According to the news website ASEAN Briefing, at the top of their agenda were discussions to reduce dependence on the US Dollar, Euro, Yen, and British Pound from financial transactions and move to settlements in local currencies. Russia and India agreed to use the Asia-focused Dubai oil price benchmark in their bilateral trade. H.E. Copyright 2023. Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. There are several countries that have been calling for reducing reliance on US dollar for decades. Is this the beginning of the end for the US dollar? - The Post - UnHerd Boy, if thats done John McCormick, this comment is beyond reproach!!! The infographic above uses data from Incrementum AG and Crescat Capital LLC to show the relationship between commodities and U.S. equities over the last five decades. 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 unilateral sanctions the United States has imposed on countries all across the planet, in flagrant violation of international law, are backfiring. 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. In this past one year, theres a growing trend of countries sidestepping the US dollar and choosing to use their own local currencies for bilateral trade. Also forecasts where this axis is headed and the implications for the monetary system and world order. Save my name, email, and website in this browser for the next time I comment. Countries may want to diversify away from the U.S. dollar: Think tank 162 70 comments Add a Comment YEAH BABY- MURDER IN DISGUISE IS THEIR COMIE NAME OF THEIR SICKO GAME!! 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. Around 31% of the world's gold production in 2022 came from three countriesChina, Russia, and Australia, with each producing over 300 tonnes of the precious metal. A commodity supercycle occurs when prices of commodities rise above their long-term averages for long periods of time, even decades. Is there any hope for us at all? We need to worry about pronouns! Frances Macron opposes US cold war on China, wants independent Europe but is it just rhetoric? 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! Save my name, email, and website in this browser for the next time I comment. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The EU sanctioned Russia and boycotted its oil, yet is still buying it indirectly from India, at a higher price. (Se puede leer esta nota en espaol aqu.). This is it really important at all The important factThis pronouns! April 14, 2014 By American Contractor. Alternatives to US dollar dominance can be found if one searches far enough a bitcoin standard for nation-states for example. Updated Date: sanctions. This is particularly concerning since China holds so much of America's debt and so many US dollars. Bravo! Follow us on Facebook, Twitter and Instagram. Plus the fact that the fellow who first presented it still owns a huge %age of Bitcoin is a major fault. India Ranked the world's sixth-largest economy, India is one of the biggest merchandise importers. 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. 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. 100+ nations have global agreement now being deployed called 'Project The thoughts that are put into the minds of men that are aware of what is occurring on trading floors all over the world is when? US dollar: Russia, China, EU are motivated to shift away from USD - CNBC Firstpost - All Rights Reserved. The NDB, commonly known as the BRICS Bank, was created by the bloc of Brazil, Russia, India, China, and South Africa as an alternative to the US-dominated World Bank. It is because of the dominance of the dollar, or greenback as it is called, that Washington has been able to freeze half of Russias foreign currency reserves and also ban it banks from the SWIFT payment system in the aftermath of Vladimir Putins invasion of Ukraine in February 2022. The king of currency, the dollar, is on shaky ground. 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. As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. Now, de-dollarisation is the process of reducing dependency on the dollar and effectively weakening US global position. The UAE is selling China its gas in yuan, through a French company. The media outlet added that Indonesias central bank plans on creating a local payment system as well. In the past, when this ratio reached such levels, commodity supercycles began. Mapped: U.S. 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. [32], In December 2015, the Kazakhstan government and national bank announced plans to reduce dollar dependency and strengthen the national currency. But, my ? But there is something more sinister behind the move seen in U.S. bonds in September. Iran, which is sanctioned by the US, is also carrying out trade with Russia and China in the local currency. To facilitate the transfer of currencies and swap lines, there needs to be a bank of sufficient size and stature to aid in handling of this monumental task. The original Bretton Woods Agreement is dead, but the dollar remains the international reserve currency. [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 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. 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. "The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia"https://t.co/dpYheR1mHQ, Ben Norton (@BenjaminNorton) April 4, 2023. You need to get rid of the programs that govt is supporting for immigrants. We should work together. 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. Kenya to start buying petroleum products with Kenyan shillings https://t.co/Q6HEcB4I6r, Peoples Gazette (@GazetteNGR) March 27, 2023. As a result, the dollar began to displace the pound sterling as the international reserve currency and the U.S. also became a significant recipient of wartime gold inflows. [41][42] In 2011, Japan made an agreement with China to trade in national currencies. In fact, in 2011, Japan and China agreed to dump the dollar and trade with their respective currencies. The media outlet added that Malaysias central bank is developing a payment mechanism so the Southeast Asian country can trade with China using its own currency, the ringgit. The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board. Far leftist. ASEAN is developing a cross-border digital payment system that would allow the use of local currencies in regional trade. These countries are quickly and quietly dumping the dollar Other foreign holders. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council. Futuremash Countries Using the US Dollar - Investopedia It will neutralize U.S. sanctions and will prevent the disruption to trade. According to the same data, the system will be put into operation within a week. 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. 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. 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. "According to the RUMOR, Operation Sandman will "put the US Dollar to sleep" by having all 142 countries repudiate the currency on the same day, and refuse to continue accepting it for payment in Trade. [2] After the U.S. emerged as an even stronger superpower during the Second World War, the Bretton Woods Agreement of 1944 established the post-war international monetary system, with the U.S. dollar ascending to become the world's primary reserve currency for international trade, and the only post-war currency linked to gold at $35 per troy ounce. Even the Financial Times newspaper has acknowledged that a multipolar currency world is emerging. The U.S. dollar has been the world's major reserve currency for decades, but that status could come under threat as "very . The f did I just watch? 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???? A Bloomberg report quoted Malaysias prime minister Anwar Ibrahim as saying, There is no reason for Malaysia to continue depending on the dollar.. Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology, Bitcoin Ethereum Trading Thats all very well but take away the border control and now the crime rate is the worst in the world. President Nixon ceased the direct convertibility of U.S. dollars to gold in 1971. [11][12], In December 2022 at China - GCC Summit, President Xi Jinping called for Oil trade payments to be settled at yuan. But even as countries move away from the dollar, the US currency isnt going away any time soon. Before the end of this year USA inflation would reach 10% if not more. Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August. According to the latest published data, China and Japan dumped U.S. Treasuries the most in August. Although the blockchain teck has some intriguing facets, I dont think it is anywhere near the class of trust levels that Gold has had for centuries. [51], In March 2020, the first Iran-EU INSTEX transaction was concluded. LOOK; DID YOU MISS IT? There's a rumor that 142 countries are planning on - Reddit In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500). None of these cryptos for the exception of one, can facilitate micropayments or perform peer-to-peer payments. The last commodity supercycle started in 1996 and peaked in 2011, driven by raw material demand from rapid industrialization taking place in Brazil, India, Russia, and China. [60][61] Also, the same month, Argentina and Brazil proposed a common currency for trade which is termed as Sur. Explained: What Is Dedollarisation & Why Are Countries Dumping - MSN The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. 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 Some expect that the US dollars share of global reserves will continue to fall as emerging market and developing economy central banks seek further diversification of the currency composition of their reserves. If the shifts in central bank reserves are large enough, they can affect currency and bond markets. 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. Historically, new world reserve currencies are backed by gold. Exactly you dont know because you fail to understand once one nuke is launched the rest of the world would follow suit and in the end 6-7 billion people are dead, and the ones who survive will likely die from radiation poisoning, and starvation. 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 IMFs Currency Composition of Official Foreign Exchange Reserves (COFER) survey. According to the Russian state-owned news agency Sputnik, BRICS is in the early stages of developing a new global currency that would circumvent the US dollar. Process of substituting US dollar as the currency for various uses. China and Russia are leading the pack in the de-dollarisation drive. 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. like star treck where humans work for the betterment of science and evolution, nature etc. 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. With the most recent commodity supercycle peaking in 2011, could the next big one be right around the corner? The U.S. Dollar wont go away. [28][29][30] In September 2022, Chairman of State Administration Council Min Aung Hlaing stated that they are planning to reduce US dollar reliance and to include trade in other Foreign currencies. IT WAS NOT EASY DOING ALL THE RESEARCH TO GET THE GLOBAL MO IES FOR PEACE WHICH WERE IGNORED BY POTUS CLINTON/BUSH/OBAMA/BUSH JR AND TRUMP /PELOSI/ KENNEDYS AND EVEYONE IN THE WORLD AND US GOVERNMENT WHICH WOULD HACE STOPPED THE LATEST CHINA GLOBAL MONETARY ATTACK IN DISGUSE OF A PANDEMIC- MURDER IN DISGUISE AS THE ROCK-N-ROLL PROPHET LEMMY KILMISTER OF MOTORHEAD FORETOLD IN HIS SONG: LOVE ME LIKE A REPTILE !! [13][14] Foreign Minister Wang Yi stated that Chinese-Arab relations experienced a "historic improvement. 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. The yuan usage in its cross-border transactions had jumped ahead of the dollar for the first time in March. Countries that Use the US Dollar 2023 - worldpopulationreview.com This bank was created with the intention of bypassing the dollar, and allowing free trade to occur between nations without the need to trade for dollars first, as is currently the format under the petrodollar system. [8], Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan,[9] and in March 2018, China started buying oil in gold-backed yuan. Have also cross-posted all of this material on Twitter under @nyinvesting. China has by far the world's largest reserve holdings. The group of known newcomers includes Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed nations from East Africa and one from West Africa. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. This graphic catalogs the rise of the U.S. dollar as the dominant international reserve currency, and the recent efforts by various nations to de-dollarize and reduce their dependence on the U.S. financial system. The country entered the war only in 1917 and emerged far stronger than its European counterparts.
