The future of the Dollar as the World Reserve Currency is bleak
The Dollar has been called the "Cleanest Dirty Shirt in the Laundry" with respect to other Currencies but the BRICS nations are adding countries and gaining strength in their quest to displace the Dollar and replace it with a currency that they can use to trade between themselves. The weaponizaton of the SWIFT system by the US during the Ukraine war may be the straw that breaks the camel's back. Most countries don't like the fact that the Dollar has been weaponized and that they can be cut off from World Trade if they dispease the US Govt. The attached Video expains the history of the Dollar's rise to world hegemony and it's recent fall from grace.
Link: https://www.youtube.com/results?search_query=why+are+central+banks+around+the+world+hoarding+gold
Replies to: The future of the Dollar as the World Reserve Currency is bleak
Another month must have passed. It’s another “the dollar is doomed” post.
I long for the good old days in the mid 2000s when it was the Euro that was going to replace it.
We’ve heard that for 30+ years
What’s going to take its place? The Euro? Not now.
The Yuan? Please.
Crypto? Sure.
Watch the video..... you may learn something.
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Dedollarization happened only after 2008 financial crisis. Dedollarization doesn't mean
replacing dollar with another currency as the world reserve currency. It just means to end dollar hegemony. The world will have multiple reserve currencies with dollar likely still being the most popular one comparing to others. But the currencies backed with gold or other strong commodities will be reliable choices too.
GOLD...Fiat currencies are fading. I used to be a currency trader. Yen, Swiss Francs, Deutsche Marks
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That SWIFT decision to exclude the world largest energy exporter from dollar zone is the most
Stupid mistake that we will regret one day. To be accurate SWIFT still allowed oil and gas transactions at that time. Russia came up with "Ruble for oil" following SWIFT decision, telling the western: oh you wanna suicide. Ok, let me help you to end your life of hegemony.
Absolutely correct, most countries don't want the US to be able to freeze their dollar assets
..............most are working hard to make bilateral agreements to circumvent the US Dollar and SWIFT
Yes, Dollar denominated transactions have decreased Worldwide and this trend increasing rapidly
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Rapidly!
The overuse of adjectives and adverbs is the bane of my existence.
Especially when they are objectively false.
Yep...and Saudi Arabia signing a deal with Russia to eliminate the petrodollar is gonna' bite us.
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Well China, Russia, India, Venezuela among others want out of the US controlled Petrodollar system.
They want to sell oil in other currencies or gold. This may take 20 years to accomplish, if you ask me.
I believe the US government will become sufficiently desperate and implement the destructive measures that governments throughout the world and throughout history have all taken (overt capital controls, wealth confiscations, people controls, price and wage controls, pension nationalizations, etc.)
We don't have any ally among big energy countries after losing Saudi. Our ally Europe is shrinking
in term of world GDP percentage.
Yep and China is run by a military regime that wants to dominate the world.
They will create a Petroyuan and the Saudis will accept it.