DeDollarization

ThoughtStorms Wiki

A combination of rising self-awareness and will to independence among the BRICS countries, is accelerating the move away from using the dollar for their international payments.

The process was also boosted by attempts by the West to sanction Russia after the RussianInvasionOfUkraine2022 including cutting Russia off from SWIFT (https://en.wikipedia.org/wiki/SWIFT_ban_against_Russian_banks)

https://english.almayadeen.net/news/economics/de-dollarization:-slowly-but-surely

2023-08-25 : Don't believe the hype: https://www.noahpinion.blog/p/unpaywalled-two-posts-about-de-dollarization

2023-06-14 : https://www.zerohedge.com/geopolitical/great-dollar-paradox

China’s de-dollarization strategy can basically be summed up as follows: creating trade payment systems based on the national currencies of trading partners, dumping US treasuries, and breaking the petrodollar system while buying massive amounts of gold.

DilmaRousseff is now head of BRICS bank. And moving towards 30% of loans in non-dollar currencies : https://geopoliticaleconomy.com/2023/04/15/brics-bank-dollar-local-currencies-dilma/

Brazil recently (early 2023) did a deal with China that trade between the two countries can be in Yuan and Reais : https://english.almayadeen.net/news/economics/china-brazil-announce-de-dollarization-of-mutual-trade

Bangladesh pays Russia back in Yuan : https://markets.businessinsider.com/news/currencies/de-dollarization-bangladesh-russia-yuan-china-dollar-dominance-nuclear-loan-2023-4

ThreadView

Countries around the world are joining the de-dollarization rebellion against the hegemonic US currency.

Congress is so concerned, it held a hearing called "Dollar Dominance: Preserving the US Dollar’s Status as the Global Reserve Currency".

I made a video summarizing it: pic.twitter.com/rTsttot8p0
— Ben Norton (@BenjaminNorton) June 20, 2023

Compare:

Backlinks (8 items)