list of countries dumping the us dollar

ASEAN Briefing noted that Indonesia, Malaysia, Singapore, the Philippines, and Thailand agreed on this in November 2022. The greenback has been facing competition for long. She condemned US sanctions and dollar hegemony and called for Latin America to break with the Monroe Doctrine. 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. Brazils leftist President Lula da Silva has called for Latin America to develop a new currency for regional trade, which he calls the Sur. Prices just dropped on gold and silver. The U.S. Dollar may or may not lose some value to the rest of the world currencies but it will still remain in high demand as the U.S. is an autarky and can be 100% self-sufficient. A total of 24 nations are now looking to build a strategic alliance that will challenge the US dollar's decades-long role as the world's reserve currency. You should read the book by Brad Rigden, Bad Money. He said policymakers must be vigilant and take appropriate measures to safeguard financial stability. It is because of the dominance of the dollar, or greenback as it is called, that Washington has been able to freeze half of Russias foreign currency reserves and also ban it banks from the SWIFT payment system in the aftermath of Vladimir Putins invasion of Ukraine in February 2022. LOOK; DID YOU MISS IT? This has prompted more interest rate hikes around the world, as central bankers try to increase the value of their own currencies. If China dumped all of its holdings at once, America would likely enter a new financial crisis. You can look at the modern example: Dubai, Singapore Malta all resource poor but made such modern high GDP developed countries because of the open policy. In this past one year, theres a growing trend of countries sidestepping the US dollar and choosing to use their own local currencies for bilateral trade. Image used for representational purposes/Freepik. The core collective consists of Brazil, Russia, India, China and South Africa and a surge of nations interested in joining the alliance would bring the total number of nations to 24. History is full of sudden currency collapses. [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. 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. Meanwhile, the share of the euro has fluctuated around 20 percent, while the share of other currencies including the Australian dollar, Canadian dollar, and Chinese renminbi climbed to 9 percent in the fourth quarter (green line). The dollar collapse is a deliberate plan to force the starving masses into a digital dollar control grid. [68] The system had been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system. The king of currency, the dollar, is on shaky ground. [24][25], In August 2018, Venezuela declared that it would price its oil in euros, yuan, rubles, and other currencies. Serkan Arslanalp , Chima Simpson-Bell May 5, 2021 The share of US dollar reserves held by central banks fell to 59 percentits lowest level in 25 yearsduring the fourth quarter of 2020, according to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey. De-Dollarization: More Countries Seek Alternatives to the U.S. Dollar The dollar is collapsing TERMS AND CONDITIONS | CONTACT | ADVERTISE, Authenticator Alert Securing Your Crypto. 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. Exchange rate fluctuations can have a major impact on the currency composition of central bank reserve portfolios. Major foreign holders treasury securities U.S. 2023 | Statista More Countries Repatriating Their Gold and Ditching the Dollar A few countries, such as Russia, have already announced their intention to do so. 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. After Brazil agreed to trade with China in the local currency, Argentina, on Wednesday, too agreed to the same. [28][29][30] In September 2022, Chairman of State Administration Council Min Aung Hlaing stated that they are planning to reduce US dollar reliance and to include trade in other Foreign currencies. 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. Indonesian President Joko Widodo has urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems. Concerned about Americas dominance over the global financial system and the countrys ability to weaponize it, other nations have been testing alternatives to reduce the dollars hegemony. Ranked: The Top 10 EV Battery Manufacturers, Visualizing Chinas Dominance in Rare Earth Metals, All the Worlds Metals and Minerals in One Visualization, All the Metals We Mined in One Visualization, How the Worlds Top Gold Mining Stocks Performed in 2020, Peak of supercycle from long-term trend (%), Trough of supercycle from long-term trend (%), Length of cycle from trough-to-trough (years). Protect your wealth my friends. China and Russia in recent times have pushed more aggressively to unseat the dollar. We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. [71] On March 31, 2022, the Economic Times published information that India has offered Russia a new transaction system with the transfer of trade to the ruble and SPFS, which will work through the Reserve Bank of India and Russia's Vnesheconombank. Another Southeast Asian nation, Malaysia, is publicly advocating de-dollarization. One year ago, China, along with the BRICs nations of Brazil, Russia, India and South Africa, loaned money to a new financial institution they established and labeled the BRICs bank. 