How does Europe view de-dollarization?
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- เผยแพร่เมื่อ 2 พ.ค. 2023
- For decades the dollar has been by far the most dominant currency in global trade. Having control over the world’s currency of choice has been a huge advantage for America. And that’s an understatement. But is the world now going through a long predicted process of de-dollarisation?
Guests:
Wolfgang Munchau
Director of Eurointelligence.
Kaia Parv
Chief Investment officer at Credilinq.Ai
Ralph Schollhammer,
Assistant Professor at Webster University and Hilltower Resource Advisors
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A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
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Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
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BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.
It's interesting to learn more about the discussions and proposals around BRICS nations and their potential use of gold. There are several reasons why people may choose to buy gold, including its historical use as a store of value and means of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities. Additionally, gold can offer diversification benefits to investment portfolios, as it tends to have a low correlation with other asset classes like stocks and bonds. However, it's important to note that investing in gold carries risks and may not be suitable for evervone. and investors should carefully consider their investment objectives, risk tolerance, and financial situation before making any decisions.
Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with "Colleen Janie Towe", a financial consultant regulated by the SEC, and started small, but eventually accumulated almost $820K.
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Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
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For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio
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People are missing the point. It's not about having an alternative, it's about not using the USD. Countries around the world are realizing that they can trade with each other using their own currency rather than the USD.
Follow the oil trail. US managed to suppressed Saddam Iraq when he raised the idea of trading oil in Euros, Gaddafi when he raised the idea of trading oil in gold dinar, who is US going to suppress this time when many other countries are warming up to the ideas of trading in their own currencies with BRICS countries supporting that idea. The day US used Swift to sanction Rusia is when most country said enuf is enuf. The day Saudi starts trading oil in Yuan or BRICS currency is end of US dollar world dominance make no mistake about it.
You are missing the point, they go back to bart and tender products, without money, we all gonna be poorer and more miserable 😢
@@rogerdiogo6893 just as there's poor minorities in amerikkka dying on the streets while asking themselves, "but where's this weaponised fiat vapor printed from thinair anyways which I'm denied access to".🤷🏿♂️
@@rogerdiogo6893 if by ''we'' you mean americans... then yes... YOU all gonna be poorer and more miserable 😆😄😅
. BRICS-Gold is the downfall of the US-dollar, Euro and 5-Eyes currency.
How can u call America a transparent government? That is entirely untrue
Entirely true.
That said the USA's dirty laundry is a bit more out in the open than say...name a communist country.
100% correct
Agree
You obviously have puke for brains.
😂😂😂 they’re delusional
Believe in Western media this is no alternative? Smart people don't see western Media
And the notion that there is a viable alternative is self serving view. Not in another 20 years.
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China went from having no auto industry to becoming the largest auto manufacturer AND exporter in less than. 10 years, a process took Japan and S korea more than 40 years. The thing about China is things can happen very very fast
True!!!!!!!!!!!!!
Lol we built car factories with Chinese contractors, you just copy what we already do loosers
It is the domestic market that is hugh. My country could not match the scale of economy and find it cheaper to buy certain parts from them rather than produce it.
Quality wise depends on what price one is willing and able to pay. 70% of EU price will get you parts that is just as good as you can get from EU
I believe today it might be cheaper given the cost of energy EU is forced to buy.
So is with China's aging process😂
Maybe it has older population than Africa and India, but China still has a younger population than most European countries, America and Japan, no?
De-dollarising will come faster than expected.
Dedollarisation is not just accelerated organically but it is an absolute necessity for many countries to remain sovereignty , not just China in my opinion. What we have now is a superpower in decline, USA is going great length to secure its position by weaponisation its everything. First, its ideology. Then its military. Its economic/trades, and finally its dollar. What other countries have done is just the reaction, a derisking measures to safeguard their economies really.
🏆 Bingo.
