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Source: Tutwa Consulting Group

BRICS nations are advancing at a fast pace to eliminate the U.S. dollar-dominated financial system. The first step is to bypass the U.S. dollar and the second step is to create a new currency to settle international trades. While the first step is already in practice, the second step could be put in place after the BRICS summit in August 2023.

The alliance countries have already taken measures to bypass the US-dominated global financial system. The aim is to move away from the dependency on the U.S. dollar and provide an alternative global financial option. BRICS is an alliance of Brazil, Russia, India, China, and South Africa.






BRICS: The Next Step To Eliminate The U.S. dollar
currency

Source: Unsplash

Just recently, BRICS nations overtook G7 countries in global GDP while taking purchasing power parity into account. Russia announced that it would pay with the Chinese Yuan to settle trade with Asian, African, and Latin American countries. China and France completed the LNG gas trade using Yuan, ending the dollar’s reliance on energy trades.

Therefore, BRICS are currently successful in their plans to eliminate the U.S. dollar to settle global trades in native currencies. However, if the alliance countries agree to a mutual currency to settle global trade in the upcoming summit in August, the dollar may face a significant drop in demand.
The U.S. dollar might lack potency if the BRICS countries fully eliminate it for global settlements. Over time, many other countries could join the bandwagon and distance themselves from the USD.

The development could make the dollar weak and make way for a new financial system not dependent on the USD. The success or failure of this development now only depends on the next BRICS summit in South Africa.
The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the near future,” said the Deputy Chairman of Russia Duma, Alexander Bobakov

https://watcher.guru/news/brics-advancing-to-eliminate-u-s-dollar-financial-system

In my opinion, new financial system without dependent on USD is very possible, as long the countries who involved with is agree. In fact creating new money is possible too as long as the community is agree.

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A little bit out of topic I want to add some other news too

French president says Europe should limit dependence on US - https://www.aa.com.tr/en/europe/french-president-says-europe-should-limit-dependence-on-us-for-security/2769816

China - Saudi Arabia summit agreements put pressure on US influence - https://www.vox.com/2022/12/10/23502903/china-saudi-arabia-united-states-relations-strain

Yes exactly. As long as there is a mutual agreement between everyone, it is not impossible to even create new currency to be used or change the financial system in which it won't be dependent on USD. In regards to changinf currencies, we are all aware that there have been mamy issues involved with USD even from before, and there are so many countries who are already waiting to be next reserved currency.

The currency alone is easy, but the agreement is the one that seems possible. We know that before it reaches some sort of agreement, there're various procedures to follow and it is also possible that there will be debates and arguments to follow.

I have less information about abroad but i must say something that we have to reason collectively,
Out of 195 countries (https://www.worldometers.info/geography/how-many-countries-are-there-in-the-world/#:~:text=Countries%20in%20the%20World%3A&text=There%20are%20195%20countries%20in,and%20the%20State%20of%20Palestine.) in the world i know too well that most of the population (country's) are solely depending on USD, EURO, POUNDS, YUAN for major trade. I mean before anyone could trade among these 195 you need any of those currency to be able to travel across, and if only 6 countries decides to breakout from USD how do you think it will affect the US dollar?
There will be no much effects

Things are just getting started, man. The dollar won't lose its dominance any time soon, but the fact that some countries are starting to get rid of it means it has problems, and many more will soon realize it too. In the history of currency, USD is not the only dominant currency in the world, before that, we also had other currencies but were replaced by USD. It can replace others, others will replace it, and nothing is forever. The United States is not the founder of this earth.

Right now there may be no effect or significant effect but if other countries begin to buy into the idea one at a time, it may be troubling for the USD. These kinds of things take time. It doesn't just happen overnight. Alexander did not conquer half of the world in one day, Rome did not rule most of the world in one day, and Britain did not colonize their colonies in one day. Even America did not become a world power overnight.

This is just the beginning of the plot between Russia and China. China has been looking for ways to make the yuan a federal reserve for a while now.
Personally, I don't believe in their idea. China is not a country I can trust. They're no different from the US. They're both looking for ways to make their countries and their economy stronger.
Another reason why I'll always pick the USD over the yuan is that I'll choose capitalism over socialism anytime, any day.

