Topic: I hear de-dollarsotaion over and over again it's funny (Read 304 times)

This whole dedollarization shindig isn't about pulling the rug from under the mighty USD. Nah, it's more about dialing down the white-knuckle grip we have on it, seeking a sort of economic Zen.

Now, my inner 'crypto-wizard' - a quirky chap, I must say, is itching to hypothesize. Imagine a world taking a rain check on the USD overdrive. Could this lead to nations sliding Bitcoin and its crypto-kin into their fiscal mixtape? Might it spark a digital ripple effect, propelling Bitcoin trading duos to outshine their USD counterparts? Could we be talking about a crypto-world order in our tweets and trending hashtags?

But hey, we're in the realm of 5D chess here. The here and now? The USD is king of the hill. Its might may wane as time rolls on, but the thought of it going up in smoke? That's as likely as catching a unicorn prancing in your backyard!

You ask this question because you have been reading propaganda about dedollarisation not the reality of it which is why your question which you think is smart is actually an unrealistic question that makes no sense.

Dedollarisation is not going to make USD disappear or the trading pairs to vanish. Dedollarisation means different countries are no longer forced to only use this fiat with unlimited supply from an artificial country with almost $32 trillion debt that is printing it non-stop and exports the resulting inflation to those countries.
The real dedollarisation means reduction of dependence on dollar, that consequently reduces USD strength and US power to dictate policies in those countries while strengthening the economy and independence of those countries. So countries that were using USD for 90%-100% of their everything (reseve currency and trading medium) will slowly reduce that to 80%, 70%, 50%, 30%,...

For example after dedollarisation when Indonesia wants to trade with Philippines they don't have to do it using dollar anymore. They'll use numerous different ways they used for thousands of years before United States was invented or they were forced to use dollar and dollar alone. But when each of them want to trade with US or its colonies they can still keep using dollar.

Most importantly, this process is not going to finish over night.

"English is a dead language, said Chairman Viacheslav Volodin during a meeting of the Council of the CSTO Parliamentary Assembly."
Read more at RBC: https://www.rbc.ru/rbcfreenews/64662d619a79474a54e5ba8e

“We are talking primarily about Swahili, these are three schools and one school - Amharic, plus we will introduce Yoruba and a number of other languages ​​a little later,” the director of the university said Maslov said at the round table “Russia-Africa: Prospects for Economic Cooperation” (quote according to TASS). It is assumed that from September at least more than 150 people in different schools in Moscow will study African languages.
In March, Alexei Maslov said that Swahili and Amharic were beginning to be taught as additional languages in Russian schools. Then he noted that this was not even in the days of the Soviet Union.
The teaching of Yoruba and Somali is being revived at ISAA MSU, Swahili, Amharic, Zulu and many others are being actively taught.
Against the backdrop of a crisis in relations with Europe and the United States, Russia is beginning to strengthen ties with African countries.

Those. Russia chose the vector to Africa, since it did not work with the EU, and other countries of the first world

No one knows. You should not take it too seriously and better focus on yourself. The government is thinking about it and maybe it has preceded it but other countries haven't followed suit. And don't worry too much about the news you read because a lot of fake news just wants to make people worry.

I also heard about de-dollarization but I'm not affected and still focus on bitcoin only. It won't happen quickly but through a long process but I don't know. I don't want to think about it too much, either.

Because it is still difficult to decide on the dominance of the USD in international trade, that is what has caused several countries to unite again with the same goal of minimizing the dominance of the USD through international trade. But I also never imagined that it would be successful in the near future, because it is also still related to the trust of many people in the USD itself, so it is clear that it is difficult to eradicate its dominance in international trade.

Apart from that, every country also wants to advance their respective currencies through international trade so that their readiness to make the USD no longer dominate in the international trade arena will still be very difficult. Because such a thing clearly still requires the cohesiveness of several large countries with no different goals.

A very good clarification. The key point is a system, and a system coordinated by the largest and strongest economies in the world. Those participants who have a real influence on the world economy.

