Moving away from an established currency like dollar will impact a countrys networking effect and create substantial barriers. The ASEAN collective is also trying to reduce dependence on the US Dollar, Euro, Yen, and British Pound from financial transactions and move to settlements in local currencies. Chinas media network CGTN reported, The deal will enable China, the worlds second-largest economy, and Brazil, the biggest economy in Latin America, to conduct their massive trade and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the dollar. Currently, no single currency fully meets these criteria, although the euro and the Chinese yuan have made strides in this regard. Malaysias Prime Minister Anwar Ibrahim met with Chinese President Xi in Beijing on March 31, where the two leaders discussed plans to weaken US dollar hegemony and even create an Asian Monetary Fund. LOOK; DID YOU MISS IT? Boy, if thats done John McCormick, this comment is beyond reproach!!! The International Monetary Fund (IMF) has stated that Iraq has added 36 tons of gold bullion to its reserves. Other foreign holders. The dollar is collapsing Although it has remained the international reserve currency, the U.S. dollar has increasingly lost its purchasing power since then. There was no legal process there was no nothing. NOW it the time to buy! Uh oh, someone is failing to realize the fact that in the past the immigrants pretty much just had to show up at the border, not be Chinese or sick, thats it. I am the originator of the Global Bifurcation theory in geopolitics Have published several articles under my name, Daryl Montgomery, covering this same material several days earlier on LinkedIn. It doesnt need to be backed by gold or silver. Sooklal says the list includes 13 countries that have formally asked to join and an additional six countries that have informally requested to be part of the alliance. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. The country entered the war only in 1917 and emerged far stronger than its European counterparts. Thats according to South Africas BRICS ambassador, Anil Sooklal, who tells Bloomberg that a long list of nations are now looking to join in. The Association of Southeast Asian Nations (ASEAN) is meeting in Indonesia, "Top of the agenda are discussions to reduce dependence on the US Dollar, Euro, Yen, and British Pound from financial transactions and move to settlements in local currencies" https://t.co/BPMGhpgtLv, Ben Norton (@BenjaminNorton) March 31, 2023. This has prompted more interest rate hikes around the world, as central bankers try to increase the value of their own currencies. ", "The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency? Top 5 countries opting to ditch US dollar & the reasons behind their Image used for representational purposes/Freepik. ASEAN Briefing noted that Indonesia, Malaysia, Singapore, the Philippines, and Thailand agreed on this in November 2022. New Global Currency Designed to Ditch US Dollar Coming From BRICS bitcoin under the same asset class as gold ,, a commodity but crypto is also a monetary and currency system. This is it really important at all The important factThis pronouns! Some analysts say this partly reflects the declining role of the US dollar in the global economy, in the face of competition from other currencies used by central banks for international transactions. As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. Moreover, it doesnt seem to be a longterm viable option. In fact, in 2011, Japan and China agreed to dump the dollar and trade with their respective currencies. Well look at South Africa after Mr. Mandela.. all respect to this great man. China's first yuan-settled liquefied natural gas (LNG) trade was completed on Tuesday through the Shanghai Petroleum and Natural Gas Exchange, with about 65,000 tonnes of LNG imported from the UAE changing hands in the trade. The IMF, based in Washington D.C., is an organization of 190 countries, working to foster global monetary cooperation and financial stability around the world. The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. Both agreed to deepen economic integration and challenge the hegemony of the US dollar, using yuan and other currencies in international tradehttps://t.co/uTPkDIrfVb, Ben Norton (@BenjaminNorton) March 26, 2023. The commodities-to-equities ratio recently hit a 50-year low. None of these cryptos for the exception of one, can facilitate micropayments or perform peer-to-peer payments. De-dollarization its a theme in other parts of the world: Despite these movements, few expect to see the end of the dollars global sovereign status anytime soon. "Project Sandman" describes a 100+ nation agreement that - Reddit like star treck where humans work for the betterment of science and evolution, nature etc. Mapped: U.S. Almost every establishment will take USD, but smaller and newer notes are preferred. De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar Concerned about Americas dominance over the global financial system and the countrys ability to weaponize it, other nations have been testing alternatives to reduce the dollars hegemony. A new world monetary system is being set up right now which will completely kill the US dollar, which is the world's reserve currency. Updated Date: Image used for representational purposes/Freepik. [10], In March 2022, multiple reports claimed that Saudi Arabia was in talks with China about trading Saudi oil and gas to China in Chinese yuan instead of dollars. Other countries that have agreed to trade with India in rupee is Russia, Singapore, Sri Lanka, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Seychelles, Tanzania, Uganda and the United Kingdom. That, we think, only time will tell. This will force The Federal Reserve to print even more dollars than the $85 billion it's currently printing. A CDBC will also better track proceed of crime which is problematic with paper currency. That day has finally arrived as on Nov. 18, a former head