US dollar at risk of losing dominance, warns Wall Street bank

News Network
April 4, 2022

The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.

According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.

The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,” with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.

The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem. The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. 

International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.

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News Network
October 25,2024

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A substantial wave of Israeli settlers is migrating to Cyprus, fueling concern over what analysts are calling a “silent occupation” as Israeli buyers snap up properties across the island. Following Israel’s recent military offensives in Gaza and Lebanon, thousands of Israelis have reportedly relocated, seeking real estate and creating enclaves of secretive luxury resorts that cater exclusively to affluent settlers. This shift represents the third major wave of Israeli migration to Cyprus, driven by a mix of war fallout, economic pressures, and Israel's internal political unrest.

Dimitri Lascaris, an investigative journalist and activist, reports on the rapid real estate acquisition in Cyprus, revealing that Israelis have been “buying anything in sight” amid the recent regional crises. He warns of an underlying agenda, stating that Cyprus has historically been viewed by Zionist ideologues as a potential site for a Jewish settlement due to its proximity to Israel and suitability for European-style development. Lascaris draws a link to early Zionist ambitions for Cyprus, recalling the Third Zionist Congress of 1899 when David Trietsch and Theodor Herzl both championed Cyprus as a base for Jewish settlement—a precursor to claiming Israel itself by force.

This migration, which has swelled Cyprus’s Israeli community from 6,500 in 2018 to over 12,000 by April 2024, has sparked an influx of 250-300 Israelis monthly. This quiet but steady stream has led to a larger presence of Israelis in Cyprus, with many pursuing strategic real estate purchases despite legal restrictions. Under Cypriot law, foreign entities can only acquire 500 square meters of land. However, by registering as Northern Cyprus firms and securing at least 51% Turkish Cypriot ownership, Israeli companies can circumvent this rule, enabling them to buy extensive tracts of land.

Cyprus’s geopolitical position—close to Israel, with NATO membership and new gas reserves—amplifies the strategic importance of this quiet expansion. Additionally, the island hosts a significant UK military base at Akrotiri, which has served as a launch point for aircraft bound for Palestinian territories, further heightening the controversy around Israeli-Cypriot connections.

Economically, the high cost of living in Israel and divisive internal issues, such as Prime Minister Benjamin Netanyahu’s contentious judicial reforms, have also driven migration from the occupied lands. According to a Hebrew-language report by Maariv, the first seven months of 2024 saw an exodus of 40,000 Israeli settlers—nearly triple previous years’ numbers—primarily to Cyprus and other nearby regions.

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News Network
October 29,2024

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At least 60 people, including children, have been killed in Israeli strikes on several areas in Lebanon’s eastern Bekaa Valley, the Lebanese Health Ministry says.

The ministry said at least 58 people were also wounded in the attacks on 12 areas in the Bekaa Valley on Monday.

Of the 60 killed, at least 16 deaths were recorded in al-Alaq, west of Baalbek city, the ministry added.

The casualty figures were preliminary and are expected to rise as rescue efforts were still ongoing, according to to the ministry.

Baalbek governor Bachir Khodr denounced the attacks on the area as the "most violent" since the start of the Israeli aggression.

Israel has been targeting Lebanon since October 2023, when it launched a genocidal war on the Gaza Strip.

Hezbollah has been responding to the aggression with numerous retaliatory operations, including one with a hypersonic ballistic missile, targeting the occupied Palestinian territories.

Since late September, Israel has escalated its strikes against Hezbollah, killing its leader Sayyed Hassan Nasrallah and a number of its senior figures.

At least 2,710 people have been killed by Israeli fire, and 12,592 others wounded since the clashes began last year, the health ministry says.

The Lebanese resistance movement has vowed to keep up its operations against Israel as long as the Israeli regime continues its Gaza war, which has so far killed at least 43,020 Palestinians, mostly women and children.

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News Network
October 18,2024

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Hamas leader Yahya Sinwar has been martyred in an Israeli airstrike in Gaza's Rafah city, a senior Hamas official confirmed.

Khalil Hayya, head of Hamas in Gaza, delivered a statement on Friday, a day after reports of Sinwar's martyrdom. 

"We mourn the great national leader, the Mujahid Martyr Brother Yahya Al-Sinwar (Abu Ibrahim), Head of the Political Bureau of the Islamic Resistance Movement (Hamas) and Commander of Al-Aqsa Storm Operation," he said.

He remembered Sinwar as "one of the noblest and bravest men, a man who dedicated his life to Palestine and gave his soul for the sake of Allah on the path to its liberation."

"He rose as a heroic martyr, advancing and never retreating, wielding his weapon, engaging and confronting the occupation army at the frontlines. He moved between all combat positions, steadfast and stationed on the honored land of Gaza, defending the land of Palestine and its holy sites, inspiring the spirit of endurance, patience, steadfastness, and resistance."

Referring to the history of Sinwar's struggle against the Israeli regime, Hayya noted that the fallen leader "attained the highest rank and the noblest medal, ascending as a witness and a martyr, content with the jihad and sacrifice he offered."

Naming a host of other resistance leaders assassinated by the Israeli regime in the past years, the Hamas official noted that "these sacrifices will continue to illuminate our path and drive us to more resilience and steadfastness."

"Hamas remains committed to the promise of its founding leaders and martyrs until the aspirations of our people are fully realized: the complete liberation and return, and the establishment of the Palestinian state on the entire national soil with Al-Quds as its capital, by Allah’s will," he said, adding, "This will become a curse upon the invading occupiers who are strangers to this land."

He underlined that the martyrdom of leaders "only strengthens Hamas and our resistance, making us more determined and steadfast in following their path, honoring their blood and sacrifices."

He highlighted that Israeli captives held in Gaza "will not return except with the cessation of aggression on Gaza, its withdrawal, and the release of our heroic prisoners from the occupation’s jails."

The charismatic leader of the Palestinian resistance movement had escaped many assassination attempts before and after Operation Al-Aqsa Flood on Oct. 7, 2023.

Sinwar, 62, played an instrumental role in coordinating and supervising the landmark operation that jolted the Zionist regime. 

Before becoming the Hamas leader in Gaza in 2017, Sinwar spent 22 years in an Israeli prison. He was released as part of a prisoner swap in 2011.

“Hamas will never abandon the path of resistance… Our resistance will continue until the liberation of all of Palestine,” he declared during a speech in Gaza in late October 2017.

Sinwar had been chosen as the overall Hamas leader after Israel assassinated Ismail Haniyeh in July.

Haniyeh was assassinated in Tehran, where he was to attend the inauguration ceremony of new Iranian President Masoud Pezeshkian.

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