BRICS, the Customs Union and similar formations are not the level of the Bretton Woods international system. It is very far from the global influence on the international economy. And most importantly, even if the U.S. loses its status as a SUPER-GOVERNMENT, its place cannot be taken by someone from the list of "local fighters against the dollar" - their economies are not competitive, are not meaningful and are not self-sufficient to ensure the stability of the currency of international settlements. As much as they don't like it, it's a fact - only a currency with the same indicators of stability and comprehensive security can replace the dollar. There are no such currencies on the horizon. Even the Euro does not reach that level.

America's domination of our world is over 100 years old and, as far as I can remember 103 years, so it's no surprise that all world trade uses USD and USD as world currency. But nothing lasts forever, I also welcome that some countries are trying to create a new economic bloc to break the domination of the USD, although it is just the beginning, and there are no positive results. Maybe this time Russia and China will not succeed, but this shows that the US is increasingly losing credibility in the international arena, and the intention to overthrow the dollar will rise again in the future is inevitable.

Let the americans think they are untouchable, let them keep going as much as they possibly could, I feel like its going to be fair for them to actually end up with getting shocked by the world who stops using dollar eventually. I am not saying its going to be today or tomorrow, but as long as they keep having this much hatred towards them all the time, they are going to be alone eventually. Right now all the world aside from Americas and Europe already have heavily USA hating population, that's understandable considering how they have been. Right now, if we could somehow pit europe and USA go against each other, it will just tip the scale enough to make dollar devalued a lot more and going to hurt USA a lot. They are not aware of this, so its going to come as a shock when it happens.

I'm from Africa, and approximately 80% of our goods and service materials are imported from China. Despite the robust economy of China, African importers still uses USD for foreign exchange transactions with Chinese exporters. So it's amazing the strength and dominance of the dollar in international transactions. So it's reasonable that other countries will be trying to break this chain of USD dominance in international trades. But all the efforts towards this aim is yet to materialize.

First, many people have always criticized the government for overreacting during the covid pandemic by restricting people's activities. But I want to ask you, if you are, do you have a more effective solution than the government during the pandemic? Maybe what they did was not quite right, but they tried their best to save everyone because everything came so suddenly. Even many politicians have died from the pandemic, what more can you expect from them? If we can't help, don't criticize other people's ideas either.

Coming back to the topic, you are correct in saying USD is in bad shape, and competitors like Russia and China are looking to devalue USD. I also don't like USD when it has dominated the world for so long and created a world imbalance. But to say that de-dollarization will succeed is an illusion. That will probably happen but not now and in the near future, USD's competitors need to work harder to beat it.
Things are going very badly, but I believe the US government is still controlling everything, and it may just be their game, look at how they got through the 2011 crisis you will see the outcome of the crisis this panic.

this is not just a joke, this is a real threat to the USD denomination on the international market. Just imagine if many countries de-dollarized and shifted their economic direction to China? it would simply depreciate the value of the USD significantly.

so don't assume that the superiority of the USD will last forever, it will be lowered sooner or later, countries will definitely think which one is the most profitable for them, and maybe leaning on China now it is benefiting them the most as many countries in Africa and Asia region do and dedollarization is their best bet.

Well, the US dollar has already been replaced in certain trades between countries. Dedollarization is happening right now. But it doesn't necessarily mean that the end of the US dollar as a global currency is near, although I believe that if the US will continue to weaponize it against other countries, it will hasten the entire process.

I'm not a huge fan of this BRICS thing also, but it simply can't be underestimated. It's actually made up of the world's largest economies. China and India are the largest economies in Asia. Brazil is the largest economy in South America. South Africa is the second largest in Africa. Saudi Arabia, the largest economy in the Middle East, is also expressing interest to join BRICS.

Imagine if all of these countries will completely shun the USD in all of their trade activities.

