According to the latest published data, China and Japan dumped U.S. Treasuries the most in August. Then, South Africa took the helm thanks to the massive discovery in the Witwatersrand Basin, now regarded today as one of the worlds greatest ever goldfields. There was no legal process there was no nothing. In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500). In essence, its crazy over here. These countries and territories include Lebanon, Hong Kong, Saudi Arabia, Grenada, and Aruba. 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. This has nothing to do with a global conspiracy to dump the dollar. Stopping for the dubious promises of the Chinese state is one of . China . [51], In March 2020, the first Iran-EU INSTEX transaction was concluded. What will occur is that the U.S. economy will be revitalized from within. The above infographic uses data from Our World in Data to visualize global gold production by country from 1820 to 2022, showing how gold mining has evolved to become increasingly global over time. [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. With modern mining techniques making large-scale production possible, global gold production has grown exponentially since the 1800s. SWIFT", "Russia's central bank governor touts Moscow alternative to SWIFT transfer system as protection from US sanctions", "Exclusive: Russian oil firm seeks dollar alternative amid U.S. sanctions threat - traders", " SWIFT | Bigasia.ru", ": ", " , ", "Zim's dollar returns, a decade after it became worthless", "Zimbabwe heading back to US dollar transactions", "Dollar o'clock: Should Zimbabwe axe its faltering currency again? ASEAN Briefing noted that Indonesia, Malaysia, Singapore, the Philippines, and Thailand agreed on this in November 2022. So what is the when? Now, de-dollarisation is the process of reducing dependency on the dollar and effectively weakening US global position. You should read the book by Brad Rigden, Bad Money. The top 20 currencies in use today are the US Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Canadian Dollar, Australian Dollar, Swiss Franc, New Zealand Dollar. Permanently fixed at a 2:1 ratio, you'll get two Barbadian dollars for every one U.S. dollar. But what is important is the distributed ledger that will enable CBDCs to be audited by the public. Russia and India agreed to use the Asia-focused Dubai oil price benchmark in their bilateral trade. 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] The dollars strength is a headache for Asian nations including Malaysia, which is a net importer of food items. Yes Mr. McCormick *cues evil laugh* Mwhahahahahaha! [46][47] Since the end of 2019, the EU countries established INSTEX, a European special-purpose vehicle (SPV) to facilitate non-USD and non-SWIFT[48][49] transactions with Iran to avoid breaking U.S. Thats the problem with America today! The NDB, commonly known as the BRICS Bank, was created by the bloc of Brazil, Russia, India, China, and South Africa as an alternative to the US-dominated World Bank. And with the US Federal Reserve constantly raising interest rates, the dollar has become so strong that it is hurting the currencies of other countries, making imports more expensive. The core collective consists of Brazil, Russia, India, China . This means that contracts for commodities like crude oil and natural gas are almost always priced in dollars. . [31] Apart from this there had been discussion to use Mir Payments system for payments. Both countries, which are perceived as anti-US, are trading in their local currency with one another. [13][14] Foreign Minister Wang Yi stated that Chinese-Arab relations experienced a "historic improvement. Thats how easy your folks had it in the past. 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. It's happening: Brazil and Argentina are making plans for a Latin American currency, to boost regional trade and reduce reliance on the US dollar, the Financial Times reported, Lula (a co-founder of the BRICS) had pledged this while running for presidenthttps://t.co/IAiwfeLz2z, Ben Norton (@BenjaminNorton) January 22, 2023. Save my name, email, and website in this browser for the next time I comment. The move comes as Moscow and Beijing call for de-dollarisation in the face of Western sanctions FP Explainers April 04, 2023 13:35:58 IST Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August. 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. [9], In 2015, China launched CIPS, a payment system which offers clearing and settlement services for its participants in cross-border Renminbi payments and trade as an alternative to SWIFT. Process of substituting US dollar as the currency for various uses. Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology, Bitcoin Ethereum Trading The only thing that stands in the way of the world's final rejection of the dollar is the wavering trust that Saudi Arabia and OPEC have with the U.S. in assuring oil transactions remain denominated in dollars under the 1970's Petrodollar agreement. [70], On March 17, 2022, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, announced that the Bank of Russia and the People's Bank of China are working on connecting the Russian and Chinese financial messaging systems. like star treck where humans work for the betterment of science and evolution, nature etc. "[15], In April 2022, four European gas companies made trade payment settlements in rubles. 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. It has been reported that in the first quarter of 2020 the share of the dollar in the bilateral trade between China and Russia fell below 50 percent for the first time. ", "The rise and fall of the dollar (or when did the dollar replace sterling as the leading reserve currency? The dollar collapse is a deliberate plan to force the starving masses into a digital dollar control grid. I just wish people had common sense and could figure this s**t out! The when is what is the sure sign that this fraudulent sham that we call an economy is over? Buy Book. As our Chart of the Week shows, any changes to the US dollars status are likely to emerge in the long run. Copyright 2023. Sur combines the currency of Argentinas peso and Brazils real. 