Is The Era Of The Dollar Over? Shocking Messages From The Davos Forum
Money and Business Economy News – Follow-up The World Economic Forum in Davos revealed a growing rift in economic relations between traditional allies, amid an unprecedented escalation in political and economic rhetoric, bringing back to the forefront a fundamental question: Is the world witnessing the end of the unipolar economic system?
During the forum, US President Donald Trump made strongly worded statements towards Europe, attacking European policies and directly demanding the abandonment of Greenland, in a move that strongly brought the issue of tariffs and trade tensions back to the forefront.
Trump’s message was clear and unequivocal: “America First,” as he stressed that protecting the American economy had become a top priority, even if it led to economic tension with the closest allies in the European continent.
According to observers, trade is no longer just an economic tool for the US administration, but has become a means of national security, used to exert pressure and redraw the global balance of power.
Shocking European Response From Davos
In contrast, the European response was swift and this time harsh and unprecedented.
European Commission President Ursula von der Leyen has explicitly called for Europe to break free from the dominance of the dollar, in a clear indication of a need to rethink the foundations of the global monetary system.
This stance was not limited to Europe alone, but was echoed in Canada, one of the strongest allies of the United States, where Canadian Prime Minister Mark Carney, known for his deep economic background, expressed a similar view calling for a reduction in excessive dependence on the dollar.
Back To The Roots: Bretton Woods And The Nixon Shock
To understand the current situation, economists look back to the period after World War II, when the global economic system was formed through the Bretton Woods Agreement, which placed the dollar at the heart of the global monetary system and linked the world’s economies to the United States.
This system continued for decades, until Nixon’s shock in 1971, when he broke the dollar’s link to gold, radically changing the rules and building global stability on trust instead of solid guarantees.
A New Test For The Global System
Today, this historical stability appears to be being tested once again. What the world is witnessing is not a passing disagreement between allies, but a comprehensive rethinking of the shape of the global economic order, the role of the dollar, and the limits of American influence.
Analysts believe that the next phase may witness a gradual shift towards a multipolar economic system, in which centers of power are distributed among more than one currency and more than one economic axis.
In a rapidly changing world, understanding major trends early on becomes a crucial factor in seizing opportunities and avoiding risks.
The most important question remains: Are we witnessing the beginning of the end of American economic hegemony? Or just a temporary rebalancing? https://economy-news.net/content.php?id=64905
Dollar Opens Higher In Baghdad, Erbil
Economy & Business 2026-01-24 03:27 Shafaq News- Baghdad/ Erbil On Saturday, the US dollar traded higher in Baghdad and Erbil, rising by 100 Iraqi dinars compared with the previous session.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya central exchanges at 148,000 dinars per 100 dollars, up from 147,900 dinars recorded in the previous session.
In the Iraqi capital, exchange shops sold the dollar at 148,500 dinars and bought it at 147,500 dinars, while in Erbil, selling prices stood at 147,950 dinars and buying prices at 147,850 dinars. https://www.shafaq.com/en/Economy/Dollar-opens-higher-in-Baghdad-Erbil
Gold Prices Steady In Baghdad, Climb In Erbil
2026-01-24 04:26 Shafaq News– Baghdad/ Erbil Gold prices held steady in Baghdad on Saturday while edging higher in Erbil, according to a survey by Shafaq News Agency.
Wholesale prices on Baghdad’s Al-Nahr Street saw 21-carat foreign gold —Gulf, Turkish, and European— selling at 1.015 million dinars per mithqal, with buying prices at 1.011 million dinars, unchanged from Thursday.
21-carat Iraqi gold sold at 985,000 dinars per mithqal, while buying prices stood at 981,000 dinars, the correspondent said.
At retail jewelry shops in Baghdad, selling prices for 21-carat foreign gold ranged between 1.015 million and 1.025 million dinars per mithqal, while Iraqi gold sold between 985,000 and 995,000 dinars.
In Erbil, gold prices rose, with 22-carat selling at 1.095 million dinars, 21-carat at 1.045 million dinars, and 18-carat at 895,000 dinars, according to local traders. https://www.shafaq.com/en/Economy/Gold-prices-steady-in-Baghdad-climb-in-Erbil-0
Basrah Crudes Post Weekly Gains On Trump Iran Threats
2026-01-24 02:00 Shafaq News– Basrah Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week with gains, despite both closing lower in Friday’s session.
Basrah Heavy fell by 92 cents in its final Friday trade to $59.74 a barrel, but still recorded a weekly gain of 86 cents, or 1.46%. Basrah Medium also declined by 92 cents on Friday to $62.19 a barrel, while posting a stronger weekly increase of $1.74, or 2.88%.
Global oil prices rose over the week after US President Donald Trump said Washington had a “massive fleet” heading toward Iran, while warning Tehran against killing protesters or resuming its nuclear program. Brent crude and US West Texas Intermediate both ended the week up about 1.6% https://www.shafaq.com/en/Economy/Basrah-crudes-post-weekly-gains-on-Trump-Iran-threats
Iraq Pushes Back On ISIS Transfers, Urges EU Burden-Sharing
2026-01-24 04:00 Shafaq News– Baghdad Iraq will not shoulder the security and financial costs of receiving thousands of ISIS detainees transferred from Syria alone, Foreign Minister Fuad Hussein said on Saturday, as the first group of prisoners entered Iraqi custody.
According to a statement from the Iraqi Foreign Ministry, Hussein told European Commission Vice-President Kaja Kallas during a phone call that responsibility for the detainees must be shared among all countries involved, particularly those whose nationals are among the prisoners.
The transfers follow a US-led operation launched this week by United States Central Command (CENTCOM), which began relocating ISIS detainees from Syria to Iraqi facilities. The first batch included 150 prisoners, with up to 7,000 expected to be moved in stages.
The move comes amid mounting concerns over prison security in northeastern Syria after renewed clashes between Syrian government forces and the Syrian Democratic Forces (SDF), which have strained detention sites holding ISIS members.
Transfers accelerated after shifts in territorial control, as the SDF handed over several detention facilities to government forces under a political arrangement, raising fears about the stability of prisons previously secured by the group.
Hussein urged Europe to take a more active role in supporting talks between Damascus and the SDF to stabilize detention sites and prevent further escapes or unrest, the statement said. https://www.shafaq.com/en/Iraq/Iraq-pushes-back-on-ISIS-transfers-urges-EU-burden-sharing