I don’t know what is wrong but you guys are really stressing a lot on the BRICS and successful future. There are already unwanted complications between the countries of BRICS which makes it highly unlikely to have successful agreement upon accepting the Chinese currency YUAN as the currency reserve of nations.

In all of them India is one of the strongest candidate with worlds one of the largest GDP rate and its growing exponentially.

The catch? India and China do not form any alliance with each other and they both are quiet because of one nation that is Russia. In addition to this, China and India is always on Cold War. Their borders are always under stressful conditions where chinese are trying to enter the border and claim military zones under them.

Secondly, china is always trying to support Pakistan and Shri Lanka with their problems out of greed. This is to obtain two geolocations one is the Srilankaan Port to access Indian Ocean roots for international trades. While Pakistan is target due to its weakening economy and future investment.

As far as these two nations don’t go along, YUAN is not happening.

Well there's nothing much to delibrate about but less hope all things come as we may live to witness how it would go through. Sincerely speaking those currencies I listed above is the major strongest currency that controls the world trading power and even if any would take over maybe it could be with time.

 Your last two points are just pre-requisite of your initial point, looks like Im listening to a JT song, what goes around comes around. Can you elaborate , what are the ways of both countries will agree on?

Well, people who understand how the system works wouldn't be talking this way.

To understand things clearly, imagine the World as a Human body, USA is the Head while the rest of the body are other countries. The one who controls the body, the Head, controls other countries and systematically imposes its currency ( & will) on them for global transactions.
It is going to be really hard for China to sustain the use of its currency globally. Russia could, but I noticed it's not too interested in Interfering or imposing its will on other countries. You need to back the currency militarily which I believe Russia already has considering it military might.

The dollar is currently weakening because USA the Head of the body has become weak due to lack of strong and intelligent leadership that could sustain it, but this is temporary...the BRICS's or any other currency can't survive it in the long run even with Russia behind them militarily unless maybe it breaks away from the current system & become decentralized(and hard to stop) or is allowed by US to thrive. But there cannot be two heads on one body even with decentralization. They will always find themselves under the power of US somehow unless the role as the head is taken away from US and given to China for example, but China doesn't seem to meet the requirement as it's not a Multi-Racial/Multi-cultural society (Babylon). Babylon is typically the Mini-world inside the World for a reason. Another way to be independent is to have the yolk broken, but no one else but the CREATOR of Heaven and Earth can do that.

By the way, Russia is currently acting as the head of the body until the true king of Babylon is awoken from sleep. Russia could easily have the world use its currency and be able to sustain it for some years, but she is not too interested.

The USD accounted for about 60-70% of international transaction in the global economy (let's say 65%). Now BRICS accounted for about 23% of the Global economy, current BRICS countries estimates 85% of their
transations in USD. If all of this will be converted to a new BRICS recommended currency(assuming 85% is equivalent to the economy meaning economy=international transactions) So 23% multiply by 85% equals
20%. So this 20% will be taking out in the 65%, I mentioned earlier. USD will be left use by 45% only now BRICS still holds the 23%. Going back to your statement "Noeffect", thats 1/3 of the USD used transactions.

But wait theres more, there are some countries have the intention to join BRICS, even Euro like France consider settling some trades with China in Yuan. And dont get me started in the Middle East. SEA, South America?

Please correct me if Im wrong.

with more countries joining BRICS, it could be possible. so far they are growing though.

Macron just recently agreed to settle with Yuan in trading with China. France will not be the last to settle Yuan in trading with China. China is becoming the center of the world as they are the biggest trading partner of most countries. China certainly is the biggest threat to US dominance therefore the possibility of not just a cold war against the US. a military conflict is about to ignite in the Pacific already.

Can you check my data please? by the end of 2021 according to IMF, China has a GDP of 16 trillion USD, while India has 3 trillion. In the next 10 years, China has a projected  on average 4.4% GDP growth rate,
while India have 5.6%. Now I tried to calculate and extrapolate based on the information, in the next 10 years China will have 25 trillion GDP in year 10 while India will have 5 trillion.

Although it is possible for new international currency but it will be hard to just tumble off the dollar most especially not the yuan. The yuan is tightly controlled by the Chinese government and that will not make sense to move entirely into it. What I see is that this country just wish to reduce the political influence or dominance of dollar. I see this yuan as just and alternative to the dollar but maybe in near future it could come but not now.

