The Central Bank of Iraq (CBI) is purchasing large amounts of gold to back the Iraqi dinar currency. [34][35], In June 2021, Russia stated it will eliminate the dollar from its National Wealth Fund to reduce vulnerability to Western sanctions just two weeks before Russia's president Vladimir Putin held his first summit meeting with U.S. leader Joe Biden. In turn, US dollar exchange rates can be influenced by several factors, including diverging economic paths between the United States and other economies, differences in monetary and fiscal policies, as well as foreign exchange sales and purchases by central banks. When is also the question that I get asked about quite often by thousands of people. 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. I DO agree with you that were in for interesting times ahead. 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. Saudi Arabia, one of the biggest exporters of crude is also mulling trade with China in yuan. 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 . The US constitution still allow foreigners capable of supporting themselves can come and build their life. In recent months, Brazil and Argentina have discussed the creation of a common currency for the two largest economies in South America. In this past one year, there's a growing trend of countries sidestepping the US . Well look at South Africa after Mr. Mandela.. all respect to this great man. Where are Clean Energy Technologies Manufactured? [69] Lukoil, a state-owned company, had announced that it will find a replacement for the dollar. Currently, central banks still hold about 60% of their foreign exchange reserves in dollars. 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. At $3.2trn it dwarfs Japan, which comes in second place with $1.3trn. Mapped: U.S. Boy, if thats done John McCormick, this comment is beyond reproach!!! The thoughts that are put into the minds of men that are aware of what is occurring on trading floors all over the world is when? [66], Russian Federation accelerated the process of dedollarisation in 2014 as a result of worsening relations with the West. [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. Last but not the least de-dollarisation could result in increased volatility in currency exchange rates, particularly during the initial phases of transition. Once the supply has adequately grown to meet demand, the cycle enters a downswing. According to the latest published data, China and Japan dumped U.S. Treasuries the most in August. If China dumped all of its holdings at once, America would likely enter a new financial crisis. Indonesian President Joko Widodo has urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems. Exchange rate fluctuations could impact trade, investment, and capital flows, particularly for countries with less developed financial markets or limited policy tools to manage exchange rate volatility. But its not just Russia and China that are steering clear of the dollar. destruction of the current system has to come first, Mick. Too many leftist idealist that really have a failed clue on just about everything OMG! China . Money Market Funds/Accounts. 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. H.E. 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. The SWIFT system a abolished in favour of another better system perhaps the Quantum Financial system is our new world. This ended both the gold standard and the limit on the amount of currency that could be printed. In fact, in 2011, Japan and China agreed to dump the dollar and trade with their respective currencies. China and Russia are leading the pack in the de-dollarisation drive. 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. 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). But they are failing to recognize the fact that in the past the immigrants went through the legal process and like today where they just crossed into our country illegally! That day has arrived. [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. Thank YOU, Ben Norton for sharing these significant changes taking place. This will force The Federal Reserve to print even more dollars than the $85 billion it's currently printing. Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August. GLOBAL ECONOMIC WARFARE INCOGNITO!! This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system. Protect your wealth my friends. So what is the when? IT WAS NOT EASY DOING ALL THE RESEARCH TO GET THE GLOBAL MO IES FOR PEACE WHICH WERE IGNORED BY POTUS CLINTON/BUSH/OBAMA/BUSH JR AND TRUMP /PELOSI/ KENNEDYS AND EVEYONE IN THE WORLD AND US GOVERNMENT WHICH WOULD HACE STOPPED THE LATEST CHINA GLOBAL MONETARY ATTACK IN DISGUSE OF A PANDEMIC- MURDER IN DISGUISE AS THE ROCK-N-ROLL PROPHET LEMMY KILMISTER OF MOTORHEAD FORETOLD IN HIS SONG: LOVE ME LIKE A REPTILE !! Process of substituting US dollar as the currency for various uses. They named enough. 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. Why did you try sneaking into Canada and see how that works out for you? For mining companies, higher gold prices can mean more profits per ounce if costs remain unaffected. It is followed by the Euro as well as the British Pound which are also used globally. I love the one where people say America was built on immigration! Dollar fast losing dominance as global reserve currency as rupee, yuan rise, De-dollarisation: Bangladesh dumps US currency, becomes 19th country to trade with India in rupees, Brazil 'parroting Russian and Chinese propaganda' on Ukraine, says White House, Argentina dumps US dollar for Chinese yuan: How nations are jumping on the de-dollarisation bandwagon. Another Southeast Asian nation, Malaysia, is publicly advocating de-dollarization. RT discussed with analysts how realistic the prospect of countries ditching the dollar is. 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. Emerging economies with big dollar-denominated debt balances have been hit particularly hard by the strengthening . In addition, many countries and territories peg the value of their own local currency to that of the US dollar, exchanging it either 1:1 or at a different, but fixed exchange rate. 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. A commodity supercycle occurs when prices of commodities rise above their long-term averages for long periods of time, even decades. Save my name, email, and website in this browser for the next time I comment. 