[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. 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. Too many leftist idealist that really have a failed clue on just about everything OMG! This ended both the gold standard and the limit on the amount of currency that could be printed. Because Russia was able to neuter sanctions, the Deep State had to resort to sabotage of the Nordstream 2 pipeline. 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. She condemned US sanctions and dollar hegemony and called for Latin America to break with the Monroe Doctrine. In this past one year, there's a growing trend of countries sidestepping the US . THE DEFRAUDNG OF ECONOMIC GLOBAL MONETARY MARKETS IN DISGUISE OF TERROR IN 1991? Why did you try sneaking into any country and see how that works out for you ! The when is what is the sure sign that this fraudulent sham that we call an economy is over? 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. 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. 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. 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. In fact, the new BRICs bank will function both as a bank of international settlement, as well as a lender of last resort, eliminating the need for the BIS and IMF, which currently reside under dollar dominion. H.E. [3], After the establishment of the Bretton Woods system, the US dollar is used as the medium for international trade. IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day. 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. The U.S. Dollar wont go away. 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. [55] In July 2022, Russia and Iran made modifications in their Bilateral trade to reduce the dependency of US dollar. Other foreign holders. Moving away from an established currency like dollar will impact a countrys networking effect and create substantial barriers. Even countries in the African continent are dedollarising. "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. 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. What Is De-Dollarisation? Countries' Plan To Dump Dollar Explained - NDTV [39] Mutual trading between India and Russia is done mostly in rubles and rupees instead of dollars and euros. The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. In addition, central banks (especially Russias and Chinas) have bought gold at the fastest pace since 1967 as countries move to diversify their reserves away from the dollar. Hording precious metal inflates their prices and produces shortages and waste where these metal should only be applied for industrial use. Speaking during his visit to China, the veteran leader said, Why should every country have to be tied to the dollar for trade? 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. 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. It's happening: Brazil and Argentina are making plans for a Latin American currency, to boost regional trade and reduce reliance on the US dollar, the Financial Times reported, Lula (a co-founder of the BRICS) had pledged this while running for presidenthttps://t.co/IAiwfeLz2z, Ben Norton (@BenjaminNorton) January 22, 2023. 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. [69] Lukoil, a state-owned company, had announced that it will find a replacement for the dollar. Reliable source this story is .when there no author to a story its bs . 100+ nations have global agreement now being deployed called 'Project The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. [68] The system had been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system. 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. 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. The United States, Australia, and Russia were (interchangeably) the three largest gold producers until the 1890s. We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. At $3.2trn it dwarfs Japan, which comes in second place with $1.3trn. [6] Between 1965 and 1981, the U.S. dollar lost two thirds of its value. Countries that Use the US Dollar 2023 - worldpopulationreview.com Mineral Production Value by State in 2022. Money Market Funds/Accounts. Barbados. Is there any hope for us at all? 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. While no two supercycles look the same, they all have three indicators in common: a surge in supply, a surge in demand, and a surge in price. All over the world economies that have not totally shot themselves in the foot by gambling in the Anglo-American casino are now moving to set up various currency exchanges by passing the dollar. [59], In January 2023, Russia and Iran were planning to trade with gold backed cryptocurrencies as an alternative to US dollar. The U.S. Dollar may or may not lose some value to the rest of the world currencies but it will still remain in high demand as the U.S. is an autarky and can be 100% self-sufficient. LOOK; DID YOU MISS IT? This is it really important at all The important factThis pronouns! Prices just dropped on gold and silver. Explained: What Is Dedollarisation & Why Are Countries Dumping - MSN its interesting how many idiots have posted their texts here. When is also the question that I get asked about quite often by thousands of people. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russias financial sector from the US, EU, and their allies over the conflict in Ukraine. The dollar collapse is a deliberate plan to force the starving masses into a digital dollar control grid. Most crime is from foreigners who came in illegally.. E.g. Copyright 2023. Prepare for a multipolar currency world https://t.co/gCoN2YjEEY, FT World News (@ftworldnews) March 30, 2023. 23 countries and they named how many .hmm. It is important that our national currencies are increasingly used in bilateral trade, Putin said. The U.S. dollar has been the world's major reserve currency for decades, but that status could come under threat as "very . Exchange rate fluctuations can have a major impact on the currency composition of central bank reserve portfolios. Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. The de-dollarisation drive continues: Which nations are dumping the US 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. But what is important is the distributed ledger that will enable CBDCs to be audited by the public. See: Two Weeks that Shook the Dollar (posted multiple times and in at least a dozen LinkedIn groups). // interesting times ahead.. [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. Since China is by far the largest holder of US dollar reserves, this looks like the beginning of the end of the US dollar as the world's reserve currency. With the price of gold rising since the 1980s, global gold production has become increasingly widespread. 