China will sink before USA. They are both in decline, only difference is China has no friends among advanced economies. And their demographics is collapsing much faster (like Japan and SK) I support more alternatives to USD but see none yet
@Jonas there are no friends in political Arena. Just allies. let's not forget that China does not rise alone. They are just powerful enough to openly challenge the establishments and emboldened others to speak up. Since 92, the world has only one voice, the American narrative. The world has only one superpower, the American. EU is just tagged along, really. It s true that China has plenty of its own problems, but their problems are not exclusive. At this point, it is coming down to who can manage these challenges better. China may not reach the level of American power decade past, but they don't have to. America has been doing enough self-harm to help along. It would be interesting to see how everything goes
China always does win win business. that means everybody with brain like to be friends of China other than American.
@@aksbeixhev nice joke buhahahahahahahaha😂🤣
Real problem is denial of the existence of the crisis.
US is more worried about balloons these days.
@@johnsmith-cw3wo and sending $Trillions to Ukraine, while its own people are suffering.
There isn't a crisis, moonbat.
@@Rina-wv4ek Sending trillions of dollars to Ukraine? Whatever you are smoking, I'll take some of that.
The problem with the dollar is the unlimited amount of printing
imagine one fine day when all the US dollar dumped by other countries started finding its way back to the US shore...when countries around the world starts the de-dollarization exercise where will all these papers go?
@@kokovin6808 back to USA... and you will see a bread cost 10$
Something has to change. They're strangling the world.
It will worth no more than toilet papers
@@antsarafenomanjato7509 it will worth the real power of US economy... like EURO
I keep hearing there are "no viable alternatives" but this is essentially a Euro-centric view. A voice from the global south would really help this panel.
They still believe Europe is a garden 🤣
They're in a state of denial. Dedolarization is not just an option, it's a must after what happened to Russia. As for alternatives, they're judging from a western perspective what is a viable alternative. Assuming all other currencies are not suitable, we can still use gold! Good luck Europe! Please take all USD from the rest of the world since you love it so much! If it's not enough, the US can print more. easily!
@@jerrynaga5917 true a garden tgat is getting harder to maintain due to rising cost
you can be arrested within 5 minute if you were theft or do something illigal in Shenzhen. when you come visit this city, China know your bio...their smart city system is really scary
You are right. See my comment above. Iam from Africa, part of the South.
The missing link in this debate is The Return of the Gold Standard. The Dollar was initially pegged to the gold standard. The Euro as a Union Currency has never been pegged to the gold standard. The BRICS union Currency seeks to be pegged to the gold standard as well as precious minerals. China does not seek to have the Yuan as a reserve currency.
Spot on!
Yea that won't happen Abraham because as soon as a you go on the gold standard the countries around you will artificially lower their fiat currency and rob you blind. LOL hahahahahahahaha 🤣 That why no one use the "gold standard" any more.
China is an export oriented country, a strong yuan is not to it's advantages. China is not seeking to replace the USD with yuan, but to remove USD as the reserve currency and replace it with something neutral. Without the reserve currency status, US will not have unlimited wealth. Without wealth, US military will withered like dried leaves.
@@cheewee1979 Also withoutht wealth, the US, China's largest trading partner, wont be buying China's cheep stuff anymore....
To remove the dollar from the top reserve currency position is what the China wanted. Just like most country in the world. Be able to trade with own money and i think the BRI will do that.
This needed a commentator from the global South where countries are really seeking to move away from the imperialist dollar system, any alternative is welcomed.
Sonkopheeee🙌🏽🙌🏽🙌🏽, owasendlini yakwethu wena. We need an alternative from the Dollar, what surprises me is the level of denial from the west of the dollar dethroning. Bafo as much as I love change, do u think this is the best move?
@@godcandidate9065 we will makes sure the dollar is only relevant in usa
Good luck loon.
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. BRICS-Gold is the downfall of the US-dollar, Euro and 5-Eyes currency.
Are they real economists? And why the focus is again China? It is not only China dumping Dollar but also Japan, Germany, France, Isreal ... Firstly no major countries except US itself like the Dollar dominance and their dependency on the disastrous US fiscal politics, secondly people are losing their trust in dollars slowly due to many reasons (sanctions, bad economy, bankruptcy, debt limit... ) . This doesn't mean that anyone would use yuan or ruble instead of dollar, but a responsible government will diversify their reserve more to mitigate risks.
Totally agreed. It s an political incentive as much as an economical one to dedollarise.
Even Americans are moving to gold. Look at Utah, Wyoming, Nevada, New Hampshire and soon Texas.
