list of countries dumping the us dollar

Chinese President Xi Jinping visited Moscow, national currencies are increasingly used in bilateral trade, Beijings attempts to undermine the US dollar, Latin America to develop a new currency for regional trade, struggle between neoliberalism and socialism, Malaysia to continue depending on the dollar. Well look at South Africa after Mr. Mandela.. all respect to this great man. Period. The American Institute of Economic Research said this strategy is not foolproof. All those dollars in foreign accounts will come home, which will annihilate our monetary system. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The EU sanctioned Russia and boycotted its oil, yet is still buying it indirectly from India, at a higher price. (file pic) pic.twitter.com/7J9KYipvmB, People's Daily, China (@PDChina) March 29, 2023. A Bloomberg report dated on 26 April stated that Chinas slow move away from the dollar had reached a milestone. Reuters cited Rosnefts chief executive Igor Sechin, [who] said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil. The dollar collapse is a deliberate plan to force the starving masses into a digital dollar control grid. Also forecasts where this axis is headed and the implications for the monetary system and world order. The king of currency, the dollar, is on shaky ground. one more ignorannt fromw est who cant understand that the shifintg of wealth was already eneterd in the mid of operation and now the shift of geopolitical ballance is inteh makeingall started in 2008 with GFCand it contiune with us bailing put teh corporations and the printing of money like ios no tomorow.How do you want to keep the dominance in the workd when the money u printed have no backing of some comodities..BUT the most idiotic thing that bring us in this moment is the over use of sanctions to the US oponents and to the countrys that do not bent to US willwhy we should suport ignorants like you to live a life in a stile of grandor that is payed by the rest of the worlswhy should my country pay for US debt???? [3], After the establishment of the Bretton Woods system, the US dollar is used as the medium for international trade. Although the practice of gold mining has been around for thousands of years, its estimated that roughly 86% of all above-ground gold was extracted in the last 200 years. But, my ? And thats just for starters. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council. [22], In March 23, 2022, Putin signed an order forbidding "non-friendly" countries (including EU countries, United States and Japan) from buying Russian gas in any other currency besides the Russian ruble in the wake of sanctions given in aftermath of 2022 Russian invasion of Ukraine[23], In January 2023, Finance Minister of Saudi Arabia Mohammed Al-Jadaan stated that it is open to trade in other currencies besides the US dollar, and this expression is considered to be the first time in 48 years. [36], Russia had been planning to buy more yuan in the foreign exchange market in 2023 for trade settlements. [41][42] In 2011, Japan made an agreement with China to trade in national currencies. According to the news website ASEAN Briefing, at the top of their agenda were discussions to reduce dependence on the US Dollar, Euro, Yen, and British Pound from financial transactions and move to settlements in local currencies. However, there have been significant fluctuations in the interim, which can explain about 80 percent of the short-term (quarterly) variance in the US dollars share of global reserves since 1999. The United States Department of the Treasury exercises considerable oversight over the SWIFT financial transfers network,[4] and consequently has a huge sway on the global financial transactions systems, with the ability to impose sanctions on foreign entities and individuals. It shows that the share of US dollar assets in central bank reserves dropped by 12 percentage pointsfrom 71 to 59 percentsince the euro was launched in 1999 (top panel), although with notable fluctuations in between (blue line). Save my name, email, and website in this browser for the next time I comment. French media outlet RFI described the trade as a major step in Beijings attempts to undermine the US dollar as universal petrodollar for gas and oil trade. Changes in the relative values of different government securities can also have an impact, although this effect would tend to be smaller since major currency bond yields usually move together. The bottom panel shows that the value of the US dollar against major currencies (black line) has remained broadly unchanged over the past two decades. [38], Before 1991, Soviet Union and India traded in rupee-ruble exchange during Cold War. ASEAN Briefing noted that Indonesia, Malaysia, Singapore, the Philippines, and Thailand agreed on this in November 2022. Mrs. Dilma Rousseff, the