I think the complexity of the global financial system and the dominance of the USD and other major currencies is not solely determined by practical needs, but also by complex economic and political factors meaning what it means. Any attempt to move away from these currencies will require significant coordination and collaboration. between countries, as well as careful consideration of the possible consequences.

While there won't be much effect I think any major shift in the global financial landscape will require careful consideration of the potential impact and a collective effort between countries to make it work effectively.

The whole question is whether the U.S. has anything to do with the new financial system that is being created. Yes, we are told that some new system is being created, but in fact we will get the old system under a new name. So far we have seen a decrease in inflation in the U.S. and a balancing of the dollar. It is quite possible that the dollar will soon go on the offensive.

Its funny how some nations still think that they could become bigger. Lets assume for a second that USA and EU just works with each other, and never spends a dime in those other nations, do you really believe that those nations could survive for even just a single year? Of course not, which means that we are talking about a situation where dollar will continue to be as strong as it gets. People who think otherwise have absolutely no clue where the money those BRICS nations got it from. They got it from the big nations, and most of them are debt, which means that G7 simply gives them IOU and move on with their life without a worry which will continue to exist for a long time.

There is indeed a serious pressure on the US right now. Although the threat to ditch the USD has been there for a while, at this point it has become more serious than ever. China's economy, global influence, military capabilities are growing stronger and stronger and could now seriously challenge the US. And with Asia, the middle east, a part of Europe, a considerable part of Africa, the largest economy in South America all significantly drawn toward China, the US should begin to think of a new strategy. It has to develop leverage in order to attract these countries more.

I just think simply, nothing lasts forever, there will always be changes over time. As far as I know, before the USD ruled the world, we also had the British Pound, Spain, and the French...all had a cycle of domination, and there will come a time when it will be superseded. USD is no exception, many people think that the US is too strong and will never be defeated, but with what is happening, they are becoming weaker than ever. Whether or not the BRICS will succeed we don't know yet, but it shows that many countries are ready not to need the US, and they need a new leader.

 ;D ;D ;D

“The first step is to abandon the US dollar, and the second step is to create a new currency for settlements in international transactions. Although the first step has already been put into practice, the second step can be implemented after the BRICS summit in August 2023.”

It sounds absolutely identical: "let's give up breathing oxygen-based mixtures and then a little later, if possible, come up with a replacement for this mixture!". Nothing bothers you? :)
In addition to the rather stupid formulation of the task, and in euphoria, all these fighters with the dollar do not notice how they are killing their economy, moving away from the international settlement standard, and become totally dependent on the low-liquid yuan, with which they will be able to settle ONLY with China.

And France is such a France :) A classic theme when the country is in crisis is "The United States is to blame for everything, Long live Great France!". Are you hearing this for the first time? I recommend reading the story - how not to drive yourself into some kind of another big problem, this is how this speech sounds! :)


PS And I repeat once again - "from all sockets" at the same time, as if on command, they began to write about the "global rejection of the dollar" and other "heartbreaking stories." When such a media howl accelerates, it means that someone wants, wants very much, to distract the masses from something really important. For example, from the realization that those who abandoned the dollar, such as the unfortunate BRICS countries, will soon be monopolized by the RMB, from which they will not be able to get off, and returning to the normal world economy with the dollar will be sooo painful and difficult! :)
Not understood ? Ok, even simpler - there is no departure from the dollar, there is a special economic operation of China on "guinea pigs", to save its economy, through the transit of yuan problems to other countries, which will be forced to conduct all transactions in yuan. But China has not refused the dollar and is not going to, moreover, it is increasing its reserves, at the expense of those not very smart comrades-in-arms "in the fight against the dollar" :)

It still depends on a number of things. Just judge their economic strength and how much they do business with other countries. If other countries depend a lot for business on BRICS countries where some of them are known to be slowly becoming "super power" countries, then they are enough to bring influence in the de-dollarization movement.

Fiat money don't have any intrinsic value, if the government doesn't force their citizens to use their fiat, fiat money is already worthless because no one trust it and there's no reason to use it. The most important part about fiat money is the government accept it and everyone trust the government, so it's really possible financial system will not dependent on USD if the country agree to refuse using USD.

