Will the world soon become tired of the US dollar?

Baki202

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Quote from: btc78 on April 12, 2024, 11:34:59 PM

I’m quite confused as to how a world can be tired of the us dollar? Despite being in quite a crisis, the us dollar remains strong.

There are various factors to consider if BRICS currency were to overtake the us dollar which is completely different if we were to talk about cryptocurrencies. While both currencies present quite a positive potential in terms of the world economy, we can not deny that the us dollar would be in position for quite longer.

Countries can decide not to use the use dollar anymore they can decide to use any currency or even gold in replacement of dollar so it left for countries to choose if they want to continue with the usage of dollar or not, not all countries use dollar as there foreign reserves. True that dollar is strong but the question is for how long with time things will later change. And for ages people have given much value to dollar to much and it will not continue like that for long. Especially Africa countries they have fully dependent on dollar so for now no choice but to continue using it. It usage is already part of the economy.

Abiky

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Quote from: electronicash on April 17, 2024, 01:58:16 PM

USD will still be used. i don't think anyone can remove it as a major currency especially now that we have USDT and the rest of the stablecoins. El Salvador still uses USD along with BTC, if they start using Yuan, i bet the US officials will fly there for regime change.

eventually, everyone in the future will be using stablecoins and maybe the Euro, Rial, Ruble, Yuan, and Peso and all the rest of the currencies will have their stablecoin. but there will still be dominance for USD particularly in America.

In the timebeing. But a collapse is inevitable. Especially when nothing lasts forever. We're already witnessing the decline of America with politicians' actions. The "de-dollarization" of the world's economy is a process that will take quite some time before it materializes (slow and steady pace).

I believe rising US national debt, and the funding of wars will lead America towards its complete demise. Trillions of dollars (USD) have been wasted ever since the COVID-19 pandemic took the world by storm. Who's to say China and/or Russia will establish a "New World Order" in the future? I'd bet the new reserve currency will be one of their own. It'll be a "miracle" if BTC becomes the world's next reserve currency. We can't predict the future, so lets hope for the best. Wink

electronicash

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Quote from: Abiky on April 17, 2024, 12:50:03 PM

Quote from: WillyAp on April 12, 2024, 08:20:27 AM

Election promises rarely translate into reality, has he done it so far?
San Salvador uses Bitcoin alongside with their local currency plus the $ I think.

Exactly. Politicians usually lie to get the attention of voters. Argentina's President Javier Milei hasn't been able to keep up with his promise of abolishing the central bank and declare BTC as legal tender. Not even the dollarization of the Argentine economy (through the USD) has been accomplished. El Salvador might've been the first country to adopt BTC as legal tender, but it still uses the USD for day-to-day payments. I guess it's too early for countries to completely abandon the USD.

Rest assured that the time will come when the USD loses traction as the reserve currency of the world. Rising US national debt, and constant money printing (inflation) should lead us there faster than we've previously imagined. The real question would be: Which currency will replace the USD in the future?

USD will still be used. i don't think anyone can remove it as a major currency especially now that we have USDT and the rest of the stablecoins. El Salvador still uses USD along with BTC, if they start using Yuan, i bet the US officials will fly there for regime change.

eventually, everyone in the future will be using stablecoins and maybe the Euro, Rial, Ruble, Yuan, and Peso and all the rest of the currencies will have their stablecoin. but there will still be dominance for USD particularly in America.

Abiky

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Quote from: WillyAp on April 12, 2024, 08:20:27 AM

Election promises rarely translate into reality, has he done it so far?
San Salvador uses Bitcoin alongside with their local currency plus the $ I think.

Exactly. Politicians usually lie to get the attention of voters. Argentina's President Javier Milei hasn't been able to keep up with his promise of abolishing the central bank and declare BTC as legal tender. Not even the dollarization of the Argentine economy (through the USD) has been accomplished. El Salvador might've been the first country to adopt BTC as legal tender, but it still uses the USD for day-to-day payments. I guess it's too early for countries to completely abandon the USD.

