Talk of de-dollarization is in the air. Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia’s State Duma, said that Russia is now spearheading the development of a new currency. It is to be used for cross-border trade by the BRICS nations: Brazil, Russia, India, China, and South Africa. Weeks later, in Beijing, Brazil’s president, Luiz Inàcio Lula da Silva, chimed in. “Every night,” he said, he asks himself “why all countries have to base their trade on the dollar.”
These developments complicate the narrative that the dollar’s reign is stable because it is the one-eyed money in a land of blind individual competitors like the euro, yen, and yuan. As one economist put it, “Europe is a museum, Japan is a nursing home, and China is a jail.” He’s not wrong. But a BRICS-issued currency would be different. It’d be like a new union of up-and-coming discontents who, on the scale of GDP, now collectively outweigh not only the reigning hegemon, the United States, but the entire G-7 weight class put together.
Foreign governments wanting to liberate themselves from reliance on the U.S. dollar are anything but new. Murmurs in foreign capitals about a desire to dethrone the dollar have been making headlines since the 1960s. But the talk has yet to turn into results. By one measure, the dollar is now used in 84.3 percent of cross-border trade—compared to just 4.5 percent for the Chinese yuan. And the Kremlin’s habitual use of lies as an instrument of statecraft offers grounds for skepticism about anything Russia says. On a litany of practical questions, like how much the other BRICS nations are on board with Babakov’s proposal, for now, answers remain unclear.
It’s propaganda being propagated by the CCP. Some of these shills are on the CCP payroll. Have you noticed all this de-dollarization talk started on youtube and filtered into the mainstream media.with that said I’m not saying de-dollarization not something that can’t happen. Unlikely for it to happen is slim to none in the short term. But the threat of crypto and other currencies baskets may decrease dollar as the primary reserve currency of world some. Is the dollar going to disappear? No, USA has one of the largest and more important economies in the world along with our political stability people will trade in dollars not Chinese yuan or Russian rubles etc or some concocted new BRIC’s currency Here’s a youtube video explaining this. , This guy speaks fluent Mandarin and lived in China for like 10 years or more and wife is Chinese. CCP is very clever they use our free society and assess to it to push their propaganda agenda to try to destroy America ( as they are responsible for the vast majority of fentanyl that comes into this country via Mexico, and the President of Mexico complaining to the CCP the U.S is putting pressure on Mexico about this drug trafficking and holding Mexico accountable, I digress) where they will never allow America or any other to do the same in their country. Truly devious…
lol, how many times has the ruble plunged? The greenback is the most stable currency, because we have all those aircraft carriers. Hey Saudi, you want to trade in brics? We’ll pull out of the gulf and let Iran invade you.
All this BS about de-dollarization is being pushed by anti-American and really anti-Western forces (i.e., China and Russia) and RW American nutcases who are in love with Crypto.
A lot of techno-doofuses got deep into Crypto, so much so that they are sitting on huge piles of worthless assets that in many cases have been used as collateral. Stupid investment banks and other Wall Street funds gave out money based on Crypto, and don’t want to be left holding the bag. Since they saw that they U.S. government is unwilling to backstop all bad decisions by management, they are trying to blackmail the U.S. government into doing it by threatening to dethrone the dollar.
If I were POTUS, I would have these hucksters investigated and if evidence presents itself, indicted. Its a shame when you have large swaths of our country that hate their fellow Americans so much that they now hate their country too.
The idea that a bunch of countries with wildly varying governments in vastly different parts of the world will unite under a common currency because some analyst put them together in an acronym 20 years ago is ludicrous.
What I am reading on LinkedIn and other websites, the Right has seemed to latch on to Crypto as some sort of “pseudo gold standard”. It all stems from this idea that the U.S. government is going to default, the dollar will become worthless, and that the only way to ensure that you maintain security and freedom is to have other options besides the U.S. “fiat” currency.
Don’t ask me to get into the mind of a RWer as to why they believe this, but I know that it is out there.
John Oliver lololol. OK this explains a lot about dems on this board. Yes, they are trying to replace the petrodollar. What libs don’t understand is that is how we have become a rich and powerful country. You can thank democrats and the climate cultist for this.