a result, some EU nations may have second thoughts.

Others already dismissed sanctions, including Russia, China, Brazil, India, and perhaps Japan and South Korea. Expect growing numbers to join them. Partnering with Washington's self-destructive. Wiser nations refuse when their own interests are sacrificed.

Washington's also harmed in other ways. It's showing up in non-dollar denominated bilateral trade agreements. America relies on global dollar hegemony. 

China excludes dollar transactions in numerous bilateral deals. So do many other countries, including Russia, Brazil, India, Argentina, Indonesia, Iran, UAE, South Korea, Malaysia, Syria, Cuba, Belarus, Venezuela, and others.

In fact, swap agreements are proliferating. In 2009, seven Latin American nations established the Bank of the South. They include Venezuela, Argentina, Brazil, Uruguay, Paraguay, Bolivia and Ecuador. 

Plans are to include all regional countries, outside the dollar, IMF and World Bank. Part of it's establishing a new SUCRE currency within the Union of South American Nations, independent of America.

Moreover, oil-rich Middle East countries plan their own monetary union and common currency. In the late 1990s, Asia's Chiang Mai Initiative (CMI) promoted financial cooperation among Association of Southeast Asian Nations (ASEAN).

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