Just because "america gets away with it" doesn't mean that its a good thing. I mean if you murder someone and get away with it, is that a good thing you did? Its still a horrific thing. America gets away with it because nobody can tell them to stop, all that holywood and culture stuff they have going on made them the biggest, not the guns, not the airplanes and drones, it was the culture that made them so big because everyone either hates them or loves them and yet they all have an opinion. Obviously showing off their military power once every 20 years helped them get there very much quicker too. They are doing terrible, but nobody can stop them so they are getting away with it. Well I am glad we have crypto, I can just keep my money there and don't need no dollar, its "de-dollarisation" for me enough, don't need any more of that.

Well I agree with that. Because America is actually still as strong as ever. even the issues of recession and all the drama about America nearly defaulting on its debts are only part of an economic or political strategy. I don't know for sure. but because this has happened quite often but in the end America always gets it right at the right time. although in the end there will be a country that surpasses America one day, but maybe it won't happen in the near future. so yeah, I agree that the dominance of the dollar will not end quickly and it will last for a longer period of time. even today some countries that do not have their own local currency still choose to use dollars for example el salvador and several other countries.

I think it is a given that at some point a change at the top will happen simply because that is the way things work, it is impossible for any country to remain at the top forever as eventually the politicians running the country will make too many mistakes while other countries take the right decisions at the right time, this is how the US became the most powerful country around the world and it is the same process which will eventually replace it, however I do not think this will happen soon as all the countries which want to take the spot away from the US have way more issues and do not have what is necessary for their currencies to become the reserve currency of the world.

In historical records, we can see that there have been several changes in the world's reserve currency in the current financial system. And it's not impossible if one day the dollar is replaced by another currency. Before the dollar, we also knew that the pound sterling had become the world's reserve currency which was quite dominating. and then change to dollars. but we won't know if there will be another switch.

It's just that for now I agree that the US Dollar will probably still dominate the world market for quite a long time to come. but I do not guarantee forever. Currently China and Arab countries have economic power that continues to grow rapidly. then it is not impossible if then the US Dollar will be replaced in the future by one of the currencies of the most advanced countries in the future. I personally am still comfortable with the current US Dollar. and I'm actually worried about the period of transition or replacement. which always begins with economic chaos. and I hope the world economy becomes more stable from now on.

I do agree that it is not going to happen, I mean not because dollar won't devalue, look at inflation and prices of things and you will see how it drops in value. Dollar is mismanaged and a terrible currency and I am on bitcoin because of that, don't get me wrong thinking I am supporting dollar in any way or shape, it is terrible and take all your money out, put it on gold if you do not trust bitcoin but get out of dollar for sure, it is a terrible currency.

But we have tow things, first of all other nations can't afford to de-dollarize themselves, there is no way that they can do that and still be a big economy, they need the money coming from USA without a doubt, when it doesn't come, they bankrupt. Secondly, other currencies are even worse than Dollar, even though Dollar is terrible, others are even worse, that's their benefit, if others did just decent, not even good, just decent, they would have been better.

It's not serious and we see how much power USA gain by the years look at Even the USA biggest funds whos in crypto.
Also the Biden...old and weak to show others it's just the trick somehow for powers to be it's important to show to the world...." Look everybody USA IS getting weak " " look at our old weak joe Biden" lol... It's so fake i can see through this.
So it's like poker game.... Show the weakness and then attack.

I've heard about BRICS many years ago, and so far I would say that they are still non-factor as far as the so called that they will be the next biggest superpowers to challenge US.

Not defending the US, but the challenge to topple them but take at least 50 years in the making, that's why the supposedly de-dollarsotaion hasn't been seen or felt up to this day. US dollar will remain as it is, until it is toppled down.

The Bretton Woods international monetary system determines the rules to be followed in commercial and financial transactions between the world's leading states. This system was put into practice for the first time in world history as a result of the independent nation-states agreeing on a common monetary order among themselves.
The backbone of this system is the dollar and you cannot remove the dollar from the global system. De-dollarisation rumors are pure bullshit and have nothing to do with FUD. Either the dollar must continue to be used or a new Bretton Woods must be created. It has no other chance.