Of course, a time shall come where Dollar will be out of control in the financial global market. Research have it that currencies are rated based on their exchange with INR. Some currencies have higher exchange with INR than the US Dollar we speak of. as such, most of these currencies are independent of the dollar in terms of National exchange but depends on them only on Global transactions. dollar is the most traded currency in the world, not the currency with the highest exchange rate, this is because US is a multi-racial Nation. As such,  if other Nations like Kuwait, Bahraini, Omani ,(with a higher currency rate than dollar) etc,  are able to meet up this requirement,  and can impose their currency to be used for international transactions in the global economy, there would surely  be a break out from the dependency on USD, EURO, and pounds for major exchange.

Although these 5 countries are also another "super power country" that would conquer so easily if the de-dollarization takes effects., they are also the major export of goods and service across the nation and sure BRICS will become known but may not affect the dollar itself or that much.
For example, just as some country stopped bitcoin mining it only affects the bitcoin price for just that month or so, and after which it bounces back to normal price and i believe such scenario would likely happened to the Dollar as well.

Let time tell it all because both you and I and each have a different ideology, and no one has a crystal ball to predict the future, so don't rush to judge who is right or wrong here. Big events like this will be unlikely and will end in the short time that everything will be exposed over time. Let's see how it ends, and I don't like power concentrated on one person and nothing lasts forever. The world has been around for thousands of years and the US was not the first country to lead the world so it is not surprising that they are not the last leading country.

Do you really want to rely on a "currency" that are part of the BRICS group, when it includes countries that cannot even keep the lights on? South Africa are without electricity for most of the day... and people have to run generators and rely on solar power to keep their businesses from collapsing.  ::)

The only strong nation in that group are China, but they are very dependent on 1st world countries to buy their poorly manufactured "plastic" toys to keep their economy running.... and they are importing almost all their resources from BRICS countries to manufacture it.  :P

The Americans will not give anyone the right to print mora currency. If this happens, then the American economy will have big problems.
Therefore, they will try in various ways to unleash as many wars as possible away from themselves, so that other countries have something to do.

I believe that the foundations for forming an alternative system to the dollar really began to take shape a long time ago. The United States, with its transcendent policy that tries to bring everyone under its control, has made many countries seriously think about getting rid of the hegemony of the United States and the dollar.

The countries of the BRICS group were already formed a long time ago, and their first goal is to form an alliance to confront the hegemony of the United States. It seems that they will now begin to succeed in view of the crises that the United States is going through, as well as the attempt of many countries to abandon the dollar, led by Saudi Arabia, the first source of oil in the world.

Just like the British Pound used to be the reserve currency of the world (although not to the same degree), the US dollar is not impervious to being replaced in this status. However there are not really any good contenders at the moment, or the ones that proclaim to be have their own flaws. The Euro for example is still very fragmented because there are 25+ countries behind it all with separate economic incentives - we saw a crisis a while back where Greece was on the verge of bankruptcy and some animosity from others in the group of bailing them out. China also looks like a rising contender, but they have such an opaque financial and governmental management structure it is almost impossible to trust their politicians.

They won't people leave Dollar, they will try hard to people believe Dollar is the god of finances. So, we are the small group (minority) that can't do anything with that. Let's see China, they try to grow Yuan to be the God of fiat (to replace the Dollar), but in fact, the big power get in the way, and they will interfere Yuan or another currency to replace the dollar hegemony.

so let we'll see the fall, and we must prepare it with another strong currency (like bitcoin).

That is why China drives its "satellites" under the control of the yuan. On the wave of their "itch" against the dollar :) I already wrote, I will duplicate - if the governments of these countries do not turn on the brain, then in 5 years we will see a new Chinese empire with its currencyless and powerless servants! Servants who have completely lost their economic independence and the ability to independently interact with the world market, due to the absence of any currencies accepted in the world in national banks ... Nothing but a bunch of beautiful Chinese papers :)
Or maybe even faster it will happen - China now needs to find "reservoirs" for its inflation as quickly as possible, which needs to be "drained" somewhere

Get this, the BRICS coalition is making huge attempts to eliminate the USD-dominated banking system. But developing a new currency takes hard work and resources. Consider the global impact of such a decision, not just on the alliance. It might shift the global financial balance and provide developing nations new chances.

