Topic: Could there be a new financial system not dependent on USD? - page 6. (Read 971 times)

Great idea ! So ... Then it turns out that Russia provoked the nearest and slightly more distant countries into military conflicts, fomented them and supported them, from the moment the USSR collapsed to today, because the ruble is extremely unstable, and other countries that were once part of the sphere of influence of the USSR (RF called herself the heiress) were supposed to act as a "solution" so that the Russian economy would not have problems!? Wow... Very interesting idea, thanks! I'll know !

Get this, the BRICS coalition is making huge attempts to eliminate the USD-dominated banking system. But developing a new currency takes hard work and resources. Consider the global impact of such a decision, not just on the alliance. It might shift the global financial balance and provide developing nations new chances.

BRICS countries have made progress by bypassing the US-dominated banking system by settling global trades in their own currencies. They're proposing a new currency at their forthcoming conference in South Africa, which would hurt US dollar demand.

That is why China drives its "satellites" under the control of the yuan. On the wave of their "itch" against the dollar I already wrote, I will duplicate - if the governments of these countries do not turn on the brain, then in 5 years we will see a new Chinese empire with its currencyless and powerless servants! Servants who have completely lost their economic independence and the ability to independently interact with the world market, due to the absence of any currencies accepted in the world in national banks ... Nothing but a bunch of beautiful Chinese papers
Or maybe even faster it will happen - China now needs to find "reservoirs" for its inflation as quickly as possible, which needs to be "drained" somewhere

They won't people leave Dollar, they will try hard to people believe Dollar is the god of finances. So, we are the small group (minority) that can't do anything with that. Let's see China, they try to grow Yuan to be the God of fiat (to replace the Dollar), but in fact, the big power get in the way, and they will interfere Yuan or another currency to replace the dollar hegemony.

so let we'll see the fall, and we must prepare it with another strong currency (like bitcoin).

Just like the British Pound used to be the reserve currency of the world (although not to the same degree), the US dollar is not impervious to being replaced in this status. However there are not really any good contenders at the moment, or the ones that proclaim to be have their own flaws. The Euro for example is still very fragmented because there are 25+ countries behind it all with separate economic incentives - we saw a crisis a while back where Greece was on the verge of bankruptcy and some animosity from others in the group of bailing them out. China also looks like a rising contender, but they have such an opaque financial and governmental management structure it is almost impossible to trust their politicians.

I believe that the foundations for forming an alternative system to the dollar really began to take shape a long time ago. The United States, with its transcendent policy that tries to bring everyone under its control, has made many countries seriously think about getting rid of the hegemony of the United States and the dollar.

The countries of the BRICS group were already formed a long time ago, and their first goal is to form an alliance to confront the hegemony of the United States. It seems that they will now begin to succeed in view of the crises that the United States is going through, as well as the attempt of many countries to abandon the dollar, led by Saudi Arabia, the first source of oil in the world.

The Americans will not give anyone the right to print mora currency. If this happens, then the American economy will have big problems.
Therefore, they will try in various ways to unleash as many wars as possible away from themselves, so that other countries have something to do.

Do you really want to rely on a "currency" that are part of the BRICS group, when it includes countries that cannot even keep the lights on? South Africa are without electricity for most of the day... and people have to run generators and rely on solar power to keep their businesses from collapsing. 

The only strong nation in that group are China, but they are very dependent on 1st world countries to buy their poorly manufactured "plastic" toys to keep their economy running.... and they are importing almost all their resources from BRICS countries to manufacture it. 

Let time tell it all because both you and I and each have a different ideology, and no one has a crystal ball to predict the future, so don't rush to judge who is right or wrong here. Big events like this will be unlikely and will end in the short time that everything will be exposed over time. Let's see how it ends, and I don't like power concentrated on one person and nothing lasts forever. The world has been around for thousands of years and the US was not the first country to lead the world so it is not surprising that they are not the last leading country.

Although these 5 countries are also another "super power country" that would conquer so easily if the de-dollarization takes effects., they are also the major export of goods and service across the nation and sure BRICS will become known but may not affect the dollar itself or that much.
For example, just as some country stopped bitcoin mining it only affects the bitcoin price for just that month or so, and after which it bounces back to normal price and i believe such scenario would likely happened to the Dollar as well.

Of course, a time shall come where Dollar will be out of control in the financial global market. Research have it that currencies are rated based on their exchange with INR. Some currencies have higher exchange with INR than the US Dollar we speak of. as such, most of these currencies are independent of the dollar in terms of National exchange but depends on them only on Global transactions. dollar is the most traded currency in the world, not the currency with the highest exchange rate, this is because US is a multi-racial Nation. As such,  if other Nations like Kuwait, Bahraini, Omani ,(with a higher currency rate than dollar) etc,  are able to meet up this requirement,  and can impose their currency to be used for international transactions in the global economy, there would surely  be a break out from the dependency on USD, EURO, and pounds for major exchange.