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yes, transportation, e-commerce among other sectors are expected to experience growth, but who knows, the market has been a basket of surprises.
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Some expert Americans still try to find an errors in De- Dollarization to stay positive...while De-dollarization already happening....however is great to stay positive...I thank you...
Notice how desperately the media and Powell will try to gaslight americans into persecuting and believing these nations decentralizing are "enemies." Meanwhile the De-dollarization will be the greatest move of checks & balances in terms of our government being forced to operate ethically and responsibly. The rest of the world has been defrauded much worse than the tax payers.
and one of the reasons is the stability of the US dollars after American printing as much as they want. what a joke. lol
Those countries leaving a dollar without a long term plan are the once that will crumble their economies.
This panel of "economists" only talked around in circles. I didn't learn a thing, but thank you for whatever you were trying to discuss.
There is no way you can harm so many people , by sanctions, confiscating their assets ,exclusion from international trade, generally destroying their economies and exporting inflation and expect things to remain the same. Humans have a capacity to find solutions to pressing problems, and the Dollar has become a pressing problem for most of the world in one way or the other. Sooner rather than later the dollar has to give way to a bunch of currencies , gold or a combination of these things.
True ! I am also buying gold and ditching my dollars.
The bald gentleman has a lot of confidence in the dollar. 10 years later let us see what is the state of play.
The reasons that there is no alternative is deceiptive
They keep pushing that narrative because they are scared.
It's propaganda lies, the dollar enslaves the world
President Gaddafi had the idea of gold-backed currency called the Dinar where Arab and African countries would use. Ironically, he was killed. The same concept is now practiced by powerful countries and its going to change dynamics. Gold-backed currencies are bound to success unlike Fiat.
With the inflation and interest rate hikes in USA, the dollar is bound to fall soon.
well said
True , china , India and Russia - are into it. And they militarily very powerful on their own. Only the US naval power is too great in comparison though
I still find this discussion grossly underestimate the power of the intrinsic attribute value of money.
What sense will it make if your country is being sanctioned to smouldering just because you want to use a certain currency? People also have their national pride and would deviate from a dollar being weaponised unfairly against their own countries.
We don't replace the USD with the RMB. We replace the USD with other peer-to-peer currencies in international trade. It can be the RMB, the Indian rupee and any other currency. Dedollarization has nothing to do with the Chinese monetary and forex policy.
It all started in petro dollar and ends with petrodollar, got it?
this guys are huffing so much COPIUM is hilarious.
China / ASEAN nations can create their own bloc currencies with gold/silver, resources. The idea that everyone will go to the USD for safe haven is delusional.
The thing is countries will have alternatives to the dollar. This means that the dollar value will go down.
correct
N then start growing in value again after the new alternatives prove infective and not protected from money laundering schemes. They will run back to the dollar.
@@rockychannel9193 The dollar is just printed money that is why everyone is running from it.
@@rockychannel9193 money laundering schemes = Dollar
@@rockychannel9193 in your dreams... the game is over... no matter how much COPIUM are you huffing.
the entire house of cards called American Economy will crumble once the money printing machine will become useless.
America prints money carelessly 😂😂 we all have to be clueless to keep accepting that paper.
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You’re right but a lot of people remain poor due to ignorance
No wonder asian moving faster than europe since we are already dumped usd and europe just started playing catch up .
I am afraid those two on video link had no clue why developing countries wanted to shift away from US dollar. Particularly the guy seems to be living under a stone and had no idea about China, yet he kept making baseless assumptions.
Ralph is strong rep of people who are living in oblivion or stuck their head in the sand. Dollar is worthless paper against a gold based international currency. Till that time buy gold and keep gold.
This is a very biased discussion... Waste of my valuable time!!
this guys are huffing so much COPIUM is hilarious.
