Where are Clean Energy Technologies Manufactured? 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. Idiots on the left want open borders! 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. A number of additional nations, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey and Egypt, have reportedly expressed interest in joining the alliance. like star treck where humans work for the betterment of science and evolution, nature etc. This will force The Federal Reserve to print even more dollars than the $85 billion it's currently printing. [73], After a year of the RTGS Dollar having been the only legal tender,[74] Zimbabwe adopted dollarization due to hyperinflation. The acronym BRICS stands for the countries of Brazil, Russia, India, China and South Africa. Can BRICS De-dollarize the Global Financial System? - Cambridge Core Currently, no single currency fully meets these criteria, although the euro and the Chinese yuan have made strides in this regard. Frances Macron opposes US cold war on China, wants independent Europe but is it just rhetoric? Printing money just like Zambia..it went down. In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500). Emerging economies with big dollar-denominated debt balances have been hit particularly hard by the strengthening . This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system. These countries and territories include Lebanon, Hong Kong, Saudi Arabia, Grenada, and Aruba. The strong US dollar is hurting other countries' currencies | World This means that contracts for commodities like crude oil and natural gas are almost always priced in dollars. What happens to the rest of the world? China and Russia are trading in their own currencies. 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. 3 reasons not to worry", "US dollars no longer a quote currency in Venezuela", "Fintech is the new oil in the Middle East and North Africa", " | | ", "Egypt Turns to the Chinese Currency With Yuan-Denominated Bonds | Egyptian Streets", "Egypt seeks to issue $500M in Chinese bonds, $1.5-$2B in sovereign sukuks", "Myanmar to Lower Dollar Reliance in Favor of Ruble, Rupee, Yuan", "Myanmar discussing with Russia use of Mir card for payments", "Government Favours Bolstering Tenge over De-Dollarisation, Says National Bank Chief", "kazakhstan holds rates after inflation surges to 6-year high", "Kazakhstan Hold Rates After Inflation Risks 'Strengthened', "Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions", "Exclusive: Russia likely to buy yuan on FX market in 2023 - sources", "With a sale of Chinese yuan, Russia kicks off 2023 forex intervention", "Amid Western Sanctions, India Explores Rupee-Ruble Mechanism for Trade with Russia", "India explores 'rupee-rouble' exchange scheme to beat Russia sanctions", " 50%", "China and Russia ditch dollar in move toward 'financial alliance', "China, Japan to trade in own currencies", "So Long, Yankees! Luft said the U.S. took "unacceptable and unheard of steps" in recent weeks, such as effectively freezing Russia's central bank reserves and disconnecting Russia from the interbank messaging. 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. The Malaysian leaders comments come just months after former officials in Singapore discussed what economies in the region should be doing to mitigate the risks of a still-strong dollar thats weakened local currencies and become a tool of economic statecraft. 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. 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. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. [52][53] european countries said on march 2023 they had decided to end a scheme put in place in 2019 to allow trade with Iran and protect companies doing business with it from US sanctions, but it was only a single one transaction traded. 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. Even countries in the African continent are dedollarising. Brazils leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur. Several countries on the African continent are advocating de-dollarization as well. Most people just want to make a living and take care of their families in all countries! The chances of record mine output could be higher if gold prices continue to increase. Which countries are dumping the dollar and why? - RT 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. 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. The de-dollarisation process moving away from trading in the dollar and instead choosing local currency has received a boost after the Russia-Ukraine war and as Washingtons tensions with Beijing rise even further. Countries in Southeast Asia are also de-dollarising. one more ignorannt fromw est who cant understand that the shifintg of wealth was already eneterd in the mid of operation and now the shift of geopolitical ballance is inteh makeingall started in 2008 with GFCand it contiune with us bailing put teh corporations and the printing of money like ios no tomorow.How do you want to keep the dominance in the workd when the money u printed have no backing of some comodities..BUT the most idiotic thing that bring us in this moment is the over use of sanctions to the US oponents and to the countrys that do not bent to US willwhy we should suport ignorants like you to live a life in a stile of grandor that is payed by the rest of the worlswhy should my country pay for US debt???? LOOK; DID YOU MISS IT? Well, theyre right! Well look at South Africa after Mr. Mandela.. all respect to this great man. pic.twitter.com/JOLblXhhzQ, New Development Bank (@NDB_int) March 28, 2023. That, we think, only time will tell. at any given spot go back to say late 1800s 96% of the population of america lived at poverty level and; then; if you look at census 85% of the population was born on the land never did immigration ever exceed 15% of the population. But as the world has seen recently, even the Saudi kingdom is hedging towards a new global system, and has publicly stated that their ties to the U.S. are open for re-negotiation. Beijing and Brazil have also dropped the dollar in bilateral trade. We should work together. Great article! A large and sudden jump in real interest rates could lead to a further selloff in stocks. Both countries, which are perceived as anti-US, are trading in their local currency with one another. But there is something more sinister behind the move seen in U.S. bonds in September. The top 20 currencies in use today are the US Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Canadian Dollar, Australian Dollar, Swiss Franc, New Zealand Dollar. [5], Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. 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. This is particularly concerning since China holds so much of America's debt and so many US dollars. Drugs from Nigeria . The move comes as Moscow and Beijing call for de-dollarisation in the face of Western sanctions FP Explainers April 04, 2023 13:35:58 IST Schectman, who has three decades of experience in the precious metals sector, said that the BRICS (Brazil, Russia, India, China, and South Africa) coalition could lead the charge to develop their own reserve currency which would compete against the U.S. dollar. More Countries Repatriating Their Gold and Ditching the Dollar The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board. In fact, hording these metals are counterproductive. [21], In November 2022, Russian Deputy Prime Minister Alexander Novak confirmed that all gas supplied to China via Siberia are settled in rubles and yuan. 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. [75][76] In an interview with former Finance Minister Tendai Biti, he pointed out that dedollarisation has failed dismally. 100+ nations have global agreement now being deployed called 'Project Indonesia is the fourth-most populous country on Earth, after the United States. [32], In December 2015, the Kazakhstan government and national bank announced plans to reduce dollar dependency and strengthen the national currency. And with 23 countries, including those from the BRICs nations and the Eurozone, preparing for new swap lines outside of dollar hegemony, the fuse has been lit on the dollar's death rattle, and the when has changed into the now. [43] Sino-Japanese trade had a value of US $300 billion. Interestingly, two smaller gold producers on the list, Uzbekistan and Indonesia, host the second and third-largest gold mining operations in the world, respectively. The U.S. dollar has dominated global trade and capital flows over many decades. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. The dollar is collapsing destruction of the current system has to come first, Mick. Explained: What Is Dedollarisation & Why Are Countries Dumping - MSN
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