Most people just want to make a living and take care of their families in all countries! "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. There was a large supply of dollars around the world, making it difficult to back dollars with gold. Credit: (photo: MicroStubHub/iStock by Getty Images). i think one day we will evolve to the point where value will not be money but something else.. 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. Copyright 2023. In turn, US dollar exchange rates can be influenced by several factors, including diverging economic paths between the United States and other economies, differences in monetary and fiscal policies, as well as foreign exchange sales and purchases by central banks. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. According to the latest published data, China and Japan dumped U.S. Treasuries the most in August. But what is important is the distributed ledger that will enable CBDCs to be audited by the public. Too many leftist idealist that really have a failed clue on just about everything OMG! [75][76] In an interview with former Finance Minister Tendai Biti, he pointed out that dedollarisation has failed dismally. [51], In March 2020, the first Iran-EU INSTEX transaction was concluded. Language links are at the top of the page across from the title. 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. 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. [43] Sino-Japanese trade had a value of US $300 billion. 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. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. There's strong motivation to 'de-dollarize,' says expert. As these other nations de-dollarize what it will do is remove the power of the Deep State to use the U.S. Dollar as a weapon against the rest of the world. Read all the Latest News, Trending News, Cricket News, Bollywood News, Ranked: The U.S. Banks With the Most Uninsured Deposits, Charted: 30 Years of Central Bank Gold Demand, Charted: Commodities vs Equity Valuations (19702023), 200 Years of Global Gold Production, by Country, Visualizing Global EV Production in 2022, by Brand, Silver vs. Stocks: Comparing Performance During Recessions. 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. In line with the above notion, commodity prices and equity valuations have often been at odds with one another in past market cycles. Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. why we have to buy FED certificates in orde to cover US debt? The new monetary system could mean the debts can be settled in their own countries and could reduce the demand for US dollars by 3 billion a year. ", "The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency? Required fields are marked *. [69] Lukoil, a state-owned company, had announced that it will find a replacement for the dollar. In fact, China contributes to the dollar's status by having more of it than any other country in its unmatched, multitrillion dollar foreign reserves and its unclear that Beijing even sought to. [65], As academic Tim Beal summarizes, many commentators view the United States' overly broad imposition of financial sanctions as a factor increasing dedollarisation because of responses like the Russian-developed System for Transfers of Financial Messages (SPFS), the China-supported Cross-Border Interbank Payment System (CIPS), and the European Instrument in Support of Trade Exchanges (INSTEX) that followed the United States' withdrawal of from the Joint Comprehensive Plan of Action (JCPOA) with Iran. Countries in Southeast Asia are also de-dollarizing. We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. Thats how easy your folks had it in the past. China and Russia are trading in their own currencies. ASEAN is developing a cross-border digital payment system that would allow the use of local currencies in regional trade. Also see: Why is the movement away from the US dollar taking place now? Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. China . With the most recent commodity supercycle peaking in 2011, could the next big one be right around the corner? The U.S. dollar has been the world's major reserve currency for decades, but that status could come under threat as "very . 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. John McCormick you are truly an idiot. [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. ", "Biti Rubbishes De-dollarization ZimEye", "Biti Dissects New Law On The Use Of Foreign Currency In Zim [Full Thread] Pindula News", "Zimbabwe to introduce gold coins as local currency tumbles", "Zimbabwe to mint gold coins to tackle rising prices", "Explained: Why Has Zimbabwe Introduced Gold Coins As Legal Tender", "Zimbabwe launches gold coins to stem inflation", "Zimbabwe debuts gold coins as legal tender to stem inflation", Regional Comprehensive Economic Partnership, South Asian Association for Regional Cooperation, Customs Union of Belarus, Kazakhstan, and Russia, Cooperation Council for the Arab States of the Gulf, Economic and Monetary Community of Central Africa, https://en.wikipedia.org/w/index.php?title=Dedollarisation&oldid=1152377094, Wikipedia articles in need of updating from August 2022, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 29 April 2023, at 21:44. The bottom panel shows that the value of the US dollar against major currencies (black line) has remained broadly unchanged over the past two decades. The US dollar is the most widely used currency around the world. 23 countries and they named how many .hmm. This is particularly concerning since China holds so much of America's debt and so many US dollars. President Nixon ceased the direct convertibility of U.S. dollars to gold in 1971. 