BRICS countries have made progress by bypassing the US-dominated banking system by settling global trades in their own currencies. They're proposing a new currency at their forthcoming conference in South Africa, which would hurt US dollar demand.

Great idea ! So ... Then it turns out that Russia provoked the nearest and slightly more distant countries into military conflicts, fomented them and supported them, from the moment the USSR collapsed to today, because the ruble is extremely unstable, and other countries that were once part of the sphere of influence of the USSR (RF called herself the heiress) were supposed to act as a "solution" so that the Russian economy would not have problems!? Wow... Very interesting idea, thanks! I'll know ! :)

Yes, soon not certainly the US dollar may not be as powerful as it is now but this isn't going to happen in the twinkle of an eye. In fact the duration for this change to fully occur is 10 - 20 years.
This is so because there will still be many hurdles to cross Before the so-called BRICS will be fully integrated into the financial system. First of which is how to convert it, then it's liquidity , stability, and credibility. We might see a whole financial war before it happens. Therefore, let's not be so optimistic about this news.

SOURCE GOOGLE ---

The BRICS is an alliance of great nations but will their plan be a huge success, above it was explained that each country still has its own interests and often their plans change according to the political conditions there.

btw, I don't see the de-dollarization that many alliance states are doing to be effective in the short term but it will be effective in the long term.

in fact, we can see one country that is trying to reduce their country dependence on the USD, that is el salvador, so far they are fully dependent on the dollar but trying to reduce that dependence by making Bitcoin a legal tender.

Perhaps the desire of the BRICS countries to get rid of the dollar is indeed there. Russia, for example, has not only a desire, but also a necessity. Because it is actually cut off from the dollar and the euro by the imposed sanctions. There has long been a cold war for economic supremacy between China and the US. But Russia, China, like the rest of the BRICS countries, depend on technology and trade with the EU and the US. And without these technologies, they will not develop rapidly. Therefore, not everything is as simple as it seems at first glance. Each member of the BRICS will still have their own interests. So I don't think they will succeed.

I agree since if more countries would join the BRICS of removing US dollar in trade transactions, a new currency system could arise other than this. But, given that us dollar is widely used in the world trade, I can't see it to be replaced soon. But given some countries are ditching the use of dollar in trading, this might affect the power of the dollar as a global currency. It would be bad for their economy if these happens. But we should not erase the fact that USA have greater power in most of the country in the world that we could say that they are reliant to them in terms of economy. So, it would be very difficult to predict what could happen in that sense.

I admit to you that in terms of technology, the US and EU are superior at the moment. But the world doesn't work that way, all need each other, and each has a strength, no one monopolizes everything. China and India are the two most populous countries in the world, they have an abundant labor force, and Russia has huge energy resources. Not to mention, we can see China's technology is constantly developing, it is only a matter of time before they surpass the US or EU.
It is extremely difficult to get rid of dependence on the hundred-year-old USD empire, but nothing is impossible, and no one stands on top of the glory forever.

I want to remind you that we live in the 21st century. Until the 20th century, territories, resources and population were indeed a factor in the power and strength of the state. These are the resources necessary to provide for themselves and export, and the ability to wage large-scale wars, and the ability to create huge problems for any attacker due to a large territory ... But it's all over .. Now the world has moved to a new level - from a resource economy to a technological economy, and resources .. have become just resources that technologically backward countries, with the help of technologies from highly developed countries, extract, process, and for the currency of developed countries - they will also be happy to package them beautifully for the customer :)
and if technologically the rest of the country is left without technology and markets, they begin to degrade very quickly. Well, this is how the competitive system of the world works, whether we like it or not....

I can give you a great example - the USSR. The country was huge, 250 million people, all the same resources, the strongest army in the world, nuclear weapons .... And where is it now? What happened to her? I myself, inside the USSR, lived and saw how it sank to the bottom ... And neither the territory, nor the resources, nor its technologies, which, although noticeably lagged behind the Western ones, saved it!