Mr. Ralph is trying to convey the (true) idea that ordinary people always prefer the dollar, which is a "strong currency" or rather, "it seems" since it is current that in reality the dollar is not worth the paper where it is printed! To forget that the heads of the governments of Brazil, India, South Africa and mainly Saudi Arabia, (Petrodollars) are not ordinary people, and have the power to decide in which currencies the big businesses that these
world powers are made, and some time ago they decided to make them in currencies other than dollars. And he also argues that the idea of de-dollarization is old, and is already 30 years old. That is also true, but he`s forgetting that at that time neither Russia, nor China, nor Brazil, nor South Africa, nor Saudi Arabia, nor India, were replacing the dollar as an international
reserve currency, as they are doing now. And he says that nobody trusts Russia, but unlike the dollar, the ruble is backed by gold. The dollar has no real support. And it will no longer have a chance to have any support, hence the inevitable debacle.And this makes me think that in reality the destruction of the dollar and the (real) bankruptcy of the US is closer than I thought!
totally agree with you
@@alanssshh No matter how effective rhetoric is, it can never erase facts. It can distort them, but it can never make them disappear.
How does Europe view becoming poorer??
Gotta ask Zimbabwe for that
Xi Jinping Belt and Road Initiative BRI is Dead? And BRICS try using the CCP currency, to De-Dollarization US dollar?
Possible, impossible is still the question. But reality is the US dollar continues dominate currency, and financials of the worldwide markets today .
war.
Why must the west worry about country not using US dollars in their trade. Why must country pay using US dollars, when you can trade your prefer currentcy.
You should look into South America. A few of them have switched to the dollar because their currency is massively weaker compared to USA, due to mismanagement, ideology and price fixing.
As a south african i can see how the west got into this situation... Americas arrogance pluse Europes ignorance lead you in this situation
The more I hear this, the more I realise how wrong and how badly they get it wrong about bricks about China investment it’s laughable
As a comment said the Brics currency will be pegged to the gold standard and therefore it will be a secure currency,because the dollar is run on a fiat basis, you cannot keep printing money that is backed by air.
There is no need to look for a direct replacement of the USD. Even if the USD no longer exist, world trade will still have to carry on.
the world did trade before USA even existed.
"Joining me is the director of Euro Intelligence.... " then, Euro Intel Director ," I've been predicting for the past 25 years and i was absolutely wrong" ...... how cool, still has the effin job.
At the moment, the Chinese RMB is not a free trading currency, and RMB based derivatives are very limited. So there is no chance that it will replace the USD even if China is to become the largest trading nation in the world. However, it will be a different story when the US and China decouples completely. By then, the rest of the world will have no option but to rebalance their foreign currency reserves. Simply put, de-dollarization doesn't have to mean replacing the USD with another curreny. It just means don't put all your eggs in one basket which is widely considered sound financial management.
SK : USD can be use as toilet paper . 🤣
In my view dedolarization is a long term process.Since euro has been launched most of European countries has been beginning to reduce the use of US dollar.The BRIC country has been started in early 2000 and now has started to emerge as one of the biggest Economic power.If all government trades between the country can use BRICS currency instead of dollar then some proportion of US dollar Will be reduced.Last for other emerging countries which has trade China they can start using their own currency and Yuan.
Even the Chinese prefer King Dollar over Yuan. Nouf said.
Not just 'some portion 'but more than fifty percent of global trade has already gone away from dollar. Replacing dollar will be a slow process as each country is not willing to give control over its currency. If the Chinese forego their 'rights' in manipulation of the value of their currency Yuan will be best. Anyway before the end of Ukraine war the Brics Plus will, hopefully, come to an agreement.
@@jayakumarkaarikuzhy4713 BRICS will come to nothing agreement. Indian always hopes to play a big role sitting across the table from China but the reality is India is nothing without the west propelling them. I hope they make the right choice by not treating everyone as a fool.
Euro can never be the Reserve Currency the European Union demographics have collapse, they now have to much people over 50's. So they must run a trade "surplus" so the cannot print more money. BRIC's nations to are too poor the don't have the money and China will not become the a Reserve Currency they already said "No" to such things. They are sitting on trillion US dollar cash, they intend to use it.