Rest assured that the time will come when the USD loses traction as the reserve currency of the world. Rising US national debt, and constant money printing (inflation) should lead us there faster than we've previously imagined. The real question would be: Which currency will replace the USD in the future?

MarjorieZimmermanGinger

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

Countries in the Saudi Arabian region have good financial strength so they can launch the crazy projects they want to do. Countries in this region can be said to be rich and they can do anything to just build luxurious and magnificent buildings. But my question is, can they fight against the dominance of the US dollar and what steps will they take if they want to look strong? There are many challenges that will be faced when you want to fight against dollar domination and I think very few countries dare to challenge them now.

What can be done even though many countries are starting to get bored with the US dollar because they are in control in many aspects. If a country does not have a source of wealth then fighting US domination is impossible and the country will most likely cause problems. Just look at countries that dare to challenge the dollar's dominance and if the country's finances are bad they will have even more problems.

btc78

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

I’m quite confused as to how a world can be tired of the us dollar? Despite being in quite a crisis, the us dollar remains strong.

There are various factors to consider if BRICS currency were to overtake the us dollar which is completely different if we were to talk about cryptocurrencies. While both currencies present quite a positive potential in terms of the world economy, we can not deny that the us dollar would be in position for quite longer.

tygeade

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Quote from: STT on February 16, 2024, 06:43:39 PM

Egypt receives billions a year in funding via the dollar, I know they do price fixing and generally struggle to balance the economy with stability but I seriously doubt a regime so closely related to dollars would be the first to be stepping away in any significant way.
I'd like to think no FIAT will take over from Dollar not to the extent we have it now. This should be the peak of reliance on political debt monetized promissory notes, the high tide mark of scummy currency that impoverishes the hard working common people. I'd like to think that but I dont know its indicated right now just people hoping saying it has to fall over. Any big change at this point would be like an earthquake in its disruption and a change absent of any smoothness I think.

I know that there are a lot of nations all around the world who gets "investments" in us dollar, for being an ally basically. That is a good thing of course for those nations, all you have to do is not go against the USA, and to be fair most of the time there is really no reason to go against them anyway, why would you want to go against them if there is no real reason?

I would understand why that would be a bad thing if you wanted to go against what they are saying and you can't because of the money, but if there is nothing wrong then acting as if you are an ally works. This is why I think we should consider US dollar to be a way to get all these nations together, if BRICS or whatever can replicate that, it would work for them too.

goldkingcoiner

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Quote from: stompix on April 12, 2024, 09:23:56 AM

Quote from: goldkingcoiner on April 12, 2024, 09:11:36 AM

When is the last time anyone outside of the US saw a 'made in USA' product? And I would rather have China quality over US quality.

Yeah right!
Reminded me when Iran buried their top general killed in a US strike after parading his coffin in a Chevy Silverado and his daughter was taking pictures with an Iphone!
All the way chatting death to America!

The Chevy Silverado which when it had 500k km and a faulty engine was passed down from a rich country to a poor country and then to a poorer country once it was nearing the end? Same thing as with the IPhone. I have seen bums running around with refurbished IPhones in third world countries. Luxury is becoming meaningless, as I see it. Or rather "the newest thing" is only considered a luxury for a short amount of time because it stops being 'new' at some point.

stompix

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Quote from: goldkingcoiner on April 12, 2024, 09:11:36 AM

I don't know, I am no economist. How do you explain that the US only has 31.6% more export than Germany, and around 4 times the population size of Germany?

Pretty simple, internal EU trade, the numbers change radically if you consider the EU as a whole.
I work in logistics, it's pretty normal to have components shipped from Romania or Hungary, assembled in the Czech Republic and then have the machine delivered to France, and not a surprise to have pieces shipped from Germany to Poland and then the full machine then imported back in Germany.
Since the EEU is completely different than anything in this world when it comes to trade you would have to consider the entire EU and only outside of EU trade.