And now let's take Russia and its energy resources as an example. In 2022, their "happiness" and "greatness" is over! Why ? Gone are the markets for resources. The technological backwardness of the economy and the stupidity of the country's leadership have led to the fact that Russia is now physically unable to store excess gas and oil (the storage system has not been built, and after the sanctions it is no longer possible to build). It is possible to conserve sources, but it is no longer possible to reactivate them - Western drilling technologies and related technologies are needed. And now she is forced to sell these resources for a penny to her, either to her "big brothers" or to her "owners" - China and India ...

The dominance of the US dollar will not be reduced by the existence of the BRICS, an alliance of countries that are members of the global trade plan are only included in the category of a few countries. Dependence on the US dollar is also very difficult for other countries to cancel cooperation with the United States, on the other hand there are special agreements that are regulated when carrying out cooperation.

Everything can happen beyond the predictions or observations made by experts, but as far as I know the strength of the United States in building cooperation with other countries in the field of global trade is very difficult to break, they really control several important sectors now and decades of their dominance no one has been able to match. The strength of the countries that are members of the BRICS will also determine how far this project can go, while in it we see that only Russia and China have the capability, while the economic strength of countries that have the possibility to join is unclear.

The problem of the "BRICS dollar fighters" is that they do not quite understand why their "union" will not change anything, except for the deterioration of their economies :)
1. Between themselves, they can even for kakuri shells and multi-colored glass beads. But the dollar has no problems with this. They will sell those goods and services that are not sold for dollars anyway.
2. But since ALL members of this "powerful" union are dependent on the West (from loans to technology and high-tech goods) - they WILL ALWAYS buy it for dollars ... Which, by the way, they will not have, they also abandoned the dollar "unsecured by anything hegemon." Dollars in the BRICS were, are and will be ONLY IN CHINA, and the volume of their consumption on the world market will not fall, it’s just that now dollars will enter the market not from Brazil, India, and other unfortunate participants, but centrally through China.

Do you feel how subtly China "broke the fools"? :)

This is the "dream" of BRICS nations, but the reality is very different. They are rich because of their resources, it can be gas, it can be oil, it can be even humans, it can be whatever that is cheap for them and make a lot of money for others.

However, if you talk about the big nations like America, then dollar is strong because of what they do with those resources, if you have oil that's great, they put that oil into planes and make multiple times people fly, or they put it on jet fighters and attack another nation, or they put it on cars and drive to work at google or apple that everyone uses. So, all in all it is not about what you have, but what you can make with what you have and those big nations are great at that which will not stop.

Such system is only onna decentralized network like bitcoin in cryptocurrency, we have several attempts from many people who have worked on doing something related to this before now but there's no tangible results that others have succeeded having thqn creating alternate cryptocurrencies which most of them turn a project people fear, vut bitcoin is the only reliable cryptocurrency that is available for use and in future time to come, ut may outsmart the role of fiat since the world is revolving round the digital technology.

No doubt US dollar is one of the world most used currency but that doesn't mean it can't lose such status in the future especially we are to use the very current conditions that are taking place among different countries of the world diverting interest to the use of other currencies like the Chinese Yuan for their international financial transacts and trades. It may not be that easily to silence the weight of the dollar in the international market as most of these nations have their debts owed in dollars and  it's only to be paid in dollars. Paying back their back log debts in dollars will only give strength to the dollar the more and that's why I said it wouldn't be easily to silence the dollarization strength but some how it's possible.

It must be admitted that the influence of the USD is the strongest and determines global economic conditions, when there is a change with the USD it will have a global impact, because it is still the leader of the world economy, it seems that there is no system that can get out of the USD.

Impact of the bitcoin mining ban:
- reduce global hash power, supply of mined btc does not decrease;
- does not reduce the number of uses and needs;
- those involved in dumping the bitcoin price are just speculators.

The de-dollarization by the BRICS countries will have a bigger impact than you can imagine, because after all this is an economic war. If the USD cannot find an equivalent replacement country, then what are the alternatives?

Instead they try to fool people who are already stupid. Let's look at one case in the field of trade in Chinese products. What do they offer consumers? nothing more than cheap goods that do not have the quality to be used in the long term and what is their background wanting to leave the US dollar and trying to influence other countries to join them, of course we already know the answer, although we are not trying to find out.

There are many irregularities about the BRICS and as far as I know it will not be able to destroy the dominance of the US Dollar, because global trade agreements with the United States are bound by regulations and not by nonsense.