@@SoYappy Your understanding of international relations is amazing! I am not privy to any decisions of BRICS but I know very well that it's a global cooperation of countries which is of more than 50% of global economy and in geographical area and more than 75% in global population. There are so many reasons to abandon dollar, including their bullying, so-called sanctioning for trivial reasons,etc. Why those countries are increasingly going after gold ( where in the west is gold mined?) to make their reserve by reducing the dependence on dollar? When did the west 'propel' India? Perhaps you are not aware that India is the fourth or fifth largest economy in the world and the third biggest importer of petroleum crude oil . I believe that only your country has the distinction of considering every other country as fools, but never India because we know pretty well that the aforementioned country will lose its relevance in the comity of nations more quicker than they consider others as fools!
Russian economists have given westerners a masterclass on economics. Check mate on their own game capital theory
Saudi Arabia and Iran have made a peace agreement, Saudi Arabia signed an agreement with China for 30 years to sell oil for yuan, all these will lower the value of the dollar.
correct
@@alanssshh this guys are huffing so much COPIUM is hilarious.
How can a country that seize assets from even oligarchs be transparent
Relying on US treasuries for reserves has proven to be very risky, as demonstrated by the recent failure of banks.
Three years ago, nobody could have foreseen the current state of the U.S. dollar. The U.S. continues to repeat the same mistakes that have led to the dollar's current situation. As a result, there's no guarantee that the dollar's future will be as bright as it's hoped to be.
Government policies have jeopardised the future for many years, and consequences are approaching. I anticipate an 75% decline in the stock market, causing investors to shift toward real estate. Traditional banking may become less reliable, so it's essential to develop a survival strategy.
Dedollarization "specificly" has nothing to do and direct coorelation with recent tension of China's and Russia's geopolitical policies or even with the BRICS. They just have the better than other countries on the military force and know how to really start and wage dedollarization.
US Dollar obviously had been used ideologicaly, financially and geo-economicaly to betray and weaken the dollarized countries around the world for at least in last 2-3 decades, and many dollarized countries knew it long time befor the brics establishment. But they just didn't found easy ways and power to wage dedollarization as lately us dollar has also been weaponized.
The natural resources rich-Dedollarizing countries in order to rise their wealth, prosperity for their ppl and strenght - they don't want anymore for being dictated, kept as 2nd-3rd world country or being poored, and imperialized by the US and its collective west allies. They're also highly determined in trying to limitating and re-eavluating their ties with the IMF.
In more peacefull perspective and simple analogy, dedollarization shouldn't be recognized as a threatening effort to any countries as we knew and been teached about conversion formula in studying math.
Only greedy imperialistic facist and deepenroot-ideological gangsters who see dedollarization as a serious threat and existential. These kind of thoughts soppose to be wiped out at all cost.
A major problems with the discussion on de-dollarization is that on one side, it's doom and gloom and the world economy will crash in 6 months and on the other side, well the world economy hasn't crashed so nothing will happen for 20 years and that's so far away it might never happen. What would be better is to discuss the smaller but nearer term consequence of the current dedollarizatoin activities. Trade between Russia and China is ~200B/yr, between Brazil and China 150B/yr. Bigger is Asean and China 800B/yr. Say in 6 months all this is done without the dollar. This reduces the amount of dollar reserves these countries need to hold and it will reduce the demand for US treasuries. How much will this drive up the interest rate the US has to pay?
They are forgetting one thing. Oh, nope they just said it. Gold. Central Banks are increasing their gold holdings. I hold lots of gold. It's the best inflationary hedge. Why is the only choice another fiat currency?
No one rule the world implicitly or Explicitly...
The economic crisis and downturn are all the signs of 2008 market crash 2.0, so my question is do I still save in the US dollar or is it okay to move all emergency and savings to precious metals?
Gold is often seen as a safe-haven asset that can protect against inflation and economic uncertainty. But like any investment, it carries risks. To determine if gold is the right investment option for you, an investment advisor can help you weigh the potential benefits and risks of investing in gold. They can also help you create a well-diversified portfolio that includes gold as part of a broader investment strategy. An investment advisor can help you decide how much of your portfolio should be allocated to gold and select other investments that can complement your gold holdings.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Marisa Michelle Litwinsky’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
It's happening in your face but you still don't believe it
embrace it.
Euro failed to compete with USD for an obvious reason. They are like BING, a second best search engine that lovely to have but rarely a necessary
also Eurocucks are America's lapdogs.
EU should take advantage of de dollarization to make Euro even more relevant in International trade.
