De-Dollarization: Should you be worried?

[justAnothermuslim]

10 years ago, none of these things would have happened.

But now change is happening at a pace that is absolutely breathtaking.

At this point,John Carney is warning that a fracturing of global currency reserves is “inevitable”…

“[It’s] not only a serious threat, I think it is inevitable. We went through three stages, as you said, after World War II. The U.S. was the biggest economy in the world. In the 1970s, global banking became basically dollar central. With the fall of the Soviet Union, the entire world, more or less, came under the domination of the U.S dollar…”

“That is now drifting away. China and Russia are starting to build an alternative block of currency,” John Carney explained Sunday.

Sadly, I agree with him.

 source

[justAnothermuslim]

Key takeaways

• The U.S. dollar’s hegemony is in question due to geopolitical and geostrategic shifts, including the ongoing Russia-Ukraine crisis.

• While the dollar has maintained its transactional dominance, some de-dollarization is taking place in FX reserves.

• The greenback is also losing some influence in oil markets, where more sales are now being transacted in non-dollar currencies.

• However, rapid de-dollarization is not on the cards, especially as the U.S. has a long-standing global network of alliances and partnerships.

source

[justAnothermuslim]

De-Dollarization Watch: It's Definitely Happening

But slowly, once piece at a time

De-dollarization events that would once have been a big deal have become common lately.

Some examples:

UAE officially stops using dollar for oil trades

(Watcher) - The United Arab Emirates (UAE) is asking BRICS countries to settle oil trade in local currencies and not the U.S. dollar. The Middle Eastern nation is aiming to diversify its economic partnerships by renewing payment methods for oil trade deals. The UAE is approaching China, Russia, India, and Egypt, among other nations to pay local currencies for oil settlement and sideline the U.S. dollar.

According to reports, the UAE is in talks with 15 countries and is promoting local currency payments ending reliance on the U.S. dollar. The realigning of bilateral strategic partnerships could lead to a paradigm shift in the financial approach of BRICS countries. Controlling the global oil sector by ending reliance on the U.S. dollar could make BRICS turn into an economic powerhouse.

Russia-China de-dollarization almost complete – deputy PM

(RT) - 95% of trade between the countries is now settled in their national currencies, according to Andrey Belousov

Western currencies have been almost completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, Russian First Deputy Prime Minister Andrey Belousov announced on Monday. 

Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions between Russia and China are now carried out in one of the countries' national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is likely to grow.

Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.

source

[justAnothermuslim]

He said the US dollar had become the dominant currency after World War II, when Washington successfully capitalized on the outcome of the conflict. Today, however, the ill-conceived and unprofessional actions of the US government are pushing countries to abandon the reserve currency, he added.

”Russia did not refuse to settle transactions in dollars, rather it was refused this option,” said Putin.

After the outbreak of the Ukraine conflict in February 2022, the US cut off Russia’s central bank from dollar transactions and later banned the export of dollar banknotes to the country as part of an unprecedented sanctions campaign against Moscow.

As a result, Russia and its BRICS partners are now using national currencies in 65% of mutual trade settlements, Putin said.

 

https://www.rt.com/russia/603550-russia-not-pursuing-dedollarization/

 

Edited September 5, 2024 by justAnothermuslim

[justAnothermuslim]

No sure if this is true and I’m very well aware of [4:83].

I don’t believe every word of it, so pls take with a mountain of salts.

source

At the very least, we believe it’s entirely certain the dollar will soon be dethroned and replaced…

And this my friend, is a dagger aimed at your wealth, and your way of life…

Your money, your job, your investments… even your physical safety could be at risk.

The market crashes, wild inflation, high interest rates, bank failures and layoffs we are already seeing are only the start…

That pit of fear you are feeling when it comes to America’s future?.

You’re not alone. We all feel it.

It doesn’t matter who ends up president after the next election. It’s too late to reverse course now…

That’s why we just created a free video which you can watch online that describes what’s coming on October 22, 2024.

I can’t stress this enough. You should at least watch this free video today.

[justAnothermuslim]

I don’t feel the pinch yet over here.

I sincerely hope, whatever is going to happen, we’re well prepared for it.

Take care.

source

2025 was already shaping up to be a really bad year, and now a worldwide economic war threatens to greatly accelerate our problems.

Here in the U.S., we desperately need the rest of the world to use our currency, because that allows us to enjoy a standard of living that is far higher than we actually deserve.

We also desperately need the rest of the world to loan us gigantic mountains of money, because otherwise we would not be able to pay our bills.

So it would be a tremendous mistake to think that we have all the leverage and that we don’t need the rest of the world.

Sadly, I think that very soon it will become abundantly clear just how dependent we really are on a global economic system that is rapidly starting to fail right in front of our eyes.