China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade. 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. Although the practice of gold mining has been around for thousands of years, its estimated that roughly 86% of all above-ground gold was extracted in the last 200 years. (file pic) pic.twitter.com/7J9KYipvmB, People's Daily, China (@PDChina) March 29, 2023. When this decision is triggered, the dollar and all dollar-denominated assets will plunge to near-ZERO literally overnight. Thats the problem with America today! Most crime is from foreigners who came in illegally.. E.g. The when is what is the sure sign that this fraudulent sham that we call an economy is over? if any person go to other country they should take care of themselves. Well, theyre right! The footprint of the U.S. will be reduced around the world but at home the U.S. will roar economically because there wont be any other choice. Please help update this article to reflect recent events or newly available information. Indias very own Kumar Vivek, deputy commissioner at the ministry of finance, also said that there are challenges to overcome to move away from the dollar. Russia and China's Steps Towards De-Dollarization Concerned about America's dominance over the global financial system and the country's ability to 'weaponize' it, other nations have been testing alternatives to reduce the dollar's hegemony. . Thank YOU, Ben Norton for sharing these significant changes taking place. Read all the Latest News, Trending News, Cricket News, Bollywood News, [77][78], In 2022, Zimbabwe introduced a new form of currency made by gold, the Mosi-oa-Tunya, to reduce inflation since the local currency had considerably weakened. However, BRICS countries may indeed do that eventually and form their . Countries worldwide are dropping the US dollar: De-dollarization in China, Russia, Brazil, ASEAN The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. For several years, financial analysts, primarily those outside the mainstream of academia, have been warning that any day could be the black swan event that collapses the dollar, and ends U.S. hegemony as caretaker of the world's reserve currency. The Russian leader added, We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America. [54], In March 2022, India and Russia entered for a RupeeRuble Trade Arrangement. Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Updated Date: 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. Exchange rate fluctuations could impact trade, investment, and capital flows, particularly for countries with less developed financial markets or limited policy tools to manage exchange rate volatility. H.E. So what is the when? The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board. Serkan Arslanalp , Chima Simpson-Bell May 5, 2021 The share of US dollar reserves held by central banks fell to 59 percentits lowest level in 25 yearsduring the fourth quarter of 2020, according to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey. The list of the 23 countries which are creating new swap lines outside of the dollar include China, Russia, India, and surprisingly, Germany, France, and the United Kingdom. Prime Minister Anwar Ibrahim met with Chinas Xi Jinping on 31 March and its reported that the two discussed plans to create an Asian Monetary Fund and weaken the US dollar hegemony. Barbados. It is important that our national currencies are increasingly used in bilateral trade, Putin said. The US dollar has risen by almost 15% against some of the world's most traded currencies this year. Mineral Production Value by State in 2022. [51], In March 2020, the first Iran-EU INSTEX transaction was concluded. Kenya to start buying petroleum products with Kenyan shillings https://t.co/Q6HEcB4I6r, Peoples Gazette (@GazetteNGR) March 27, 2023. Required fields are marked *. As the name suggests, dedollarisation is a term that refers to the process wherein countries tend to reduce their reliance on the US dollar as a reserve currency, medium of exchange, and also a . There is no reason for Malaysia to continue depending on the dollar, Anwar said, in comments reported by Bloomberg. It shows that the share of US dollar assets in central bank reserves dropped by 12 percentage pointsfrom 71 to 59 percentsince the euro was launched in 1999 (top panel), although with notable fluctuations in between (blue line). GLOBAL ECONOMIC WARFARE INCOGNITO!! The SWIFT system a abolished in favour of another better system perhaps the Quantum Financial system is our new world. 