Read news from the past six months and youâll find the sourcesâŚBRICS, ASEAN, PRC, Iran and Russia.
They are starting to trade oil etc in other currencies and not USD!
USD domination of the last seven decades is now being challenged! I donât think itâll tank but its value will depreciate globally due to lack of demand.
The greenback is here to stay for some time still, a good mix of the usual suspects (usd, jpy, eur, still some gbp) and the international trade keeps moving. Other currencies are either too instable or cohercitive to sustain international trade
I think most of us are aware of the BRICS attempts to create a new reserve currency to challenge the hegemony of the petrodollar. To create as many have written a multi polar world, not to replace the US dollar but provide alternative(s).
Saudi Arabia seems onboard and many other countries have been showing interest. Some recent notable developments include Brazil showing a willingness to trade in Chinese Yuan.
Ultimately we will have to wait and see, Iâd lean much more towards @Mataiou prediction the US dollar isnât going anywhere anytime soon, Tucker Carlson did a piece on the same topic which was more like gloom and doom, Youtube will have the piece from a few days ago, âthis will lead to poverty all over the USâ.
Wait, what? You mean this whole exchange is pointless because all I have to do is Google things? I guess @GooseEgg has been wasting his money maintaining a forum when we can all google things?
What is your argument? Youâre making a statement, what have you seen? What argument are you trying to make? Why should I be convinced?
This just occured to me but if Saudi Arabia and Brazil start trading in Yuan etc⌠seems like the USD might appreciate as those countries will have fewer USD to trade with.
Those countries trading in other currencies wonât have as many dollars and trade for commodities etc from other traders who might not accept anything other than the USD.
So many debtors owing USD means they have to keep trading in USD.
As autocracies are trying to unleash usd shackles from their economies, the creation of a new currency for trade will weaken usd as less countries will need to buy usd reducing demand on the dollar and flooding market with usd and depreciating its value.