Posted on 06/25/2024 12:59:41 PM PDT by hardspunned
The BRICS alliance kick-started the de-dollarization agenda to bring the US dollar down from the world’s reserve currency status. The bloc initiated multiple policies to hamper the USD’s growth and make local currencies the center of all transactions. The de-dollarization program was started in 2022 after the US placed sanctions on Russia for invading Ukraine.
The US dollar remains the world’s de facto currency for trade despite BRICS indulging in de-dollarization practices. Their policies did little to nothing to bring the US dollar down and the USD currency maintains its worldwide supremacy. A new study from the Atlantic Council’s GeoEconomics Center shows that the US dollar continues to be the primary currency for all trade and cross-border transactions.
(Excerpt) Read more at x.com ...
Unless the USA has a real civil war the USD is still a more secure currency.
Things take time. Notice Saudi’s cancelling the petrodollar. That happened two weekends ago. Effects will accumulate. The election will make a huge difference in the future of America’s economy, as Biden will continue to accommodate foreign nations seeking to do harm.
I should add, compared to those other countries.
Not that a US Dollar doesn’t have problem.s
Almost every country has currency problems except a few of the gulf states. You can take a collection of relatively poor countries per capita and pool their currency into one - it’s still a collection of poor countries trying to trade with each other. Might as well trade silk for spices. China and maybe Russia will come out OK from it, the others much less so.
So, China can now buy oil in Yuan. This makes sense for the GCC countries because they are spending more in China.
That means the headlines aren’t working! More headlines!
It’s a scam for the CCP and and Russians to get the sucker nations gold.
I have long argued that the Euro is the alternative. The Atlantic Council shows why.
If the BRICs decided to make an immediate decision to ditch the dollar, and the EU goes along, the dollar is finished.
https://view.ceros.com/atlantic-council/table/p/1
I wouldn’t dump on the USA’s dollar since a new boss is likely in a couple months. They’re reading tea leaves and don’t need Trump as a financial enemy.
We certainly shot ourselves in the foot by weaponizing the greenback, especially confiscating sovereign assets. No one wants to be the next Libya or Venezuela or Russia and BRICS seems a viable plan ‘B’ in case they get on the wrong side of Washington.
The fuse has been lit for sure, but it will take longer than some imagine.
The Eurodollar market is huge; dwarfing what we have here in the States. Global demand for dollars - for trade settlement; for dollar loans and a place to park those dollars (Treasuries) insures we have a long way to go before declaring the dollar dead.
We have a deep and highly developed bond market, including swaps that currently unrivaled anywhere else.
The BRICS countries are fiscal dumpster fires.
Joined together, they are a big dumpster fire.
BRICS news!!!
The scary part is that it prob is happening given these dubious sources and their incredible allergy to reality.
The Euros agree with you and yet purposely designed a currency to take down the dollar and it barely left a dent.
Like bankruptcy, it will happen slowly, then quickly.
Weaponization of the banking system has led the US to be arguably relatively mightier than ever.
The Euro is so huge that although it was invented the dollar-
these threads still exist decades later.
We’re $200,000,000,000,000 debt and borrowing at 4 1/2%-there is no greater of global ineptitude in world history.
If the EU and the BRICs get together to do it, they can, and very quickly.
EU has to decide when US military protection is no longer worth the foregone gains of being the international currency, themselves.
The case for the US dollar gets weaker as the US military declines.
The dollar is the best looking horse in the glue factory.
The idea that sick unstable countries like Brazil, Russia, India, China, South Africa were going to come up with something to replace the dollar was laughable in the first place.
It is highly debatable if that is even enough.
I thought that we agreed Asia had to be a component too.
Regardless, both entities have been trying to take down the dollar for a long time.
It’s not just military, Europe has become almost a nothingburger in innovation with the VAT tax.
That includes medical, tech, agriculture pretty much across the board end of existence.
PS it turns out Russia is NOT 1 1/2 NY, it is behind CA, TX and NY. In the old days someone would’ve correct me in the 28 months of war instead of me finding out on my own. Too many wanna believers.
Unless the USA has a real civil war the USD is still a more secure currency.
Not necessary, because they De-Dollarization of petroleum purchase, which makes the dollar a fiat money that have less value, which will result in more inflation.
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