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. Russia and China's Steps Towards De-Dollarization Concerned about America's dominance over the global financial system and the country's ability to 'weaponize' it, other nations have been testing alternatives to reduce the dollar's hegemony. Rogue Money via Steve Quayle Q Alerts. YES YOU DID BUT; DONT BE JEALOUS YOU YO- YOS OF ALL THE HUGE MONIES I GET FOR WRITING ABOUT THE REAL 911- EVERYONE GETS TO RE-WRITE THEIR 911 BOOKS AGAIN AND MAKE BILLIONS !! Several countries on the African continent are advocating de-dollarization as well. China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade. PS. The ASEAN collective is also trying 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. However, taking a longer view, the fact that the value of the US dollar has been broadly unchanged, while the US dollars share of global reserves has declined, indicates that central banks have indeed been shifting gradually away from the US dollar. This bank was created with the intention of bypassing the dollar, and allowing free trade to occur between nations without the need to trade for dollars first, as is currently the format under the petrodollar system. Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August. Also see: Why is the movement away from the US dollar taking place now? The media outlet added that Malaysias central bank is developing a payment mechanism so the Southeast Asian country can trade with China using its own currency, the ringgit. Idiots on the left want open borders! As our Chart of the Week shows, any changes to the US dollars status are likely to emerge in the long run. Plus the fact that the fellow who first presented it still owns a huge %age of Bitcoin is a major fault. Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology, Bitcoin Ethereum Trading Russian State Duma Deputy Chairman Alexander Babakov says the new form of fiat will likely be backed by other assets including precious metals like gold. A new world monetary system is being set up right now which will completely kill the US dollar, which is the world's reserve currency. Depending on the. While de-dollarisation has picked up pace in recent times, it is not a new trend. As the name suggests, dedollarisation is a term that refers to the process wherein countries tend to reduce their reliance on the US dollar as a reserve currency, medium of exchange, and also a . Cryptocurrencies will be eliminated or made defunct because all but one are illegal securities and all of them are redundant and none of them can scale to the level where they can be used worldwide. I am the originator of the Global Bifurcation theory in geopolitics Have published several articles under my name, Daryl Montgomery, covering this same material several days earlier on LinkedIn. Industry Announcements, ABOUT US | EDITORIAL POLICY | PRIVACY POLICY In South America, Chinas yuan has made greater inroads. Also, China just announced that it will stop purchasing our debt (holding dollars in reserve). Reliable source this story is .when there no author to a story its bs . A number of additional nations, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey and Egypt, have reportedly expressed interest in joining the alliance. Language links are at the top of the page across from the title. 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. The joint statement of Kazakhstan government and national bank stated that their intent is to strengthen their national currency rather than focus on eliminating US dollars. The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. CBDCs running on one public blockchain are needed. A commodity supercycle occurs when prices of commodities rise above their long-term averages for long periods of time, even decades. The new monetary system could mean the debts can be settled in their own countries and could reduce the demand for US dollars by 3 billion a year. The remaining 20 percent of the short-term variance can be explained mainly by active buying and selling decisions of central banks to support their own currencies. [40], It made agreements with Australia, Russia, Japan, Brazil, and Iran to trade in national currencies. Could The U.S. Dollar Collapse? - Forbes The share of US dollar reserves held by central banks fell to 59 percentits lowest level in 25 yearsduring the fourth quarter of 2020, according to the IMFs Currency Composition of Official Foreign Exchange Reserves (COFER) survey. Or depending the period of time, you could also come in invited by the Mexican border into Texas so that later you could ignore the conditions and just uprising to declare independence. I wish these stories had clear dates.. Knowing the story date, dates on any updates, and date the agreements were signed; and the dates the agreements will go into effect by the mentioned countries in the story is important. What started in September of last year, when an agreement between China and Russia ended the dollar's stranglehold over oil and how it was purchased, the past 14 months have seen a momentous rush towards setting up the infrastructure to replace the dollar completely in global transactions. 