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. It is important that our national currencies are increasingly used in bilateral trade, Putin said. Updated Date: [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. In 1944, the Bretton Woods Agreement established the dollar as the worlds reserve currency. Also, China just announced that it will stop purchasing our debt (holding dollars in reserve). At $3.2trn it dwarfs Japan, which comes in second place with $1.3trn. Great article! The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion. 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! 23 countries (60% of the world's GDP) are setting up swap lines which bypass the dollar and SWIFT, which is the dollar-based worldwide financial transaction system. 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. Because Russia was able to neuter sanctions, the Deep State had to resort to sabotage of the Nordstream 2 pipeline. The original Bretton Woods Agreement is dead, but the dollar remains the international reserve currency. But even as countries move away from the dollar, the US currency isnt going away any time soon. The yuan usage in its cross-border transactions had jumped ahead of the dollar for the first time in March. 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. China is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Anwar Ibrahim, amid the worlds growing impatience with the King Dollars dominance https://t.co/oXnuqomt9n. This is because Kenyas dollar reserves are running low. 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. [7], According to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey the share of reserves held in U.S. dollars by central banks fell from 71 percent in 1999 to 59 percent in 2021. Futuremash We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries markets. The commodities-to-equities ratio recently hit a 50-year low. Uh oh, someone is failing to realize the fact that in the past the immigrants pretty much just had to show up at the border, not be Chinese or sick, thats it. During the 1970s and early 1980s, for example, rising oil prices led to a significant decline in stock prices as higher energy costs hurt corporate profits. 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. They believe that the dollar has long given Washington a disproportionate amount of influence over other economies and they would like to put a stop to it. But its not just Russia and China that are steering clear of the dollar. [75][76] In an interview with former Finance Minister Tendai Biti, he pointed out that dedollarisation has failed dismally. [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. As per a Reuters report, Buenos Aires said that it aims to pay $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan. John McCormick you are truly an idiot. USA will not be an exception of that I have no doubt.. $32 trillion in dept. Image used for representational purposes/Freepik. China, the emerging and competing empire, has already started the process of dumping the American dollar in a careful and coordinated fashion. 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. As the recent International Monetary Fund report stated that the dollar still plays an outsized role in global markets despite the US economy representing a shrinking share of global output over the last two decades. Also see: The World is Splitting Into Two Blocs, Each with Its Own Reserve Currency The country entered the war only in 1917 and emerged far stronger than its European counterparts. The US constitution still allow foreigners capable of supporting themselves can come and build their life. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars. Mean Girls meets de-dollarisation pic.twitter.com/wI554dhiFb. China And Brazil Ditch US Dollar In Trade Deal Before BRICS Summit", "Beijing creates its own global financial architecture as a tool for strategic rivalry", "European powers launch mechanism for trade with Iran", "INSTEX, A New Channel To Bypass U.S. Sanctions And Trade With Iran", "Europe Circumvents U.S. Sanctions On Iran", ": INSTEX ", "INSTEX successfully concludes first transaction", "European countries to send medical aid to Iran in first INSTEX transaction", "Europe dissolves Iran trade system that never took off", "An Indian rupee-ruble trade arrangement with Russia may be ready in a week", "Russia And Iran Experiment With Stripping Dollars From Their Bilateral Trade", "Iran, Russia take major step for de-dollarizing mutual trade", "UPDATE 1-Iran-Russia trade in domestic currencies -Iran envoy", "Explained: How the Indian rupee is going global and drawing interest from more nations - Times of India", "Russia and Iran are working on a gold-backed cryptocurrency to take on the dominant dollar, report says", "Russia And Iran Eye Up Trade Using Cryptocurrencies To Avoid Dollars And Sanctions", "Brazil and Argentina to discuss common currency", "Argentina and Brazil propose a bizarre common currency", "Brazil and Argentina to start preparations for a common currency", "Drubbing the Dollar: China and Brazil ditch dollar, strike deal to settle trade in yuan, real", "Russia to cut share of U.S. dollar in National Wealth Fund, mulls other currencies", " . The decision to abandon the Europe-dominated Brent benchmark is part of a shift of Russias oil sales towards Asia, it wrote. Industry Announcements, ABOUT US | EDITORIAL POLICY | PRIVACY POLICY Now it loves ICC for targeting Putin, The U.S. is spending millions on Havana Syndrome research but its not clear if it exists, World becoming more multipolar, Western hegemony declining, admits European Central Bank, Sanctions undermine hegemony of dollar, US Treasury admits, BRICS Bank de-dollarizing, promises 30% of loans in local currencies, new chief Dilma Rousseff says, US bank bailout benefited billionaires, exposing corruption: I understand why Americans are angry.