In fact some of the countries have been interacting with others to evolve a consensus. A feeling has gripped these countries that America has been using this mechanism to keep them under its thumb. Recent activities and wild actions of American President has strengthened this feeling. They nurse the view that with Trump, their currencies may not gain strength.

The US Federal Reserve System claims to influence and control the global economies, but the fact of the matter has been during last three decades it has miserably failed to provide a new dynamism to the international monetary system and control inflation. Almost all the world economies have been faced with the threat of survival.

By and large the rating agencies have been under the control of the USA and obviously their ratings are not up to mark. Their ratings of the economic condition and its feasibility is dependent on the ratings by these agencies. A couple of years back some of the countries had raised this issue but it did not catch the wider attention.

The West has openly turned the rating agencies into instruments of economic war. The financial stability of China or Russia by far surpasses the stability of many western economies. It is beyond comprehension how the economics of some of the smaller countries could be better than Russia and China or even from India. The experience of Iceland having the highest ratings has been quite interesting. However, their ratings continued to be overstated up to the time when their liabilities were refused to be serviced.

The monopoly of the West in this area was virtually lost when Dagong, a Chinese rating agency, was set up, but methodological problems remain unresolved. It’s against this background that a consensus among the states that are being blackmailed by rating agencies is appearing. In the West it is supported by responsible financiers, who need effective working instruments for risk management, and by masses of small investors.

In fact some expert in the area of international finance, consultant to private and state-owned companies of China in the area of innovation policy and international contracts had also introduced idea of the ‘dollar hegemony’. Nevertheless it did not gather momentum. But undeniably this has put the vulnerability of the dollar system in public domain.

At the 2016 summit of the St. Petersburg International Economic Forum (SPIEF) this had featured but not so prominently. In India the issue to delink Rupee from Dollar was raised in 2008 in the wake of Lehman Bank turning bankrupt. If Euro and Pound can have their independent status, why cannot Rupee have? This discrimination must stop. The 2017 SPIEF on June 1 and 2 may discuss the possibility of facilitating the process of an alternative currency to US dollar.

The St. Petersburg International Economic Forum (SPIEF) is a unique event in the world of business and economics. SPIEF has been held since 1997, and since 2006, it has been held under the direct supervision of the President of the Russian Federation. This obviously underlined the political more than the economic importance of the Forum.

Over the last 20 years, the Forum has become a leading global platform for representatives of the business community to meet and discuss the key economic issues facing Russia, emerging markets, and the world as a whole. The fundamental issues and trends affecting Russia, emerging economies, and the world are identified, analysed, and publicized.

In 2017, the SPIEF overseas sessions include for the World Economic Forum in Davos (Switzerland), Boao Forum for Asia (China), Hannover Messe (Germany), and business forums in Cuba and Italy. With Russian President Vladimir Putin himself monitoring the event, it is likely that the issue of Dollar Hegemony would feature once again. Russia has still been under American sanction and it would assert in a more forceful manner at the international level.

There is also growing feeling that dollar system must go under reforms to suit to the global needs and demand. The American market has lost its trust in the government’s political courage for taking a required strategy to sustain and also to provide a constant economic growth without any crises and inflation. The SPIEF may seek to know from China and Russia what role they can play in the prevailing political situation

Some countries also nurse the feeling that the wind of change was blowing over the world and both Russia and China can take the initiative to emerge as the prospective leaders. As the Vietnam War failed to strengthen the American economy, the current global war against terrorism will only weaken the US economy without improving the US national security. (IPA Service)