NDB newly elected President, has started her first day in office in the NDB Headquarters in Shanghai, China. The chair of the Financial Times editorial board and US editor-at-large, Gillian Tett, wrote that US banking turmoil, inflation and looming debt ceiling battle is making dollar-based assets less attractive. [33] In August 2016, after inflation surged to a 6-year high, the Kazakhstan central bank governor stated that it is a necessity to kickstart dedollarisation. [68] The system had been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system. Read all the Latest News, Trending News, Cricket News, Bollywood News, [44], In March 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan[45] The same year, Australia made an agreement with China to trade in national currencies. There are several countries that have been calling for reducing reliance on US dollar for decades. The country entered the war only in 1917 and emerged far stronger than its European counterparts. As word spread, thousands of migrants flocked to California in search of gold, and by 1855, miners had extracted around $2 billion worth of gold. The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. just let me know when the world plans all this thermo-nuclear stuff that way me and my dogs can hop on the closest flight outta here. // interesting times ahead.. Why did you try sneaking into any country and see how that works out for you ! The media outlet added that Indonesias central bank plans on creating a local payment system as well. A few countries, such as Russia, have already announced their intention to do so. China's first yuan-settled liquefied natural gas (LNG) trade was completed on Tuesday through the Shanghai Petroleum and Natural Gas Exchange, with about 65,000 tonnes of LNG imported from the UAE changing hands in the trade. But its not just Russia and China that are steering clear of the dollar. It is important that our national currencies are increasingly used in bilateral trade, Putin said. The SWIFT system a abolished in favour of another better system perhaps the Quantum Financial system is our new world. The relationship, however, is not always straightforward and can be affected by various other factors, such as global economic growth, supply and demand, inflation, and other market events. While technically the U.S. dollar could collapse, it's backing from the largest economy in the world and its status as the global reserve currency, makes that highly unlikely. [69] Lukoil, a state-owned company, had announced that it will find a replacement for the dollar. [10], In March 2022, multiple reports claimed that Saudi Arabia was in talks with China about trading Saudi oil and gas to China in Chinese yuan instead of dollars. A week after Xi Jinping visited Russia, China announced that it used yuan to buy liquefied natural gas (LNG) from the UAE. Once the supply has adequately grown to meet demand, the cycle enters a downswing. [56][57][58] In December 2022, Sri Lanka and Mauritius started using the rupee for international trade. But as the world has seen recently, even the Saudi kingdom is hedging towards a new global system, and has publicly stated that their ties to the U.S. are open for re-negotiation. [26][27], In May 2022, Egyptian Minister of Finance Mohamed Maait announced the intention to issue bonds in yuan to raise capital as an mechanism to diversify the sources of finance. The acronym BRICS stands for the countries of Brazil, Russia, India, China and South Africa. In the past, when this ratio reached such levels, commodity supercycles began. Blockchain Regulators [16][17], In 24 November 2022, Vice President Mahamudu Bawumia stated that they are working to buy Oil in Gold and he added "The barter of gold for oil represents a major structural change. IMFBlog is a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day. [24][25], In August 2018, Venezuela declared that it would price its oil in euros, yuan, rubles, and other currencies. After Brazil agreed to trade with China in the local currency, Argentina, on Wednesday, too agreed to the same. H.E. Anwar proposed the Asian Monetary Fund at theBoao Forum in Chinas Hainan province. President Nixon ceased the direct convertibility of U.S. dollars to gold in 1971. It noted that China is Brazils biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade. The Central Bank of Iraq (CBI) is purchasing large amounts of gold to back the Iraqi dinar currency. That day has finally arrived as on Nov. 18, a former head trader for a major financial institution issued a harbinger and stated that 23 countries, and 60% of the world's GDP, are right now setting up new swap lines which bypass the dollar, SWIFT, and the BIS, and will usher in a new global currency system which will kill the dollar. The United States became, almost overnight, the leading financial power after World War I. THE