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. The International Monetary Fund (IMF) has stated that Iraq has added 36 tons of gold bullion to its reserves. If the shifts in central bank reserves are large enough, they can affect currency and bond markets. The finance ministers and governors of the central banks of the member states of the Association of Southeast Asian Nations (ASEAN) met in Indonesia on March 28. Ranked: The Top 10 EV Battery Manufacturers, Visualizing Chinas Dominance in Rare Earth Metals, All the Worlds Metals and Minerals in One Visualization, All the Metals We Mined in One Visualization, How the Worlds Top Gold Mining Stocks Performed in 2020, Peak of supercycle from long-term trend (%), Trough of supercycle from long-term trend (%), Length of cycle from trough-to-trough (years). They believe that the dollar has long given Washington a disproportionate amount of influence over other economies and they would like to put a stop to it. [79][80] The governor of the Reserve Bank John Mangudya said that the gold coins will contain one troy ounce of 22-carat gold, and that trade could be carried out both locally and internationally.[80][81][82][83]. Have also cross-posted all of this material on Twitter under @nyinvesting. According to the World Gold Council, mined gold production is expected to increase in 2023 and could surpass the record set in 2018 (3,300 tonnes), led by the expansion of existing projects in North America. Anyone here as long as we are not American Indians will not be accepted as Americans you cannot steal yourself to be Americans and with this money swap the chicken is gonna come to rouse if the dollars drop god bless us here the future for non-indians especially whites, blacks will be the judge then Mexico would be richer than us they may kick our ass out and reclaim their land this is a very serious issue. The best-known gold rush in modern history occurred in California in 1848, when James Marshall discovered gold in Sacramento Valley. Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August. What started in September of last year, when an agreement between China and Russia ended the dollar's stranglehold over oil and how it was purchased, the past 14 months have seen a momentous rush towards setting up the infrastructure to replace the dollar completely in global transactions. Several countries are undertaking this process because they would like to call a halt to dollar hegemony. 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. Hording precious metal inflates their prices and produces shortages and waste where these metal should only be applied for industrial use. The American Institute of Economic Research said this strategy is not foolproof. The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. As our Chart of the Week shows, any changes to the US dollars status are likely to emerge in the long run. These countries include Russia, China, India, and even Germany, France, and the United Kingdom. It doesnt need to be backed by gold or silver. A total of 24 nations are now looking to build a strategic alliance that will challenge the US dollars decades-long role as the worlds reserve currency. The South American country announced that it would pay for Chinese imports in yuan rather than dollars, in a measure to save the countrys dwindling dollar reserves. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. The unilateral sanctions the United States has imposed on countries all across the planet, in flagrant violation of international law, are backfiring. The original Bretton Woods Agreement is dead, but the dollar remains the international reserve currency. The only thing that stands in the way of the world's final rejection of the dollar is the wavering trust that Saudi Arabia and OPEC have with the U.S. in assuring oil transactions remain denominated in dollars under the 1970's Petrodollar agreement. The above infographic uses data from Our World in Data to visualize global gold production by country from 1820 to 2022, showing how gold mining has evolved to become increasingly global over time. 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. But they are failing to recognize the fact that in the past the immigrants went through the legal process and like today where they just crossed into our country illegally! i think one day we will evolve to the point where value will not be money but something else.. In contrast, during the first half of the 2000s, low oil prices were accompanied by a strong equity bull market that ended with the 2008 stock market crash. The U.S. Dollar wont go away. The UAE is selling China its gas in yuan, through a French company. Buy Book. That day has arrived. Just two days before China and Brazil revealed their deal to trade in local currencies, the South American giants former President Dilma Rousseff officially assumed her new role as chief of the New Development Bank (NDB) in Shanghai. NOW it the time to buy! 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. pic.twitter.com/JOLblXhhzQ, New Development Bank (@NDB_int) March 28, 2023. [62][63][64] The same month, Brazil and China entered into a preliminary agreement to trade in national currencies instead of US dollar. [39] Mutual trading between India and Russia is done mostly in rubles and rupees instead of dollars and euros. Most of commentory ignored that it is not the US Dollar they want to drop but also other Major Currency considered to be Strong & Safe, Your email address will not be published. This has prompted more interest rate hikes around the world, as central bankers try to increase the value of their own currencies. The greenback has been facing competition for long. [69] Lukoil, a state-owned company, had announced that it will find a replacement for the dollar. Alternatives to US dollar dominance can be found if one searches far enough a bitcoin standard for nation-states for example. