Posted on 04/16/2024 2:08:38 PM PDT by canuck_conservative
Russian President Vladimir Putin insisted last August that a drop in the importance of the U.S. dollar was "irreversible"—but there appears to be no sign that the global economy is turning its back on the greenback.
"The U.S. Dollar was used in 48% of international payment transactions last year, the highest level in more than a decade. But Brics...," it said next to the graph, which showed the euro making 23.2 percent of transactions and the Chinese yuan way behind at 3.47 percent.
"BRICS countries would like their currencies to be used in world trade, but each has a major problem preventing traders from accepting their currencies," Zagorsky said.
"China has currency controls, which limit the amount of money that can move in and out of the country. It is tough for a Chinese company to convince outsiders to accept Chinese currency if they cannot take the money out of China."
"Russia not only has currency controls, but is also under international sanctions, which limits money in rubles from flowing in and out of the country," he said.
"I just do not see Russia forgoing its war in Ukraine, or China taking a more relaxed attitude to money leaving their country anytime soon. Without other countries making major changes in policy the world will continue to see the U.S. dollar maintain its dominance in world trade." ...
(Excerpt) Read more at newsweek.com ...
BRICS remains nothing more than a talk-shop ... enjoy your payments in bananas or a worthless 3rd world currency
Putin is not the one destroying our Dollar. The nwo deepvstate has done that. Putin is NOT my enemy.
I could swear you were leaving FR?
This is a propaganda piece designed to assure the globalists that everything is fine.
Wait'll this progtard Brendan sees what happens when the West seizes the frozen Russian assets.
The Western banking system cupboard will be bare.
This is Newsweek a leftist publication that is not worth a cup of warm spit!
Odd, I just read that the dollar had dropped from 55% to 47% the last few years. This article agrees fairly well on the current number, but claims it is the “highest in a decade” which smells false. Either way it’s way down from the 70%+ global dominance it once had, and the momentum is with the nations flocking to join BRICs. This has very little to do with Putin and much more with the weaponizing of the dollar by America’s enemies in Washington, against the Capitol elites’ enemies both foreign and domestic.
You almost sound happy about any dollar decline
And you’re not the only one here on FR like that ...
Ukie Front crumbling, and mutinies. LOL! Nice.
MMT supporters are still morons.
I don’t like our debt, so I don’t go too far with delight here, but I didn’t buy
the hoopla surrounding the BRICS plan. We need to attack our debt NOW.
Glade I bought a pack of Kugerrands on a whim 25-30 years ago.
I know a lot of conservatives like to imagine the dollar is like the American flag and apple pie, and mindlessly rally to it even as it is used to destroy them. But for me it is an enemy of freedom to be destroyed. Deecentralized cryptocurrency not under anyone's control is the wave of the future and the proper ally of free citizens everywhere.
You probably only have a few of those, if you would use them to buy Zimbabwe dollars you could have a barn full of money.
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