Fiat money don't have any intrinsic value, if the government doesn't force their citizens to use their fiat, fiat money is already worthless because no one trust it and there's no reason to use it. The most important part about fiat money is the government accept it and everyone trust the government, so it's really possible financial system will not dependent on USD if the country agree to refuse using USD.

It still depends on a number of things. Just judge their economic strength and how much they do business with other countries. If other countries depend a lot for business on BRICS countries where some of them are known to be slowly becoming "super power" countries, then they are enough to bring influence in the de-dollarization movement.

 

“The first step is to abandon the US dollar, and the second step is to create a new currency for settlements in international transactions. Although the first step has already been put into practice, the second step can be implemented after the BRICS summit in August 2023.”

It sounds absolutely identical: "let's give up breathing oxygen-based mixtures and then a little later, if possible, come up with a replacement for this mixture!". Nothing bothers you?
In addition to the rather stupid formulation of the task, and in euphoria, all these fighters with the dollar do not notice how they are killing their economy, moving away from the international settlement standard, and become totally dependent on the low-liquid yuan, with which they will be able to settle ONLY with China.

And France is such a France A classic theme when the country is in crisis is "The United States is to blame for everything, Long live Great France!". Are you hearing this for the first time? I recommend reading the story - how not to drive yourself into some kind of another big problem, this is how this speech sounds!


PS And I repeat once again - "from all sockets" at the same time, as if on command, they began to write about the "global rejection of the dollar" and other "heartbreaking stories." When such a media howl accelerates, it means that someone wants, wants very much, to distract the masses from something really important. For example, from the realization that those who abandoned the dollar, such as the unfortunate BRICS countries, will soon be monopolized by the RMB, from which they will not be able to get off, and returning to the normal world economy with the dollar will be sooo painful and difficult!
Not understood ? Ok, even simpler - there is no departure from the dollar, there is a special economic operation of China on "guinea pigs", to save its economy, through the transit of yuan problems to other countries, which will be forced to conduct all transactions in yuan. But China has not refused the dollar and is not going to, moreover, it is increasing its reserves, at the expense of those not very smart comrades-in-arms "in the fight against the dollar"

I just think simply, nothing lasts forever, there will always be changes over time. As far as I know, before the USD ruled the world, we also had the British Pound, Spain, and the French...all had a cycle of domination, and there will come a time when it will be superseded. USD is no exception, many people think that the US is too strong and will never be defeated, but with what is happening, they are becoming weaker than ever. Whether or not the BRICS will succeed we don't know yet, but it shows that many countries are ready not to need the US, and they need a new leader.

There is indeed a serious pressure on the US right now. Although the threat to ditch the USD has been there for a while, at this point it has become more serious than ever. China's economy, global influence, military capabilities are growing stronger and stronger and could now seriously challenge the US. And with Asia, the middle east, a part of Europe, a considerable part of Africa, the largest economy in South America all significantly drawn toward China, the US should begin to think of a new strategy. It has to develop leverage in order to attract these countries more.

Its funny how some nations still think that they could become bigger. Lets assume for a second that USA and EU just works with each other, and never spends a dime in those other nations, do you really believe that those nations could survive for even just a single year? Of course not, which means that we are talking about a situation where dollar will continue to be as strong as it gets. People who think otherwise have absolutely no clue where the money those BRICS nations got it from. They got it from the big nations, and most of them are debt, which means that G7 simply gives them IOU and move on with their life without a worry which will continue to exist for a long time.

The whole question is whether the U.S. has anything to do with the new financial system that is being created. Yes, we are told that some new system is being created, but in fact we will get the old system under a new name. So far we have seen a decrease in inflation in the U.S. and a balancing of the dollar. It is quite possible that the dollar will soon go on the offensive.

I think the complexity of the global financial system and the dominance of the USD and other major currencies is not solely determined by practical needs, but also by complex economic and political factors meaning what it means. Any attempt to move away from these currencies will require significant coordination and collaboration. between countries, as well as careful consideration of the possible consequences.

While there won't be much effect I think any major shift in the global financial landscape will require careful consideration of the potential impact and a collective effort between countries to make it work effectively.

Although it is possible for new international currency but it will be hard to just tumble off the dollar most especially not the yuan. The yuan is tightly controlled by the Chinese government and that will not make sense to move entirely into it. What I see is that this country just wish to reduce the political influence or dominance of dollar. I see this yuan as just and alternative to the dollar but maybe in near future it could come but not now.