Euro is not much better. It is a Fiat currency, backed by nothing. Plus, EU economies are going down.
EU same as US ...weaponized Euro to sanctions other nations to...Euro will be the next ones
DE dollartion is good for Asia
if the US don't nuke them.
The PRC needs to switch from an export-led economy to a consumption-led economy.
Europe bet on the losing horse 🐎 🤪 🤣
Dollar is a cheap toilet paper, good for wiping your backside. People ain't playing that game anymore
There is nothing stronger than the dollar
What you speak about 3 world country’s currency
The world is not the West..
It can be done, its just a slow motion effect from the greenback. Very slow as these guests imply.🤷♀️🤷♂️
Its not about an alternative, countries in the global south simply want to use their currencies to level the playing field. It's about a system where there is simple convertibility between currencies, especially in the global south. If there is a situation where one there is a severe trade imbalance between two countries then the side with the trade surplus an either request to be paid in gold, some commodity like oil or possibly in the currency of country which it buys more from. This fragmentation will result in higher inefficiency of the global financial system but The US and EU will have themselves to blame. This is what happens when you couple hypocrisy with the weaponization of economics and finance, politics takes over and the world as a whole world suffers.
Dedollarization, sooner the better.
The world is sick of parasite dollar printing.
Slowly but shurely it will happend.
The most secure asset is gold given its existence for centuries and that is never going to change so the idea that the dollar is a save haven is laughable but you can ask Venezuela, Russia, Afghanistan, Iraq,Iran,Cuba, Mozambique, Syria etc let's just not waste our time trying to ride a dead horse.
Barter trade is good enough. It is win-win agreement, a whisper into the aer, a nod of the head and a handshake.
Wolfgang is the only one that understands what’s happening right now
Dedollarisation accelerates
Think the point is, it’s not about where people are storing their assets cause currency isn’t bricks and mortar regardless. I would say the shift away is in transactions and that eventually will lessen dollar profitability.
Over 18 minutes into the show, we still haven't got to the subject of how Europe reacts...we only have speculation from some experts about whether the dollar is here to stay. Nothing on Europe's reaction
It isn't anymore a question of if but when the de dollarization will take course as in some of the Bricks countries it is already happening. it could be that half of the world will stick to an old dollar system and the other emerging half will have it's own reserve currency. That will happen weather EU and US wants or not. The problem for US-EU "hegemony" is that the majority of the oil producing countries are in Bricks or getting there.
It is most disingenuous to pick a panel whose dependency to the status quo of a financial system with the USD as the default global fiat currency. Why not get a panel of more unbiased personalities?
It will be very interesting if the yuan is allowed to float freely, and the PRC has no capital controls.
Developing nations strategical shifting from USD to Chinese currency for economic development exchange.chinese economic growth is for developing nations.
This video is 3 months old. With the current new geopolitical events going on such as Niger coup, Mali and Burkina Faso. Dedollarisation just went one notch ahead.
I believe BRICS would use commodities fixed at a weekly rate for exchange for trading of goods
If a nation don't respect their own currency they are not stand behind their words and commitments, they will be taken less seriously even by their peers ☝️
Gold.
Pay me your weight in gold.
Paper is cheap.
The money became useless....
The discussions leaned only on whether one can put the trust on the RMB Rubble or US DOLLAR, well, most will agree with the panel opinion on what currency which people will choose. But we are talking about De-Dollarization, at the end of the program, gold was negligently mentioned, I can't understand why the panel doesn't discuss Gold backed Br*cs Currencies versus the Fiat US Dollar ( once the De-Dollarization occurs ), this is to represent the true situation when a De-Dollarization take place!!!
If you see Indian position, it's clear that they want to start off with a settlement mechanism which can work with local currencies. If that works, they don't need a new currency and even if there is a new currency, it will be just one of many. They are focusing on the infrastructure and not shortsighted to replace one hegemonic system with another. India has been pushing networks where no one entity can dominate it. Its the same model in its internal systems and same model being expoted
Reminds me of the Mobile/Smart phone vs the Classic Land -line! which do you use more? The US Dollar is like the Land-line. Use it if you want and and be at the mercy US whims and caprices! I will go for the Smart-Phone! it is the future!