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???? 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). What It Would Take for the U.S. Dollar to Collapse - Investopedia Other countries too are dumping the dollar now. If the shifts in central bank reserves are large enough, they can affect currency and bond markets. Top 5 countries opting to ditch US dollar & the reasons behind their It noted that China is Brazils biggest trading partner, and in 2022 the two countries did more than $150.5 billion worth of trade. 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. By 2007, China was the worlds largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries. 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. "The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia"https://t.co/dpYheR1mHQ, Ben Norton (@BenjaminNorton) April 4, 2023. [36], Russia had been planning to buy more yuan in the foreign exchange market in 2023 for trade settlements. Drugs from Nigeria . Updated Date: Get a grip you are an idiot. [62][63][64] The same month, Brazil and China entered into a preliminary agreement to trade in national currencies instead of US dollar. Also, the most pertinent question that remain in the de-dollarisation debate is which currency replaces the US dollar. [51], In March 2020, the first Iran-EU INSTEX transaction was concluded. The UAE is selling China its gas in yuan, through a French company. The deal was negotiated between the state-owned China National Offshore Oil Company and the French company TotalEnergies, meaning European firms are now willing to conduct transactions in yuan. It is followed by the Euro as well as the British Pound which are also used globally. FP Explainers April 28, 2023 11:34:39 IST. AMERICAFIRSTBILL.COM- AMERICA FIRST PROJECT- THE REAL 911-AMAZONBOOKS.COM- BY FERNANDO FONTANEZ- TELLS THE REAL 911 STORY OF CHINA ATTACKING THEGLOBALMARKETS EC ONOM IC BLEEDING SINCE 1991 WITH MEDIA SLICK ACTIVITY COVERING UP THE NIXON/KISSINGER -SAUDI DEAL MONIES OF THE SEVENTIES IN FULL OPEARTIONAL INTEGRATION! The U.S. dollar has been the world's major reserve currency for decades, but that status could come under threat as "very . YEAH BABY- MURDER IN DISGUISE IS THEIR COMIE NAME OF THEIR SICKO GAME!! 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. This means that contracts for commodities like crude oil and natural gas are almost always priced in dollars. For mining companies, higher gold prices can mean more profits per ounce if costs remain unaffected. Too many leftist idealist that really have a failed clue on just about everything OMG! Your crime in USA is nothing, here you cant go out after dark, youre putting your life at risk. She noted that the former Goldman Sachs economist who first popularized the term BRICS, Jim ONeill, has stated that the dollar plays far too dominant a role in global finance. What happens to the rest of the world? Youll notice that the U.S. sanctions against Russia was ineffective. On March 30, China and Brazil (the worlds most populous and sixth-most populous countries) announced they had come to an agreement to trade with each other in their local currencies, yuan and reais. [11][12], In December 2022 at China - GCC Summit, President Xi Jinping called for Oil trade payments to be settled at yuan. But its not just Russia and China that are steering clear of the dollar. Allowing anyone to come through? Luft said the U.S. took "unacceptable and unheard of steps" in recent weeks, such as effectively freezing Russia's central bank reserves and disconnecting Russia from the interbank messaging. In a speech that Geopolitical Economy reported on in 2022, Dilma analyzed the US-China conflict as a rivalry of two systems, a struggle between neoliberalism and socialism. Both countries, which are perceived as anti-US, are trading in their local currency with one another. Ranked: The U.S. Banks With the Most Uninsured Deposits, Charted: 30 Years of Central Bank Gold Demand, Charted: Commodities vs Equity Valuations (19702023), 200 Years of Global Gold Production, by Country, Visualizing Global EV Production in 2022, by Brand, Silver vs. Stocks: Comparing Performance During Recessions. [52][53] european countries said on march 2023 they had decided to end a scheme put in place in 2019 to allow trade with Iran and protect companies doing business with it from US sanctions, but it was only a single one transaction traded. With modern mining techniques making large-scale production possible, global gold production has grown exponentially since the 1800s. THE DEFRAUDNG OF ECONOMIC GLOBAL MONETARY MARKETS IN DISGUISE OF TERROR IN 1991? Mrs. Dilma Rousseff, the NDB newly elected