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! Moreover, it doesnt seem to be a longterm viable option. Thats the problem with America today! [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. [77][78], In 2022, Zimbabwe introduced a new form of currency made by gold, the Mosi-oa-Tunya, to reduce inflation since the local currency had considerably weakened. Required fields are marked *. The U.S. Dollar wont go away. But there is something more sinister behind the move seen in U.S. bonds in September. Moving away from an established currency like dollar will impact a countrys networking effect and create substantial barriers. The core collective consists of Brazil, Russia, India, China . Most people just want to make a living and take care of their families in all countries! [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. For several years, financial analysts, primarily those outside the mainstream of academia, have been warning that any day could be the black swan event that collapses the dollar, and ends U.S. hegemony as caretaker of the world's reserve currency. LOOK; DID YOU MISS IT? 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. Indias very own Kumar Vivek, deputy commissioner at the ministry of finance, also said that there are challenges to overcome to move away from the dollar. Even countries in the African continent are dedollarising. Interestingly, two smaller gold producers on the list, Uzbekistan and Indonesia, host the second and third-largest gold mining operations in the world, respectively. In essence, its crazy over here. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council. Now, de-dollarisation is the process of reducing dependency on the dollar and effectively weakening US global position. 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. Other countries too are dumping the dollar now. There are several countries that have been calling for reducing reliance on US dollar for decades. As the Financial Times acknowledged in a March report that these were historic developments and part of a transition to a multipolar currency world.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. [50] On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX. Beijing and Brazil have also dropped the dollar in bilateral trade. 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). Would love to compare notes. It is important that our national currencies are increasingly used in bilateral trade, Putin said. What am I thinking? Countries worldwide are dropping the US dollar: De-dollarization in China, Russia, Brazil, ASEAN The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. The infographic above uses data from Incrementum AG and Crescat Capital LLC to show the relationship between commodities and U.S. equities over the last five decades. like star treck where humans work for the betterment of science and evolution, nature etc. It has also been reported that the BRICS collective (Brazil, Russia, India, China and South Africa) is working on a creating a new currency to facilitate trade. Frances Macron opposes US cold war on China, wants independent Europe but is it just rhetoric? The International Monetary Fund (IMF) has stated that Iraq has added 36 tons of gold bullion to its reserves. The dollar then gained a greater role in 1944, when 44 countries signed the Bretton Woods Agreement, creating a collective international currency exchange regime pegged to the U.S. dollar which was, in turn, pegged to the price of gold. Copyright 2023. With the most recent commodity supercycle peaking in 2011, could the next big one be right around the corner? [39] Mutual trading between India and Russia is done mostly in rubles and rupees instead of dollars and euros. 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", " . "Explained: What Is Dedollarisation & Why Are Countries Dumping The US Dollar? The U.S. dollar has dominated global trade and capital flows over many decades. "According to the RUMOR, Operation Sandman will "put the US Dollar to sleep" by having all 142 countries repudiate the currency on the same day, and refuse to continue accepting it for payment in Trade. USA will not be an exception of that I have no doubt.. $32 trillion in dept. Even US ally India is hedging its bets on de-dollarization. Printing money just like Zambia..it went down. . Prepare for a multipolar currency world https://t.co/gCoN2YjEEY, FT World News (@ftworldnews) March 30, 2023. 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. 23 countries and they named how many .hmm. 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 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. 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. [32], In December 2015, the Kazakhstan government and national bank announced plans to reduce dollar dependency and strengthen the national currency. 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. [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. Also forecasts where this axis is headed and the implications for the monetary system and world order. [75][76] In an interview with former Finance Minister Tendai Biti, he pointed out that dedollarisation has failed dismally. Some expect that the US dollars share of global reserves will continue to fall as emerging market and developing economy central banks seek further diversification of the currency composition of their reserves. Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. The book discussed and predicted these events. North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. Barbados. Most crime is from foreigners who came in illegally.. E.g. 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. By 2007, China was the worlds largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries. The upcoming BRICS summit is set for August 22nd in South Africa. The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. The king of currency, the dollar, is on shaky ground. 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. Is there any hope for us at all? 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. Iran, which is sanctioned by the US, is also carrying out trade with Russia and China in the local currency. YEAH BABY- MURDER IN DISGUISE IS THEIR COMIE NAME OF THEIR SICKO GAME!! . Ripple and XRP Altcoins The US dollar's decades-old dominance as a reserve currency, medium of exchange or a unit of account has received a major challenge as more and more developing countries are calling for de . Global gold production has grown exponentially since the 1800s, with 86% of all above-ground gold mined in the last 200 years. 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. Hording precious metal inflates their prices and produces shortages and waste where these metal should only be applied for industrial use. 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. [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.
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list of countries dumping the us dollar