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars. Almost every establishment will take USD, but smaller and newer notes are preferred. Also, China just announced that it will stop purchasing our debt (holding dollars in reserve). Most people just want to make a living and take care of their families in all countries! 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. We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. This is particularly concerning since China holds so much of America's debt and so many US dollars. Several countries on the African continent are advocating de-dollarization as well. ?/ so u can spend 1 trilion every year for defence?? The decision to abandon the Europe-dominated Brent benchmark is part of a shift of Russias oil sales towards Asia, it wrote. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), so inflation was regarded as relatively benign. As an increasing number of countries move away from the dollar, lets take a better look at what exactly is de-dollarisation, which countries are practising it and is it a viable strategy. [20], In September 2022, Gazprom CEO Alexey Miller said that they have signed an agreement to make trade payments in rubles and yuan instead of US dollars. Industry Announcements, ABOUT US | EDITORIAL POLICY | PRIVACY POLICY Mean Girls meets de-dollarisation pic.twitter.com/wI554dhiFb. According to the same data, the system will be put into operation within a week. The core collective consists of Brazil, Russia, India, China . Even US ally India is hedging its bets on de-dollarization. 162 70 comments Add a Comment 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. The dollar then gained a greater role in 1944, when 44 countries signed the Bretton Woods Agreement, creating a collective international currency exchange regime pegged to the U.S. dollar which was, in turn, pegged to the price of gold. Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. You need to be vaporized, retard.Not everyone agrees with the way these criminals run this country, and Im sure that whatever country you are living in is worse than America.Then, again, you may be an American LIBTARD. Reuters reported that Russias largest oil producer, the state-owned company Rosneft, made an deal with Indias top refiner Indian Oil Corp, which is also state owned, to use the Dubai price benchmark in oil sales, as opposed to the Brent benchmark. . LOOK; DID YOU MISS IT? She condemned US sanctions and dollar hegemony and called for Latin America to break with the Monroe Doctrine. [72], On March 30, 2023, Deputy Chairman of the State Duma Alexander Babakov on the sidelines of the Russian-Indian Business Forum in New Delhi stated that the BRICS countries can create a new currency that will be backed not by gold but by real resources, including land and rare earth metals. Alexander Babakov, the deputy chairman of the State Duma, was then quoted as saying that the BRICS nations are in the process of creating a new medium for payments established on a strategy that does not defend the dollar or euro. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result, the value of the dollar began to decline. Great article! The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged multi-currency pricing, settlement and cross-border payment. It noted that China is Brazils biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade. The dollar collapse is a deliberate plan to force the starving masses into a digital dollar control grid. 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. Where are Clean Energy Technologies Manufactured? A wheel barrow of money for a loaf of breadsame thing happened in Germany after ww2 . Our Chart of the Week looks at the recent data release from a longer-term perspective. Also read: Xi Jinping in Moscow: Will Chinese president convince 'good old friend' Vladimir Putin to end war in Ukraine? 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. The Central Bank of Iraq (CBI) is purchasing large amounts of gold to back the Iraqi dinar currency. As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. 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. As the Financial Times acknowledged in a March report that these were historic developments and part of a transition to a multipolar currency world.The chair of the Financial Times editorial board and US editor-at-large, Gillian Tett, wrote that US banking turmoil, inflation and looming debt ceiling battle is making dollar-based assets less attractive. But even as countries move away from the dollar, the US currency isnt going away any time soon. 2.1 An Understudied Issue: De-dollarization through BRICS . Both countries, which are perceived as anti-US, are trading in their local currency with one another. USA will not be an exception of that I have no doubt.. $32 trillion in dept.
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