Topic: 23 Countries Now Abandoning US Dollar - page 4. (Read 1146 times)

Dumping USD is more about countries abandoning it as their trade currency, so the volume is in trillions of dollars. For example some sources report that Iran exported $40 billion oil last year (the real value is actually unknown). Almost all the money was received in anything but USD (gold, other fiats and even bitcoin were used). The volume of what regular people want is barely in millions.

I believe the thing about people preferring USD is not about the exchange rate itself but about the period where the rate is going up as their local currency tanks. For example a little more than 3 years ago our local currency tanked hard and during those 6 months people were rushing to exchanges to convert their fiat to anything else including Dollar, Euro, gold, etc. If you paid anybody in USD those days, they would have been more than happy to accept it and even give you a discount.
These days on the other hand, most people don't go for that trade since the exchange rate has been relatively fixed with some swings so the incentive is lower although it still exists.

That's basically like paying someone in bitcoin when price is going from $20k to $70k (they'll love it) compared to paying someone in bitcoin during these days when price is not going above $25k and sometimes even drops lower to $17k (they usually don't go for it).

So where is this BRICS bank located?

I have also watched some Bloomberg news about countries abandoning the use of USD in trading which started when Russia demands the use of the Ruble. The comments of the people were, Yuan will become a reserve because it's the 2nd largest economy but why would Russia allow this also that's a question.

If they are to make it fair as they are agreeing to abandon USD, they should at least remove the possibility that any of them can just take the foreign reserve of a country. Bitcoin will be more suitable as the reserve currency.

I don't think it will have much of an impact.
because it is seen from the development of the US dollar
quite stable

from year to year US dollars
have a stable price

although many countries raise interest rates, in the hope that the value of their currency will be high,

like
Argentina. The central bank's benchmark interest rate is currently 69.5%

ghana 19%
Nigerian 14%
Brazil 13.75%

However, interest rates that are too high make businessmen and households to borrow money

companies can fire their employees
and households are forced to reduce their spending,

under these circumstances the economy could slip into a recession.

I really believe that before we see a hard form of money becoming the world reserve currency we will see more attempts by governments to keep the fiat system afloat.

One of the alternative scenarios I think it would happen is that instead of a single currency having such status governments could try to move to a system with several reserve currencies or a single currency which was backed by a basket of fiat currencies, now I believe such a system will be more unstable than the one we currently have in place, but governments may try something like this before they are forced to accept a currency backed by a hard asset.

I seem to remember reading news articles claiming russia was searching for alternatives to the SWIFT banking network 10 years ago. If this news is true, it has been a long time in coming.

Russia, china, india, germany, france and the UK being involved sounds questionable. Germany and france are EU members. The UK left the EU under #brexit. Both china and india have troops stationed on their shared border and tensions have run high for a future war between the two. There have also been tensions between russia and germany as russia continues its invasion of ukraine. They say that politics makes for strange bedfellows. But that could be pushing things a little too far.

De dollarization has been a legitimate movement for some years now. Major nations have dropped the US dollar as an international reserve currency. Some have gone so far as to cease oil based transactions using the US dollar.

While the list of nations they claim are involved in creating an alternative to SWIFT might sound impressive on the surface. The history of these types of joint international attempts at development have not produced good results.

Looks like the writer of the article is a heavy precious metal shill Imagine going backwards just because you don't want the current reserve currency almost everyone uses. But anyway, if these countries indeed abandoned the USD, chances are they will be making moves to promote their own currencies and make everything centered around it. The question is, would the rest of the world be ballsy enough to follow their lead and abandon something that they are using to peg literally everything with in the world market? Chances are, no, the world is not ready to do that. The listed countries only abandon the USD because the said currency is weakening their own. But if they are to trade in the world market, they'd still need to transact in USD because not everyone follows what they are doing.

Those countries sees the importance of having their own currency that is not dependent to USD. I’m not an economist but I think those countries already see the threat and the only way to survive is to have their own currency which can sustain their economic status.

If those countries are just creating digital currency then I believe they will still accept USD but it will be on a different scenario now. US also know what is happening and I’m sure they already have plans to counter this. Let’s see the next move of US when it comes to monetary policy.

Honestly, it's not just the US dollar. While the governments of the world might be less likely to adopt or continue the dollar, people in general are getting sick, and tired of fiat currencies, and how inflation basically just rains down on them every couple of years.

Yeah, there's definitely a tad bit of bias in there . Although, the US dollar has been a staple in the last couple of decades really. It does seem to becoming a little less used in other countries around the world, but having said that it's still used in places like Asia quite a lot. I know when I've visited, they actually prefer US dollars to the local currency, probably because they used to get a decent exchange rate. Not sure if that's still the case now though.