President, has started her first day in office in the NDB Headquarters in Shanghai, China. [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. Countries in Southeast Asia are also de-dollarising. That, we think, only time will tell. Countries worldwide are dropping the US dollar: De-dollarization in It doesnt need to be backed by gold or silver. Scams Crypto101 HodlX Even countries in the African continent are dedollarising. As an increasing number of countries move away from the dollar, lets take a better look at what exactly is de-dollarisation, which countries are practising it and is it a viable strategy. In recent months, Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America. Blockchain Regulators BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010. 2.1 An Understudied Issue: De-dollarization through BRICS . A major area of focus for existing scholarship on international monetary relations, currency power, and economic statecraft has been the establishment of the US dollar as the world's dominant currency (both as the most commonly held reserve currency and as the most widely used currency for international settlement), and its . This will eliminate black budgets and quickly expose any corruption to the currency and public spending. "[18][19], In August 2022, Turkey and Russia agreed to use rubles in trade of the natural gas. There's strong motivation to 'de-dollarize,' says expert. There is no reason for Malaysia to continue depending on the dollar, Anwar said, in comments reported by Bloomberg. This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system. Many nations are now seeking financial alternatives, afraid that they could be the next target. Countries Where the US Dollar is the Official Currency US Territory or Foreign Country Relationship with United States Geographic Location Population (2020) Gross Domestic Product (2020) . [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. i think one day we will evolve to the point where value will not be money but something else.. See: Two Weeks that Shook the Dollar (posted multiple times and in at least a dozen LinkedIn groups). If paying with US cash, only bills will be accepted, and you'll always receive change in Bds$. When is also the question that I get asked about quite often by thousands of people. Also forecasts where this axis is headed and the implications for the monetary system and world order. 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. Futuremash Well look at South Africa after Mr. Mandela.. all respect to this great man. We need to worry about pronouns! The king of currency, the dollar, is on shaky ground. Economic statecraft is a roundabout way of saying economic warfare. Meantime, in the US, theres volatility in Banks, The Fed, and many financiers are in turmoil over high interest rates, the collapsing real estate markets, with trillions of $$ removed from stressful banks, and seeking for safe places, ie. Moving away from an established currency like dollar will impact a countrys networking effect and create substantial barriers. This will force The Federal Reserve to print even more dollars than the $85 billion it's currently printing. . Since the invasion in 2022, the ruble-yuan trade has increased eighty-fold. The U.S. Dollar wont go away. However, many nations are looking for alternatives to the greenback to reduce their dependence on the United States. 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. Thank YOU, Ben Norton for sharing these significant changes taking place. Have also cross-posted all of this material on Twitter under @nyinvesting. [41][42] In 2011, Japan made an agreement with China to trade in national currencies. The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. . Now, de-dollarisation is the process of reducing dependency on the dollar and effectively weakening US global position. [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. Anwar proposed the Asian Monetary Fund at theBoao Forum in Chinas Hainan province. pic.twitter.com/JOLblXhhzQ, New Development Bank (@NDB_int) March 28, 2023. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. Which countries are dumping the dollar and why? - RT document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ). North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. What Is De-Dollarisation? Countries' Plan To Dump Dollar Explained - NDTV Most crime is from foreigners who came in illegally.. E.g. No offense but I have to call you in idiot because I called them as I see them. The report quoted the chairman of the Shanghai Petroleum and Natural Gas Exchange, Guo Xu, who said the deal encouraged multi-currency pricing, settlement and cross-border payment. But, my ? The footprint of the U.S. will be reduced around the world but at home the U.S. will roar economically because there wont be any other choice. This is what the critics of CBDC really fears the most. Mineral Production Value by State in 2022. This ended both the gold standard and the limit on the amount of currency that could be printed.

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