Posted on 06/29/2021 6:51:03 AM PDT by Oatka
Indonesia and China are closer to reducing their reliance on the US dollar as they plan to start using their own currencies for bilateral trade and investment within weeks.
The switch to local currency settlement (LCS) is expected to take place in the third quarter of this year.
Bank Indonesia’s head of financial market development, Donny Hutabarat, said the move was part of Indonesia’s effort to diversify currencies used in trade and investment with bilateral partners. So far, Indonesia has agreed on LCS with Malaysia, Thailand and Japan.
“So, we do not depend 100 percent on the US dollar anymore,” Donny told reporters during an online media briefing on Friday.
(Excerpt) Read more at img.jakpost.net ...
Posted as another indication that one morning we will wake up and find the dollar is no longer the world's Reserve Currency.
Then, what's left for the Fed is to either go back to gold (cross before Dracula) or to the already smoking printing presses (somewhere over the rainbow).
“we will wake up and find the dollar is no longer the world’s Reserve Currency”
Yep, it’s almost surprising that it is still holding on. When the USD became the reserve currency for the world in the 1950s the USA accounted for 40% of the global economy.
We are currently at 13%, and shrinking every year.
The Great Fiscal Reset will be very painful. Our young ones don’t have a clue of what’s coming.
How best to preserve wealth? Gold? Land? Stocks?
It could happen but I've hearing this since the seventies -- longer than they've been warning us about global warming.
Me too, but like many others, I didn't believe the Feds could kick the can down the road that long - but a billion dollars back then was BIG money. Now Congress is passing bills in the TRILLIONS, and I believe they have kicked the can into a cul-de-sac. The world is taking notice - and acting accordingly.
The public should do likewise, but they are enchanted by the DOW. Don't be fooled, as the old saying goes, "If you can't hold it in your hands, you don't own it."
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