Well it was always going to come to this, big power countries getting fed up with the dominance of the US dollars. It think it's not something the media should present as a big issue. For so long the US dollars has been the benchmark for currency valuation globally even if it's exchange numeric value is less that pounds and the Euro's.

Although even if those countries you mentioned decides to go ahead with their plans US dollars would still be the paramount currency because many other countries still values it and it would be a marmot task to tip over the US dollar

I am super doubtful about this! But if it happens in reality, that will be a big blow for US economy. It will drastically decrease the demand of US dollar and hence the exchange rate will be decreased.

But don't try to link it with bitcoin. Because even if a new world financial order is being formed, bitcoin is highly unlikely to appear there. It is possible that these countries will try to push their own currency system to trade internationally.

USD goes down in value because of less demand. The currency inflation was major part of USD being dumped from currency reserves, the other factor is the U.S. implementing sanctions on a whim and freezing assets from country's recklessly.

Russia and China, many months ago, began conducting their transactions with their own assets and currencies instead of using USD for the transactions. Wasn't economically feasible for them to have to use intermediates if the currency continued to become worthless.


Yes, but the impact of USD on the global economy is reduced. If you can't trade with countries using USD, you empty out your USD holdings because they become less useful.

I saw this coming years ago prior to all the war nonsense. U.S. has been sanction heavy over the last many years and it goes both ways.

I have also thought to myself that this may just be an item sellable to the public. Dollar dump is is a big news to media houses and probably that is what it wants to achieve. However no doubt that some of the countries mentioned won't blink an eyelid to do that like China and some more countries in Asia that have the communist kind of system. The question is where the abandonment were possible, which other becomes the reserve for countries, definitely not gold nor silver. I have been considering bitcoin but same countries are haters of bitcoin, which means this news probably is not reflecting the reality. No where else have I heard this even on CNN, al jazeera, BBC, nowhere at all.

Yeah, definitely happening because the website "truth and actions" says so..
Right after some other things from this toilet paper newspaper will be happening:


But definitely this time the world will abandon the $, definitely.
I mean China will clearly drop the $ since, well, what's the US, just their biggest trade partner?
And after the yuan dropped to the lowest level since 2008, it's a clear sign that everyone is abandoning the $, because that's how demand and offer happen, something appreciates in value since there is no demand!!!  

I'm starting to wonder, which of the two has died more times, the $ or BTC ?

A Chinese bank has more than a trillion dollars worth of American bonds on its balance sheet. They cannot sell these bonds because they will lose a trading partner. And the trade turnover between China and the United States in 2021 amounted to approximately 0.8 trillion dollars: moreover, China sold goods to the United States for 0.6 trillion dollars and bought goods from the United States for 0.2 trillion dollars.

The Fed is becoming too hawkish by continuing raising interest rate and making dollar more stronger against other currencies , therefore at a point this countries will run for safety.
From other articles I have been reading online, I think China is going to lead way and there digital currency which they have been working on for quite sometime now, would be the world reserve currency, and which will be backed by the digital (sdr), while I do think that Bitcoin will take the place of Gold and hence be the digital Gold and more of a store of value and a hedge to inflation, in my humble opinion.

The article is overly exaggerated what it means, simply going to make trade with other country where US dollar usage is restricted or for some other reasons it doesn't mean they are settling to entirely new monetary policies and all their future international trades will be in that way. I don't really see any official statement from the governments about their new policies, all they are doing is when its possible and its actually happening due to sanction against Russia and now EU has to go with Russia to buy Oil and gas for few years.

What will the likes of the new currency and system be? consider if it's not cryptocurrency then it's not going to attract more anticipated audience because as at moment, bitcoin is the only trending digital currency on the internet and that is the center of attraction on the world's attention, any currency that will not give decentralization a chance to come into reality then it's as worthy of nothing than a modern CBDC we all have been avoiding as against bitcoin.

So you're saying Germany and France prefer to use the euro instead of the dollar? That's not really a surprise.

I am already aware of this monetary movement years ago...there is that great plan to get away from the influence and power of the USA Dollar as the preferred international money especially for international transactions. Many big countries are now starting to show their dislike for the USA leadership...and in the short-term this may significantly weaken the USA Dollar position as there will be less demand for the green bucks. Soon when majority of the international transactions are conducted away from the dollar then that can be the time when USA can feel the enormous devaluing of its own currency...surely the kind of inflation happening right now in that country can be a child play. I am then hoping that somehow, there can be more adoption of Bitcoin for international commerce when countries are weaning from the USA Dollar.

This has been going on for a couple of years now and it won't kill US dollar, but it will significantly weaken it as countries keep dumping USD and all the quadrillions of dollars they've printed over the past 80 years would go back to America which would cause a huge inflation there.
But the rest of the world (the 40%) will continue being forced to use USD and keep it afloat.

The new world order is already established.