trader for a major financial institution issued a harbinger and stated that 23 countries, and 60% of the world's GDP, are right now setting up new swap lines which bypass the dollar, SWIFT, and the BIS, and will usher in a new global currency system which will kill the dollar. Even the Financial Times newspaper has acknowledged that a multipolar currency world is emerging. Other countries too are dumping the dollar now. Then, South Africa took the helm thanks to the massive discovery in the Witwatersrand Basin, now regarded today as one of the worlds greatest ever goldfields. Countries may want to diversify away from the U.S. dollar: Think tank Perus coup-plotting congress has 6% approval, 91% disapproval (but full US backing), Brazils Lula travels to China and calls to end US dollar dominance, Mexicos AMLO calls out US oligarchy at Bidens democracy summit, Mexico is not a US colony!: AMLO condemns invasion threats, celebrates nationalization of oil, lithium, Taiwan separatists lose key ally, Honduras recognizes China just 12 small countries remain, Europe pays more for banned Russian oil, resold by India as EU wages fall, US corporations cash in on Ukraines oil and gas, Russia leaves neoliberal West to join World Majority Economists Radhika Desai and Michael Hudson explain. China's holdings of US sovereign debt dropped to $1.165 trillion in August, from $1.171 trillion in July, marking the third consecutive month of declines as the world's second-largest economy bolsters its national currency amid trade tensions with the US. Chinas President Xi Jinping traveled to Russia, where he pledged changes we havent seen for 100 years. In fact, hording these metals are counterproductive. There's strong motivation to 'de-dollarize,' says expert. The US dollar's decades-old dominance as a reserve currency, medium of exchange or a unit of account has received a major challenge as more and more developing countries are calling for de . BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010. Industry Announcements, ABOUT US | EDITORIAL POLICY | PRIVACY POLICY will only add to your problems.. e.g.check prices for gas. Blockchain Regulators FP Explainers April 28, 2023 11:34:39 IST. The original Bretton Woods Agreement is dead, but the dollar remains the international reserve currency. These countries include Russia, China, India, and even Germany, France, and the United Kingdom. Other countries too are dumping the dollar now. . There's a rumor that 142 countries are planning on - Reddit [66], Russian Federation accelerated the process of dedollarisation in 2014 as a result of worsening relations with the West. Now it loves ICC for targeting Putin, The U.S. is spending millions on Havana Syndrome research but its not clear if it exists, World becoming more multipolar, Western hegemony declining, admits European Central Bank, Sanctions undermine hegemony of dollar, US Treasury admits, BRICS Bank de-dollarizing, promises 30% of loans in local currencies, new chief Dilma Rousseff says, US bank bailout benefited billionaires, exposing corruption: I understand why Americans are angry. Is there any hope for us at all? Rogue Money via Steve Quayle Q Alerts. In a conference in Singapore in January, multiple former Southeast Asian officials, The UAE and India are in talks to use rupees to, For the first time in 48 years, Saudi Arabia said that the oil-rich nation is. She condemned US sanctions and dollar hegemony and called for Latin America to break with the Monroe Doctrine. According to the same data, the system will be put into operation within a week. [7], According to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey the share of reserves held in U.S. dollars by central banks fell from 71 percent in 1999 to 59 percent in 2021. World reserve currencies have always had a limited life span and ours is up. The f did I just watch? Major foreign holders treasury securities U.S. 2023 | Statista As word spread, thousands of migrants flocked to California in search of gold, and by 1855, miners had extracted around $2 billion worth of gold. In a speech that Geopolitical Economy reported on in 2022, Dilma analyzed the US-China conflict as a rivalry of two systems, a struggle between neoliberalism and socialism. Russia and Iran are also working together to launch a cryptocurrency backed by gold, according to Russian news agency Vedmosti. All those dollars in foreign accounts will come home, which will annihilate our monetary system. Who decided the dollar would be the (world's) currency?. sanctions. China is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Anwar Ibrahim, amid the worlds growing impatience with the King Dollars dominance https://t.co/oXnuqomt9n. This scenario has been engineered for a deliberate collapse of the dollar fiat currency and an attempted forcing of everyone into a digital dollar system run by the banksters. It has been reported that in the first quarter of 2020 the share of the dollar in the bilateral trade between China and Russia fell below 50 percent for the first time. Get a grip you are an idiot. Thats the problem with America today! India News and Entertainment News here. Process of substituting US dollar as the currency for various uses. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ). The decision to abandon the Europe-dominated Brent benchmark is part of a shift of Russias oil sales towards Asia, it wrote. The king of currency, the dollar, is on shaky ground. // interesting times ahead.. RT discussed with analysts how realistic the prospect of countries ditching the dollar is. The remaining 20 percent of the short-term variance can be explained mainly by active buying and selling decisions of central banks to support their own currencies. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars. See: Two Weeks that Shook the Dollar (posted multiple times and in at least a dozen LinkedIn groups). Half the world to dump U.S. dollars in future, causing 'tsunami of
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