DEFRAUDNG OF ECONOMIC GLOBAL MONETARY MARKETS IN DISGUISE OF TERROR IN 1991? BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010. ", "Biti Rubbishes De-dollarization ZimEye", "Biti Dissects New Law On The Use Of Foreign Currency In Zim [Full Thread] Pindula News", "Zimbabwe to introduce gold coins as local currency tumbles", "Zimbabwe to mint gold coins to tackle rising prices", "Explained: Why Has Zimbabwe Introduced Gold Coins As Legal Tender", "Zimbabwe launches gold coins to stem inflation", "Zimbabwe debuts gold coins as legal tender to stem inflation", Regional Comprehensive Economic Partnership, South Asian Association for Regional Cooperation, Customs Union of Belarus, Kazakhstan, and Russia, Cooperation Council for the Arab States of the Gulf, Economic and Monetary Community of Central Africa, https://en.wikipedia.org/w/index.php?title=Dedollarisation&oldid=1152377094, Wikipedia articles in need of updating from August 2022, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 29 April 2023, at 21:44. There is no reason for Malaysia to continue depending on the dollar, Anwar said, in comments reported by Bloomberg. Prime Minister Anwar Ibrahim met with Chinas Xi Jinping on 31 March and its reported that the two discussed plans to create an Asian Monetary Fund and weaken the US dollar hegemony. [8], Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan,[9] and in March 2018, China started buying oil in gold-backed yuan. and if big brother is dismantled and the same policy is installed people will still come and build the country back with in one decade. Depending on the. The South American country announced that it would pay for Chinese imports in yuan rather than dollars, in a measure to save the countrys dwindling dollar reserves. Countries Moving Away From Dealings With The US Dollar. Kenya asked to do so because the African nations dollar reserves are running low, as it pays for more expensive imports. Whoa, that's a . Ripple and XRP Altcoins This scenario has been engineered for a deliberate collapse of the dollar fiat currency and an attempted forcing of everyone into a digital dollar system run by the banksters. There was a large supply of dollars around the world, making it difficult to back dollars with gold. North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. PS. April 28, 2023 12:10:40 IST, Dollars share of global reserves has declined by 11 per cent since 2016 on this adjusted basis, a report by Eurizon SLJ Asset Management said, Businesses in Bangladesh have welcomed the decision to settle trade with India in INR and taka as they think that the arrangement will reduce pressure on forex reserves and promote trade, Brazil has not joined Western nations in imposing sanctions on Russia and has refused requests to supply ammunition to Ukraine. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ). The best thing that can and should be done to the U.S. is to vaporize it with thermo-nuclear devices!!! Just a week after Xis trip to Moscow, China announced that it had for the first time used yuan to buy liquefied natural gas (LNG) from the UAE. Other foreign holders. Russia and Iran are also working together to launch a cryptocurrency backed by gold, according to Russian news agency Vedmosti. Earlier in the month, Brazil president Luiz Inacio Lula da Silva also took aim at the dollar. Although the blockchain teck has some intriguing facets, I dont think it is anywhere near the class of trust levels that Gold has had for centuries. See: Two Weeks that Shook the Dollar (posted multiple times and in at least a dozen LinkedIn groups). This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system. CBDCs running on one public blockchain are needed. In general, commodity prices and equity valuations tend to have a low to negative correlation, making it rare to see the two moving in tandem in the same direction for any long period of time. Read More, Currency Composition of Official Foreign Exchange Reserves, Low Real Interest Rates Support Asset Prices, But Risks Are Rising, From the History Books: The Rethinking of the International Monetary System, Dominant Currencies and the Limits of Exchange Rate Flexibility. Thank YOU, Ben Norton for sharing these significant changes taking place. Bitcoin, just another TULIP PHENOMENON thats going to last no longer than the flower it now represents, The T U L I P!!! Idiots on the left want open borders! The Russian leader added, We support using Chinese yuan in transactions between the Russian Federation and its partners in Asia, Africa and Latin America. Boy, if thats done John McCormick, this comment is beyond reproach!!! We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. Tajikistan, Cuba, Luxembourg and Sudan have also shown interest to use this mechanism. In recent months, Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America. Your email address