The total trade of the EU is bigger than China and the US combined, but only external trade is just 2.5 billion!

Quote from: goldkingcoiner on April 12, 2024, 09:11:36 AM

When is the last time anyone outside of the US saw a 'made in USA' product? And I would rather have China quality over US quality.

Yeah right!
Reminded me when Iran buried their top general killed in a US strike after parading his coffin in a Chevy Silverado and his daughter was taking pictures with an Iphone!
All the way chatting death to America!

goldkingcoiner

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Quote from: stompix on April 12, 2024, 08:14:57 AM

how do you explain this:
https://en.wikipedia.org/wiki/List_of_countries_by_exports

China 3,715,827
United States 3,011,859

Everything is produced in China, the US produces nothing but somehow by god knows what miracle China's total exports are barely 33% higher than the US, with 1.4 billion people compared to 300 million!

I don't know, I am no economist. How do you explain that the US only has 31.6% more export than Germany, but around 4 times the population size? Thats roughly (~4.23x) about as much as the ratio of China's population to US population.

When is the last time anyone outside of the US saw a 'made in USA' product? And I would rather have China quality over US quality.

WillyAp

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Quote from: Abiky on April 12, 2024, 08:14:59 AM

There are theories as to which will be the USD's replacement in the future. I'd be surprised if it happens to be Bitcoin, especially when people are losing faith on central banks and the government. El Salvador already declared BTC as legal tender, while Argentina's president Javier Milei proposed to shut down the central bank and use Bitcoin. Is this a sign that Fiat currencies like the USD and EUR will die soon?

Election promises rarely translate into reality, has he done it so far?
San Salvador uses Bitcoin alongside with their local currency plus the $ I think.

Abiky

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Quote from: STT on February 16, 2024, 06:43:39 PM

Egypt receives billions a year in funding via the dollar, I know they do price fixing and generally struggle to balance the economy with stability but I seriously doubt a regime so closely related to dollars would be the first to be stepping away in any significant way.
I'd like to think no FIAT will take over from Dollar not to the extent we have it now. This should be the peak of reliance on political debt monetized promissory notes, the high tide mark of scummy currency that impoverishes the hard working common people. I'd like to think that but I dont know its indicated right now just people hoping saying it has to fall over. Any big change at this point would be like an earthquake in its disruption and a change absent of any smoothness I think.

Exactly. It's going to take ages before the world completely abandons the USD. Despite signs that the currency is weakening, other currencies are faring worse. Not even BRICS has been able to create an alternative currency that would compete against the US Dollar. The "de-dollarization" process doesn't happen overnight. Slowly but surely, the USD will lose traction until another currency takes its place as the world's reserve currency.

There are theories as to which will be the USD's replacement in the future. I'd be surprised if it happens to be Bitcoin, especially when people are losing faith on central banks and the government. El Salvador already declared BTC as legal tender, while Argentina's president Javier Milei proposed to shut down the central bank and use Bitcoin. Is this a sign that Fiat currencies like the USD and EUR will die soon?

stompix

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You should read what the US can do with the $:

https://www.economist.com/finance-and-economics/2024/04/10/would-america-dare-to-bring-down-a-chinese-bank

They don't even need to do a thing, with the real estate crashing China will get itself in trouble, the US just needs time and patience.
Look at everybody here screaming how the dollar is dead, now if you ask them the price of one bitcoin in uran, ruble, rial, rupee...they would not know a thing!

Quote from: goldkingcoiner on February 14, 2024, 04:33:36 PM

They produce nothing, export nothing and use military might to enforce, unjustly, the hegemony they have over the worlds economy.

The US produces nothing....lol!
They all just print money and that's it, funny how do you explain this:
https://en.wikipedia.org/wiki/List_of_countries_by_exports

China 3,715,827
United States 3,011,859

Everything is produced in China, the US produces nothing but somehow by god knows what miracle China's total exports are barely 33% higher than the US, with 1.4 billion people compared to 300 million!