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. Mean Girls meets de-dollarisation pic.twitter.com/wI554dhiFb. 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 . 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. Once the supply has adequately grown to meet demand, the cycle enters a downswing. We need to worry about pronouns! 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. Moving away from an established currency like dollar will impact a countrys networking effect and create substantial barriers. [13][14] Foreign Minister Wang Yi stated that Chinese-Arab relations experienced a "historic improvement. Why did you try sneaking into any country and see how that works out for you ! Just recently, Bangladesh became the 19th country to agree to bilateral trade in Indian rupees. 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. History is full of sudden currency collapses. [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. And with the US Federal Reserve constantly raising interest rates, the dollar has become so strong that it is hurting the currencies of other countries, making imports more expensive. It is important that our national currencies are increasingly used in bilateral trade, Putin said. Historically, new world reserve currencies are backed by gold. 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???? When is also the question that I get asked about quite often by thousands of people. No offense but I have to call you in idiot because I called them as I see them. Anwar proposed the Asian Monetary Fund at theBoao Forum in Chinas Hainan province. 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. The chances of record mine output could be higher if gold prices continue to increase. China and Russia are leading the pack in the de-dollarisation drive. . The when is what is the sure sign that this fraudulent sham that we call an economy is over? Your email address will not be published. [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. By the late 1960s, European and Japanese exports became more competitive with U.S. exports. 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. 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. [9], In 2015, China launched CIPS, a payment system which offers clearing and settlement services for its participants in cross-border Renminbi payments and trade as an alternative to SWIFT. Scams Crypto101 HodlX The American Institute of Economic Research said this strategy is not foolproof. A wheel barrow of money for a loaf of breadsame thing happened in Germany after ww2 . Rogue Money via Steve Quayle Q Alerts. The Russian leader added, We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America. 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. 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? Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock". you travel to US you bring your money to buy home and start your business -shop workshop or whatever. Argentina, Hungary, Ukraine, Iceland, Venezuela, Zimbabwe and Germany have all experienced terrible currency crises since 1900. Also read: Xi Jinping in Moscow: Will Chinese president convince 'good old friend' Vladimir Putin to end war in Ukraine? Saudi Arabia, one of the biggest exporters of crude is also mulling trade with China in yuan. Russia and Iran are also working together to launch a cryptocurrency backed by gold, according to Russian news agency Vedmosti. 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. Chinas President Xi Jinping traveled to Russia, where he pledged changes we havent seen for 100 years. North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. In general, commodity prices and equity valuations tend to have a low to negative correlation, making it rare to see the two moving in tandem in the same direction for any long period of time. The International Monetary Fund (IMF) has stated that Iraq has added 36 tons of gold bullion to its reserves. According to the same data, the system will be put into operation within a week. He said policymakers must be vigilant and take appropriate measures to safeguard financial stability. Just a week after Xis trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE. Kenya asked to do so because the African nations dollar reserves are running low, as it pays for more expensive imports. USA will not be an exception of that I have no doubt.. $32 trillion in dept. Bravo! CBDCs running on one public blockchain are needed. Countries with their own versions of the dollar H.E. Hording precious metal inflates their prices and produces shortages and waste where these metal should only be applied for industrial use. 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. Now, de-dollarisation is the process of reducing dependency on the dollar and effectively weakening US global position. None of these cryptos for the exception of one, can facilitate micropayments or perform peer-to-peer payments. 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. In recent months, Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America. With modern mining techniques making large-scale production possible, global gold production has grown exponentially since the 1800s. [50] On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX. Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology, Bitcoin Ethereum Trading 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. 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. 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! They named enough. . 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 !! 