will not be published. FP Explainers April 28, 2023 11:34:39 IST. The US dollar is the most widely used currency around the world. Firstpost - All Rights Reserved. Hording precious metal inflates their prices and produces shortages and waste where these metal should only be applied for industrial use. Exactly you dont know because you fail to understand once one nuke is launched the rest of the world would follow suit and in the end 6-7 billion people are dead, and the ones who survive will likely die from radiation poisoning, and starvation. [40], It made agreements with Australia, Russia, Japan, Brazil, and Iran to trade in national currencies. This ended both the gold standard and the limit on the amount of currency that could be printed. [62][63][64] The same month, Brazil and China entered into a preliminary agreement to trade in national currencies instead of US dollar. China and Russia are leading the pack in the de-dollarisation drive. The decision to abandon the Europe-dominated Brent benchmark is part of a shift of Russias oil sales towards Asia, it wrote. When this decision is triggered, the dollar and all dollar-denominated assets will plunge to near-ZERO literally overnight. That day has arrived. 162 70 comments Add a Comment All over the world economies that have not totally shot themselves in the foot by gambling in the Anglo-American casino are now moving to set up various currency exchanges by passing the dollar. The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. ", "The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency? Historically, new world reserve currencies are backed by gold. By 2007, China was the worlds largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries. [5], Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. [50] On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX. It covered an import of medical equipment to combat the COVID-19 outbreak in Iran. In fact, China contributes to the dollar's status by having more of it than any other country in its unmatched, multitrillion dollar foreign reserves and its unclear that Beijing even sought to. Before we delve into de-dollarisation, one has to understand how the dollar became the acknowledged currency for international trade. This has a value of 1.5 billion dollars. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russias financial sector from the US, EU, and their allies over the conflict in Ukraine. One of the worlds leading newspapers, the Financial Times, acknowledged in an article in March that these historic developments are part of a transition to a multipolar currency world. NOW it the time to buy! destruction of the current system has to come first, Mick. . This has prompted more interest rate hikes around the world, as central bankers try to increase the value of their own currencies. Protect your wealth my friends. "Explained: What Is Dedollarisation & Why Are Countries Dumping The US Dollar? Have also cross-posted all of this material on Twitter under @nyinvesting. By the late 1960s, European and Japanese exports became more competitive with U.S. exports. Sur combines the currency of Argentinas peso and Brazils real. It is followed by the Euro as well as the British Pound which are also used globally. Save my name, email, and website in this browser for the next time I comment. No offense but I have to call you in idiot because I called them as I see them. Rogue Money via Steve Quayle Q Alerts. Around 31% of the worlds gold production in 2022 came from three countriesChina, Russia, and Australia, with each producing over 300 tonnes of the precious metal. [59], In January 2023, Russia and Iran were planning to trade with gold backed cryptocurrencies as an alternative to US dollar. [6], The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. You know not all the people of America agree with Americas government officials and what they do, so you want to kill us all, the land and animals? The list of the 23 countries which are creating new swap lines outside of the dollar include China, Russia, India, and surprisingly, Germany, France, and the United Kingdom. Last but not the least de-dollarisation could result in increased volatility in currency exchange rates, particularly during the initial phases of transition. Mineral Production Value by State in 2022. Alexander Babakov, the deputy chairman of the State Duma, was then quoted as saying that the BRICS nations are in the process of creating a new medium for payments established on a strategy that does not defend the dollar or euro. if any person go to other country they should take care of themselves. Alternatives to US dollar dominance can be found if one searches far enough a bitcoin standard for nation-states for example. RT discussed with analysts how realistic the prospect of countries ditching the dollar is. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. Open the border s , let all African people come to SA , as Africa is for all Africans. We should work together. In addition, central banks (especially Russias and Chinas) have bought gold at the fastest pace since 1967 as countries move to diversify their reserves away from the dollar. In March 23, 2022, Putin signed an order forbidding "non-friendly" countries (including EU countries, United States and Japan) from buying Russian gas in any other currency besides the Russian ruble in the wake of sanctions given in aftermath of 2022 Russian invasion of Ukraine [23] Saudi Arabia [ edit] .More Countries Repatriating their Gold and Ditching The Dollar Survival Economist: 3-6-2022 Hungary's Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony. Even US ally India is hedging its bets on de-dollarization. Nuke the United States. Who decided the dollar would be the (world's) currency?. Also see: The World is Splitting Into Two Blocs, Each with Its Own Reserve Currency When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries bilateral trade is already conducted in the rouble and renminbi. China's holdings of US sovereign debt dropped to $1.165 trillion in August, from $1.171 trillion in July, marking the third consecutive month of declines as the world's second-largest economy bolsters its national currency amid trade tensions with the US. When Chinese President Xi Jinping visited Moscow in March, his Russian counterpart Vladimir Putin revealed that two-thirds of the countries bilateral trade is already conducted in the ruble and renminbi. In fact, hording these metals are counterproductive. In 1944, the Bretton Woods Agreement established the dollar as the worlds reserve currency. According to the same data, the system will be put into operation within a week. The commodities-to-equities ratio recently hit a 50-year low. [21], In November 2022, Russian Deputy Prime Minister Alexander Novak confirmed that all gas supplied to China via Siberia are settled in rubles and yuan. Permanently fixed at a 2:1 ratio, you'll get two Barbadian dollars for every one U.S. dollar. Required fields are marked *. Schectman, who has three decades of experience in the precious metals sector, said that the BRICS (Brazil, Russia, India, China, and South Africa) coalition could lead the charge to develop their own reserve currency which would compete against the U.S. dollar. The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. Folks the biggest sign is when those that trade in the dollar to acquire goods, no longer want the worthless paper because of US bully policies or they have totally lost faith in the US as a responsible steward of its currency and economy. This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system. A wheel barrow of money for a loaf of breadsame thing happened in Germany after ww2 . Several countries on the African continent are advocating de-dollarization as well. Just two days before China and Brazil revealed their deal to trade in local currencies, the South American giants former President Dilma Rousseff officially assumed her new role as chief of the New Development Bank (NDB) in Shanghai. It doesnt need to be backed by gold or silver. The finance ministers and governors of the central banks of the member states of the Association of Southeast Asian Nations (ASEAN) met in Indonesia on March 28. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. In a conference in Singapore in January, multiple former Southeast Asian officials, The UAE and India are in talks to use rupees to, For the first time in 48 years, Saudi Arabia said that the oil-rich nation is. Speaking during his visit to China, the veteran leader said, Why should every country have to be tied to the dollar for trade? Industry Announcements, ABOUT US | EDITORIAL POLICY | PRIVACY POLICY Indonesian President Joko Widodo has urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems. Economic statecraft is a roundabout way of saying economic warfare. The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board. Most of commentory ignored that it is not the US Dollar they want to drop but also other Major Currency considered to be Strong & Safe, Your email address will not be published. The U.S. Dollar wont go away. Get a grip you are an idiot. In light of the recent developments Iran is the most pressured nation to drop the dollar with Tehran having partially adjusted trade without the US currency, Alexandre Kateb, president of Competence Finance SAS, told RT. You should read the book by Brad Rigden, Bad Money. Drugs from Nigeria . In March, Kenya signed an agreement with state-owned companies in Saudi Arabia and the UAE to buy oil on credit, using the countrys local currency, the shilling. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result, the value of the dollar began to decline.

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