Posted on 01/09/2024 11:42:27 AM PST by delta7
De-dollarization is the process of reducing the US dollar's hegemony in global trade and financial operations by shifting to alternative exchange methods such as national currencies and domestic payment systems, as well as transferring currency reserves.
A third of UN member states have already opted for de-dollarization and decided to rely on national currencies to conduct payments, Sputnik's analysis has found.
The analysis, which looked into statements made by officials from 193 UN countries in international and Russian media, showed that representatives of at least 68 UN nations openly supported the process of de-dollarization or stated that they were taking measures to this effect.
According to the study, the most decisive calls to scrap the greenback and replace it with national currencies came from politicians whose countries are members of major regional organizations such as the Association of Southeast Asian Nations (ASEAN) and BRICS, which originally сomprised Brazil, Russia, India, China, and South Africa - but was expanded to include a host of other nations on January 1.
For his part, Brazilian President Luiz Inacio Lula da Silva has repeatedly proposed the creation of an alternative currency to the dollar for payments within BRICS. The view was shared by South African Finance Minister Enoch Godongwana, who called for enhanced lending in national currencies. He was in turn echoed by Kenyan President William Ruto, who urged local leaders to take the first steps towards abandoning the dollar and make transactions through the pan-African payment system instead.
Sputnik's investigation indicated that many countries have already realized the fact that the dollar poses a threat not only as a means of payment, but also as an instrument of savings, so the concept of de-dollarization should be considered more broadly.
Israel, for instance, earlier announced that it would reduce the dollar's share in the country’s foreign exchange reserves in favor of the yuan. Some countries are making more targeted efforts to reduce their population's dependence on foreign currencies, including Vietnam, which has banned long-term foreign currency deposits.
Maxim Osadchy, head of the analytical department of the Moscow-based BKF Bank, told Sputnik that de-dollarization is one of the consequences of increasing fragmentation of the global economy and the transition to a multipolar world.
"De-dollarization intensified due to the anti-Russian sanctions, which clearly showed the risks of the national economy’s dependence on the US currency. De-dollarization reduces the demand for the greenback and, as a result, contributes to its devaluation," Osadchy pointed out.
This followed Russia's Minister for Integration and Macroeconomics of the Eurasian Economic Commission Sergey Glazyev telling Sputnik that as the potentially limitless range of cooperation between the Eurasian Economic Union (EEU) and ASEAN aspires to reach new levels, it is especially important to accelerate the transition to national currencies.
"This is an imperative for us; we can no longer trade in Western currencies. But it takes time for our partners to fully appreciate the benefits and importance of a transition to national currencies," the minister stressed.
The dollar suffered a 2.7 percent decline against other major global currencies during 2023, the greenback’s worst-performing year since the global economic downturn associated with the coronavirus in 2020.
Thanks Joe.
This has been in the cards for some time despite skeptics dismissing it as not a realistic threat. Things take time, and time is against the dollar.
We think inflation is bad now... get ready when no one wants the US dollar.
We need to de-dollar the UN
The UN should switch to Rubles
russian propaganda is propaganda
>>We need to de-dollar the UN
We need to de-dollar the US. Beat the rest of the world to the punch.
87,913th death of the dollar.
The Euro barely left a scratch.
Meanwhile the dollar is still the unparalleled king of earth with no successor even existing.
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)
United States of America Federal Republic North America 331,501.08 Thousand $20.95 Trillion
Commonwealth of Puerto Rico Unincorporated territory of the U.S. Northeastern Caribbean 3,281.54 Thousand $103.14 Billion
Ecuador Independent country Northwestern South America 17,643.06 Thousand $98.81 Billion
Republic of El Salvador Independent country Central America 6,486.20 Thousand $24.63 Billion
Republic of Zimbabwe Independent country Southeast Africa 14,862.93 Thousand $18.05 Billion
Guam Unincorporated territory of the U.S. Western Pacific Ocean 168.78 Thousand $5.84 Billion
The Virgin Islands of the United States Insular area territory of the U.S. Caribbean 106.29 Thousand $4.07 Billion (2019)
The British Virgin Islands British Overseas Territory Caribbean 30.24 Thousand Not Available
Democratic Republic of Timor-Leste Independent country Maritime Southeast Asia 1,318.44 Thousand $1.90 Billion
Bonaire Kingdom of Netherlands Municipality Caribbean 20.10 Thousand (2019) $553 Million (2020)
American Samoa Unincorporated territory of the U.S. South Pacific Ocean 55.20 Thousand $709 Million
Commonwealth of the Northern Mariana Islands Unincorporated territory of the U.S. Western Pacific Ocean 57.56 Thousand $1.18 Billion (2019)
Federated States of Micronesia Six Sovereign Countries Subregion of Oceania 115.02 Thousand $410.08 Million
Republic of Palau Island Country Western Pacific Ocean 18.09 Thousand $257.70 Million
Marshall Islands Island Country Near Equator in the Pacific Ocean 59.19 Thousand $244.46 Million
Panama Independent Country Central America 4,314.77 Thousand $53.98 Billion
Turks and Caicos British Overseas Territory Caribbean 38.72 Thousand $924.58 Million
Source: The World Bank, Long Reads CBS, World Population Review
And, I think Argentina may switch to the US$
This has been in the cards for some time despite skeptics dismissing it as not a realistic threat. Things take time, and time is against the dollar.
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Russia: 17 percent debt to a rising GDP. US: 130 percent debt to a dropping GDP…..$$$ 1 Trillion in debt interest payments alone…..Tic, Toc….
Apparently, FR mods are pulling Ukraine threads because they are “propaganda” and allowing Russian propaganda.
Meanwhile the dollar is still the unparalleled king of earth with no successor even existing.
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I guess you didn’t read the article and links.
Yes, and very quickly.
And block anyone else from funding it. It’s been engaging in enmity against the USA ever since its inception.
Russian rates are 16% and the ruble is down 50% vs the USD since 6/22.
https://www.xe.com/currencycharts/?from=RUB&to=USD&view=2Y
Russia’s gdp is 1 1/2 NY-it’s a regional gas station.
End of hegemony!
First step towards the WEF goal of Central Bank Digital Currency
So, UN, get out of the United States if you want to undermine us so much.
Good! These countries, for the most part, are going to bleed China dry with their demands for more, more, more.
Always comes back to human nature. Getting handouts from China and Russia is much more simple than producing what you desire by yourself.
I get what the Biden disaster has done, but some of these basket case countries can go fly a kite and get their handouts from the commies for a change.
We’ll see how that turns out. You see, Cuba is a wonderful destination for all things anti-American, and Russia, post USSR, continues to provide for their welfare. This should be a wonderful demonstration of where the endgame lies for BRICS.
The “gas station” is producing artillery ammunition.
Unlike the Server-Farm-with-Nukes, and its 31 NATO “allies”.
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