All countries must have dreams of mastering natural resources in other countries by creating a new binding system, for example creating a new currency for global trade as the BRICS union has done. The next question is to what extent their power can affect many countries, while the dominance of the US dollar has lasted decades?

The quality of products created by America has advantages in the long run and this is only talking about one sector, not to mention the US dollar's strength, which is why they are very strong in maintaining dominance. The unions established by the countries that joined the BRICS are legitimate and not against world rules, but I am not very optimistic about the projects they develop.

Not only are countries that have joined the BRICS, but it also turns out that countries in Asia and the Middle Eastern countries will be interested in the ideas made by the BRICS to reduce their dependence on the US Dollar. For the US, this action is a big threat if it is formed and succeeds in creating transactions. In any case, I think the new currency will get more and more popular. Although it takes quite a long time for it to be said to be a stable new currency, it will certainly be driven by the good relations of the BRICS countries with other countries. So that it can shorten adoption on a faster scale.

The question is - what are the benefits for countries to switch from a dollar secured and recognized by the world economy to a falling and unsecured yuan?
There is only one beneficiary here - this is China, who helps their "not very smart friends" to "get rid of dollars." At the same time, he slips his yuan to them, thus exporting his inflation. And in the future, it will simply make the economies of countries that will be "up to the throat" filled with yuan totally dependent. At the same time, the United States will not feel much discomfort, because. China will, on the contrary, try to accumulate more dollars, which you are now observing. That is, China is shouting into a mouthpiece "give up the dollar, switch to the yuan", and at this time, with their own hands, dollars are pouring into their gold and foreign exchange reserves :)

In one word - explain the benefits, and how is dependence on the yuan better than dependence on an international currency, on a global scale?

China has a big economy and a strong currency, to yes, some countries can figure out a way of bypassing the USD and undermining it. If BRICS threw support over Yuan, that could make a big difference, but I don't think they're going to do that. Russia likes their own currency, India might feel strong about their currency as well, and while they want to undermine the USA and the USD, they don't want to simply try to replace it with China either. As for agreeing on a whole new other common currency, it will be hard to figure out who will regulate it, be responsible to ensure its stability etc. So for now, I'd say China has the best chances of growing influence of its currency in the world, but it's still not close to making a new financial system, and I don't think a world heavily reliant on China is a better world than the one heavily relying on the USA, to be honest.

No, this is a deep misunderstanding. The Chinese economy is large, but absolutely dependent on Western buyers and technology. And China has a weak yuan! That is why China plans to surround itself with not very smart "friends" and put them on its yuan. Because The Chinese economy, without "exporting inflation", will not be able to get out of the current situation and save its economy, which is getting closer to collapse. Western investment is leaving China, technology is leaving China, production is being revived in the US and the EU, China is losing markets and could potentially receive more sanctions. China does not want to take risks, so it builds a "security perimeter", which will then be forced to consume all Chinese consumer goods, and China monopolizes the supply of these countries with inexpensive and not very high-quality goods that cannot compete in the Western market. And the humble servants of China will be FORCED to buy it all from China, at the price that China will indicate ... Well, what did you think - these fools refused the dollar, and no one except China will sell them anything for the yuan :)

I think a new currency was needed to break the monopoly of the dollar. Although I don't know if Brick will succeed in its intended purpose even them I am supporting this step . But I don't think it will be so competitive initially, if some other countries from Europe join this apart from these nations, then I think it will not be far behind in the competition. I think many countries in Asia are going to join here and if they get recognition for this currency business then I think the way forward will be more smooth.

Russia would love that, I am sure that after their own ruble got screwed so hard and they are getting crashed in the markets and basically the whole economy of the nation is crashing, along with Chian who wanted to kill muslims in their own nation and attack taiwan, and then got their factories switched for pakistani ones or whatever, and started to have financial troubles because of that, wants to see Dollar have some trouble too.

But you know what? America made that money by selling stuff to others, and they are powerful and even though I dislike them as well, they at least earned it, the hard way, and they will keep being the strongest. Plus we need at least one strongest, so you gotta pick one, I think Euro would have been better but Dollar ain't bad too.