Quote from: slapper on February 14, 2024, 09:01:42 AM

Your take on economic leverage and embargoes? Right on. Power dynamics change. How and when the dollar's supremacy will decline is the question. The U.S. must adjust as countries diversify away from the dollar.

Yeah lol, they diversify...

So Brics currencies are 2% and G7 are 88%!
Welcome diversification!

Quote from: WillyAp on April 12, 2024, 06:44:13 AM

You should read what the US can do with the $:

https://www.economist.com/finance-and-economics/2024/04/10/would-america-dare-to-bring-down-a-chinese-bank

WillyAp

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You should read what the US can do with the $:

https://www.economist.com/finance-and-economics/2024/04/10/would-america-dare-to-bring-down-a-chinese-bank
To get past the paywall use https://archive.is/

The article narrates the power of sanctions in the finance sector, the very sector where countries get hurt.
Then there is something called: vorauseilender Gehorsam, loosely translated to boot-liking.

STT

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Egypt receives billions a year in funding via the dollar, I know they do price fixing and generally struggle to balance the economy with stability but I seriously doubt a regime so closely related to dollars would be the first to be stepping away in any significant way.
I'd like to think no FIAT will take over from Dollar not to the extent we have it now. This should be the peak of reliance on political debt monetized promissory notes, the high tide mark of scummy currency that impoverishes the hard working common people. I'd like to think that but I dont know its indicated right now just people hoping saying it has to fall over. Any big change at this point would be like an earthquake in its disruption and a change absent of any smoothness I think.

Abiky

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Quote from: goldkingcoiner on February 14, 2024, 04:33:36 PM

The world has already become tired of the US dollar.

It is a tool that the US uses to siphon money from other countries economies. And that is really one of the only things keeping the US afloat. They produce nothing, export nothing and use military might to enforce, unjustly, the hegemony they have over the worlds economy. Remember what happens when some country tries to break free of the dollar and replace it with a gold-back currency? The US military invades and makes sure that that does not happen.

The answer is not a BRICs currency nor cryptocurrencies (as in altcoins) but rather Bitcoin itself is the only thing that can save the world.

Bitcoin needs to be the only world currency. No one country can have control over or abuse it.

Bitcoin is the ideal replacement of Fiat. But so far, the world hasn't moved away from banks. As long as these corrupt financial institutions exist, don't expect BTC to go anywhere soon.

Like it or not, the USD will eventually lose its luster as the reserve currency of the world. Which Fiat currency will take its place in the future, is an excellent question. I wouldn't worry about this as long as the global economy goes back to normal. Maybe BTC will get to live alongside Fiat for generations? Grin

Antotena

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

The Egypt has announced to have abandoned dollar for international trade and I think this is a good move after what I have learn from my country Nigeria. There is a big disadvantages of using dollar to settle trade in many African countries and I think Egypt are tired of the manipulation that has been going on particularly how it makes the economy to dollarize, it makes your own currency to be useless because people see dollar as superior currency over the traditional currency and if this happens to be in demand, there is high risk of the country getting into hyperinflation in the future.

I don't know why I see BRICS so similar to ECOWAS( economy community of west African states), it has been on existence for long but some countries has pulled out, like the Mali, Niger and Burkina Faso has pulled out after coup of military, they feel their leaders are not doing anything positive despite been their, a time will come when others will complain of not been favour by BRICS and will pull out one day.

DrBeer

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Quote from: shield132 on February 14, 2024, 05:13:35 AM

Quote from: STT on February 11, 2024, 06:43:35 PM

Vietnam for example can undercut China production cost apparently, though cost is only one factor. China has a falling working population which naturally forces up costs, India has great growth for some time in the future but the ability to harness that potential is an open question still. Its never straightforward.