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. Dear God! Bravo! April 28, 2023 12:10:40 IST, Dollars share of global reserves has declined by 11 per cent since 2016 on this adjusted basis, a report by Eurizon SLJ Asset Management said, Businesses in Bangladesh have welcomed the decision to settle trade with India in INR and taka as they think that the arrangement will reduce pressure on forex reserves and promote trade, Brazil has not joined Western nations in imposing sanctions on Russia and has refused requests to supply ammunition to Ukraine. Beijing and Brazil have also dropped the dollar in bilateral trade. 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. North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. Image used for representational purposes/Freepik. Countries Where the US Dollar is the Official Currency US Territory or Foreign Country Relationship with United States Geographic Location Population (2020) Gross Domestic Product (2020) . Indonesia is the fourth-most populous country on Earth, after the United States. Mrs. Dilma Rousseff, the NDB newly elected President, has started her first day in office in the NDB Headquarters in Shanghai, China. [6], The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. [26][27], In May 2022, Egyptian Minister of Finance Mohamed Maait announced the intention to issue bonds in yuan to raise capital as an mechanism to diversify the sources of finance. 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. The BRICS collective, comprising Brazil, Russia, India, China and South Africa, is working on a common currency in an attempt to ditch the US dollar and push back against America's dominance. [56][57][58] In December 2022, Sri Lanka and Mauritius started using the rupee for international trade. One of the worlds leading newspapers, the Financial Times, acknowledged in an article in March that these historic developments are part of a transition to a multipolar currency world. Both countries, which are perceived as anti-US, are trading in their local currency with one another. 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. 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! A number of additional nations, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey and Egypt, have reportedly expressed interest in joining the alliance. There's a rumor that 142 countries are planning on - Reddit [71] On March 31, 2022, the Economic Times published information that India has offered Russia a new transaction system with the transfer of trade to the ruble and SPFS, which will work through the Reserve Bank of India and Russia's Vnesheconombank. 2.1 An Understudied Issue: De-dollarization through BRICS . will only add to your problems.. e.g.check prices for gas. Around 31% of the worlds gold production in 2022 came from three countriesChina, Russia, and Australia, with each producing over 300 tonnes of the precious metal. In June 2019, it also reduced the usage of a multicurrency system and preferred to switch to the US dollar. Meanwhile, the share of the euro has fluctuated around 20 percent, while the share of other currencies including the Australian dollar, Canadian dollar, and Chinese renminbi climbed to 9 percent in the fourth quarter (green line). [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. A large and sudden jump in real interest rates could lead to a further selloff in stocks. Save my name, email, and website in this browser for the next time I comment. Also read: Xi Jinping in Moscow: Will Chinese president convince 'good old friend' Vladimir Putin to end war in Ukraine? However, BRICS countries may indeed do that eventually and form their . [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]. Cryptocurrencies will be eliminated or made defunct because all but one are illegal securities and all of them are redundant and none of them can scale to the level where they can be used worldwide. [16][17], In 24 November 2022, Vice President Mahamudu Bawumia stated that they are working to buy Oil in Gold and he added "The barter of gold for oil represents a major structural change. [50] On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX. The International Monetary Fund (IMF) has stated that Iraq has added 36 tons of gold bullion to its reserves. We need to worry about pronouns! 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. Our Chart of the Week looks at the recent data release from a longer-term perspective. De-Dollarization: Countries Seeking Alternatives to the U.S. Dollar What will occur is that the U.S. economy will be revitalized from within. Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. Permanently fixed at a 2:1 ratio, you'll get two Barbadian dollars for every one U.S. dollar. The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This is a frontal challenge to the US-dominated International Monetary Fund (IMF), which emerged from the 1944 Bretton Woods Conference that established the dollar as the global reserve currency. 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. However, there have been significant fluctuations in the interim, which can explain about 80 percent of the short-term (quarterly) variance in the US dollars share of global reserves since 1999. just let me know when the world plans all this thermo-nuclear stuff that way me and my dogs can hop on the closest flight outta here. [33] In August 2016, after inflation surged to a 6-year high, the Kazakhstan central bank governor stated that it is a necessity to kickstart dedollarisation. What It Would Take for the U.S. Dollar to Collapse - Investopedia The book discussed and predicted these events. These countries are quickly and quietly dumping the dollar 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 Survival Economist: 3-6-2022 Hungary's Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony. There is no reason for Malaysia to continue depending on the dollar, Anwar said, in comments reported by Bloomberg. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars. It doesnt need to be backed by gold or silver. One year ago, China, along with the BRICs nations of Brazil, Russia, India and South Africa, loaned money to a new financial institution they established and labeled the BRICs bank. Once the supply has adequately grown to meet demand, the cycle enters a downswing. China and Russia in recent times have pushed more aggressively to unseat the dollar. 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? Boy, if thats done John McCormick, this comment is beyond reproach!!! India News and Entertainment News here. A CDBC will also better track proceed of crime which is problematic with paper currency.
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