Of course there are and will be alternative. People are forgetting the fundamentals: trade requires Good and Services first, if you have that people figure out what tool to use as currency. A gold-pegged system has worked and can still work perfectly. Besides if many countries bilaterally decide to use local currencies, the job is done
USA has had a massive trade deficit since the 70s. It cannot go forever like this
@cspdx11 The US has been a parasite since 1971.
Any stats outside SWIFT? What about currency swaps?
De-dollarisation also means de- "eurozition" for Europe.
The international community is interested in learning more about the BRICS countries' significant de-dollarization accomplishments. Recent global financial problems and a more assertive US foreign policy have encouraged the BRICS countries to consider this option. They seek to serve their economic interests better while reducing the world's dependency on the US dollar and euro.
De-dollarization has arrived. How will the new BRICS currency affect the US dollar? Even though the project is still in its early stages, the BRICS' continued attempt to de-dollarize is more critical than ever.
The decision to de-dollarize occurred in response to the United States imposing extraordinary sanctions on Russia, a BRICS member, intending to strangle the Russian economy. The purpose was to bring the Russian economy to a halt. The global south is stunned and terrified.
As a new economic and political force, the BRICS have had far-reaching consequences for the global economy. They want to be someday able to "de-dollarize" or become less reliant on the US dollar and US sanctions, to stay financially afloat.
The US dollar has been the world's primary reserve currency for the past seven decades. A BRICS currency might challenge the dollar's dominance. The BRICS countries will use it in international trade and business.
These countries demonstrate their economic independence while competing in the global financial system. Today's US dollar reigns supreme, accounting for over 90% of all cash and nearly 100% of all energy transactions. Several factors influence the BRICS countries' issuance of new money. A new currency might benefit BRICS members by enhancing financial inclusion and improving the efficiency of foreign transactions. Using blockchain technology to build digital currencies and intelligent contracts has the potential to change the global financial system entirely. It could speed up international money transfers and enhance commercial and economic cooperation among the BRICS countries and beyond.
A hypothetical transition to a new BRICS currency might substantially influence the North American economy and investors in the current global financial landscape.
Europe should be focused on building the United States of Europe: their own Regional Giants in Strategic Industries, their own Defense power, their own place in the world which should be anyway be in the area of LibDem Democracies (which implies a special relationship with USA). All the rest will be a consequence
And that's exactly what the USA is trying to prevent. The whole fiasco with Russia over Ukraine, the sanctions and the blowing up of the Nordstream pipelines is but a small part of a much bigger battle by the American deep state to preserve the hegemony of the United States. Part of that strategy is the decoupling of Europe's markets from those of China and Russia and the subsequent disruption of trade with those markets then being captured by the USA. In short the USA wants a return to the cold war.
WITHOUT THE BIG BROTHER USA THEY WILL BE RUNOVER BY RUSSIA AND CHINA. USA IS AN ALLY YOU CANT AFFORD TO LOSE IN THIS CENTURY WHERE RUSSIA AND CHINA ARE EVER PLANNING TO INVADE.
Think is Countries around the world will not de- dollarize 100℅ but they will increase the holding of other currency by very huge margin.
20 years from now, China's economic will be the largest economy ever recorded in the world (may be 30-40 trillion). Most countries will hold more China currency followed by India currency by 2043.
People don’t understand that this future only works if the US participates in the global economy. China got rich selling to the US. India would need to get rich selling to the US, but the US doesn’t want to be sold to. And I doubt China will make it citizen rich enough or let india sell to its citizens
@17:05. You've got to be joking!!!!
People are moving away from the US dollar *PRECISELY BECAUSE* "You never know whether you are going to get your money back" from the US.
I see it very close times
The dollar is air nothing
overprinted paper
The USA took advantage of a system put in place to assist "ALL" countries of the WORLD They enticed Poorer nations to take loans from the IMF and the world Bank both owned by the USA then basically Took control of the Governments forcing them to enact Austerity Programs that hindered and in most cases devastated these needy nations.
Once the BRICS + gets their own payment currency in place, the need for reserve currency will significantly decrease. And once CBDC gets going, zero, zero need for a reserve currency.