Vietnam can undercut China's production cost but Vietnam doesn't have as much experience in production as China has. Besides costs, we have to consider that factories are already built in China which is another investment and will Vietnamese workers be able to work as fast as Chinese workers do? Companies will have to invest money to improve the skills of Vietnamese workers. China has an advantage over other countries that will be hard to take from them.

Quote from: DrBeer on February 14, 2024, 04:41:13 AM

One simple question - why would normal countries move away from a stable and secured dollar that is guaranteed to be accepted by the whole world for payment ?

Because they don't want to be under the influence of America. It's a huge mechanism of control. Tell me a single reason why dollar, a paper is better than gold standard?

1. Plants, from the point of view of investments have already paid for themselves long ago, so their "loss" will not bring losses, and to be more precise - it will not require maintenance and amortization costs of these facilities, so the cost of building new enterprises in Vietnam will be commensurate with the cost of maintenance of obsolete ones in China.
2. Vietnamese workers are no different from Chinese workers - if they want to work, they work. The only nuance is that in the past Vietnam invested more in the development of the light industry sector, but in recent decades - began to invest in the production of technological goods.
3. So far you only speak in "slogans", but you have not explained the very essence of dependence and examples. Dependence is when you can't do anything and have to use one solution. In a sense, it is "systemic drug addiction" when the body cannot live without a drug and has to do everything to get it. Question - give an example of such dependence of economies or financial systems, countries, which in your opinion want to get away from "dependence" ?

goldkingcoiner

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Just like that, BRICS now controls almost 28% of a global economy that's worth over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

The world has already become tired of the US dollar.

It is a tool that the US uses to siphon money from other countries economies. And that is really one of the only things keeping the US afloat. They produce nothing, export nothing and use military might to enforce, unjustly, the hegemony they have over the worlds economy. Remember what happens when some country tries to break free of the dollar and replace it with a gold-back currency? The US military invades and makes sure that that does not happen.

The answer is not a BRICs currency nor cryptocurrencies (as in altcoins) but rather Bitcoin itself is the only thing that can save the world.

Bitcoin needs to be the only world currency. No one country can have control over or abuse it.

DrBeer

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Quote from: shield132 on February 14, 2024, 05:13:35 AM

Quote from: STT on February 11, 2024, 06:43:35 PM

Vietnam for example can undercut China production cost apparently, though cost is only one factor. China has a falling working population which naturally forces up costs, India has great growth for some time in the future but the ability to harness that potential is an open question still. Its never straightforward.

Vietnam can undercut China's production cost but Vietnam doesn't have as much experience in production as China has. Besides costs, we have to consider that factories are already built in China which is another investment and will Vietnamese workers be able to work as fast as Chinese workers do? Companies will have to invest money to improve the skills of Vietnamese workers. China has an advantage over other countries that will be hard to take from them.

Quote from: DrBeer on February 14, 2024, 04:41:13 AM

One simple question - why would normal countries move away from a stable and secured dollar that is guaranteed to be accepted by the whole world for payment ?

Because they don't want to be under the influence of America. It's a huge mechanism of control. Tell me a single reason why dollar, a paper is better than gold standard?

Wonderful answer, thank you so much for it ! In a way I was waiting for it

One question and one clarification then:
1. Can you give arguments in favor of your assumption about "they don't want to be under the influence of America" ?
How do you think the EU's dependence on the US manifests itself, when settling on the world market in dollars and Euros ? Let me make it clear - the Euro is a freely convertible currency, not pegged to the dollar

2. About paper and gold - I absolutely agree with you. But one question - how in the modern world to make sure that countries have declared gold reserves? China and Russia, for example, constantly declare that they buy it in huge quantities, but ... all information on gold reserves (and other key indicators) is CLOSED. In China for 15 years, in Russia for the last 2 years they have classified most of the figures.... How will you confirm the "gold standard" if it's all gold only on paper ? Very interesting to hear the conceptual model of auditing gold reserves, at least in the above countries !

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