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
I long for the good old days in the mid 2000s when it was the Euro that was going to replace it.
What’s going to take its place? The Euro? Not now.
The Yuan? Please.
Crypto? Sure.
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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.
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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.
..............most are working hard to make bilateral agreements to circumvent the US Dollar and SWIFT
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The overuse of adjectives and adverbs is the bane of my existence.
Especially when they are objectively false.
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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.)
in term of world GDP percentage.
They will create a Petroyuan and the Saudis will accept it.