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. [44], In March 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan[45] The same year, Australia made an agreement with China to trade in national currencies. What will occur is that the U.S. economy will be revitalized from within. [36], Russia had been planning to buy more yuan in the foreign exchange market in 2023 for trade settlements. [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. What happens to the rest of the world? 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. India has been slowly moving away from the dollar. 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. Alternatives to US dollar dominance can be found if one searches far enough a bitcoin standard for nation-states for example. [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. Blockchain Regulators ?NOPE bye bye to great US life stileUS ll become pour ever the night. [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. China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade. The United States became, almost overnight, the leading financial power after World War I. Tajikistan, Cuba, Luxembourg and Sudan have also shown interest to use this mechanism. India News and Entertainment News here. 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. Many nations are now seeking financial alternatives, afraid that they could be the next target. 162 70 comments Add a Comment Get a grip you are an idiot. Dilma, like her ally Lula, is a leftist from Brazils Workers Party. The upcoming BRICS summit is set for August 22nd in South Africa. The next step in this war is the complete takedown of the Deep State. Permanently fixed at a 2:1 ratio, you'll get two Barbadian dollars for every one U.S. dollar. 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 . If the shifts in central bank reserves are large enough, they can affect currency and bond markets. While technically the U.S. dollar could collapse, it's backing from the largest economy in the world and its status as the global reserve currency, makes that highly unlikely. By 2007, China was the worlds largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries. 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. .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. It will neutralize U.S. sanctions and will prevent the disruption to trade. [22], In March 23, 2022, Putin signed an order forbidding "non-friendly" countries (including EU countries, United States and Japan) from buying Russian gas in any other currency besides the Russian ruble in the wake of sanctions given in aftermath of 2022 Russian invasion of Ukraine[23], In January 2023, Finance Minister of Saudi Arabia Mohammed Al-Jadaan stated that it is open to trade in other currencies besides the US dollar, and this expression is considered to be the first time in 48 years. 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. 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. These countries include Russia, China, India, and even Germany, France, and the United Kingdom. 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. THE DEFRAUDNG OF ECONOMIC GLOBAL MONETARY MARKETS IN DISGUISE OF TERROR IN 1991? 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. RT discussed with analysts how realistic the prospect of countries ditching the dollar is. I just wish people had common sense and could figure this s**t out! Futuremash [62][63][64] The same month, Brazil and China entered into a preliminary agreement to trade in national currencies instead of US dollar. Because Russia was able to neuter sanctions, the Deep State had to resort to sabotage of the Nordstream 2 pipeline. 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. 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 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. The U.S. Dollar wont go away. [6] Between 1965 and 1981, the U.S. dollar lost two thirds of its value. 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. Please help update this article to reflect recent events or newly available information. pic.twitter.com/JOLblXhhzQ, New Development Bank (@NDB_int) March 28, 2023. BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010. 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. You know not all the people of America agree with Americas government officials and what they do, so you want to kill us all, the land and animals? 2.1 An Understudied Issue: De-dollarization through BRICS . 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. Process of substituting US dollar as the currency for various uses. Last but not the least de-dollarisation could result in increased volatility in currency exchange rates, particularly during the initial phases of transition. Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. [60][61] Also, the same month, Argentina and Brazil proposed a common currency for trade which is termed as Sur. [73], After a year of the RTGS Dollar having been the only legal tender,[74] Zimbabwe adopted dollarization due to hyperinflation. [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. A Bloomberg report dated on 26 April stated that Chinas slow move away from the dollar had reached a milestone. Secondly, to replace the dollar with another currency, it needs to have a certain degree of stability, liquidity, and acceptability. Is there any hope for us at all? End of story. PS. This will force The Federal Reserve to print even more dollars than the $85 billion it's currently printing. India Ranked the world's sixth-largest economy, India is one of the biggest merchandise importers. Youll notice that the U.S. sanctions against Russia was ineffective.