In that case, it would be the same as a cash/gold and/or other form of the fiat system. As a country we are in it is a currency thato other countries by other countries. This is a cashless economy because a currency country where they cannot cash or gold in an instant, while it is being exported from another country.

It is true that nothing was given to them and they have earned the power they got by outmaneuvering their opponents, however the manufacturing sector on the United States is not as powerful as it was decades ago and recently they have printed too much money as well, so it is natural that other countries are looking for alternatives as they are realizing that this gives too much power to the United States and this power can be used against them and thwart their ambitions of expansion.

Remarks by National Security Advisor Jake Sullivan on Renewing American Economic Leadership at the Brookings Institution (https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/04/27/remarks-by-national-security-advisor-jake-sullivan-on-renewing-american-economic-leadership-at-the-brookings-institution/)

Pretty entertaining speech.

I started to feel like its now to challenge domination of USD in global world. Its obvious economic capacity of BRICS countries except China is nothing. Its all about China's growth. We are truly in a time where world is becoming multipolar. For better or worse, I don't exactly know what we are going to experience. But I think countries should be able to do trade between each other on Yuan, Ruble, Euro, Swiss Franch whatever. Different currencies. USD should lose power.

It is hard to imagine a financial system that is not dependent on the dollar. There is a lot of talk about de-dollarization, but the dollar is not particularly depreciating in different countries, which means that there is still a demand for the dollar.

It could be also, but not suddenly used massively because we still use Dollars for other things. If suddenly move to another currency, that will affect to the country who use it daily since a long time ago. The dollar has been used by many countries for Import and Export transaction, If the country is suddenly move to another currency like BRICS, the domino effect will happen not only for buyer country but the seller countyr which must exchange it, and that must prepare fee which bigger than before.

We were born and raised in an era where USD dominates the world, so it is a myth to hear about getting rid of USD and not depending on it. But if we learn about the history of world currency, before the USD dominated the world, we also had the currencies of England and France...that once dominated the world. That means that the USD weakening or being replaced is not impossible, anything will happen, but the question is when it will happen. I believe everything has a lifespan, nothing lasts forever, and higher mountains will have higher mountains.

It's true that the US dollar is currently the dominant currency in the world, but history has shown that currencies can rise and fall in dominance. While it may be hard to imagine a financial system not dependent on the dollar, it's not impossible and "when it happens" it may just take time and change in global economics and politics. As with anything, nothing lasts forever and there will always be change. I think The key is to stay informed and adaptable to these changes.

I would say that it is bound to happen, it's only a matter of time, and it's not going to be that America will rule the world for thousands of years. Since the history of the world was formed, no country could rule for thousands of years without weakening or never being replaced, not even ancient history records it. However, many people are too crazy about America, seeing America as a holy place, so they stubbornly do not want to accept that fact.

The US dollar may lose some of its current strength in the near future, but this won't happen overnight. In actuality, it will take 10 to 20 years for this shift to completely manifest.
This is true because the so-called BRICS will still need to overcome a number of obstacles before being completely integrated into the financial system. How to convert it comes first, followed by its liquidity, stability, and credibility. Before it happens, we could witness a complete financial conflict. So let's temper our enthusiasm for this news.

It seems like things are over exaggerated in OP, yes there are some international trades happened using other fiat and it's mostly due to the sanction over Russia for the war between Ukraine and Russia which put the European countries under pressure and they badly needed the energy sources from Russia in some way. However the future is visible to some extent China is dominating everything that is why other developed nations are looking for other manufacturing hub like India and others.

According to my personal assumptions, this can happen, especially recently, Russia, China, wants to get rid of the dollar, they will create a new currency without using the US dollar, that's one proof of rejection of the US dollar, but I'm sure there will be a new currency between countries without the dollar, but the dollar will stay. according to the price.

Although the change of currency system is possible, I don't think the US will follow through with this, not even if their country falls to shitter. Besides the cost, and the impending and much worse financial collapse that this will bring, they'd also be taking everyone with them. At least this is the case if ever US is to change financial systems.

For other countries, it's very much possible as what the other peeps have told, even if no public consensus was made, as long as you have enough reserves to back the value of your currency, much like what happened in China and their Yuan, you should be good to go.

In short , no.Highly doubtful anything will collapse the USD. Europe already uses the Euro thats fine on its own.
We are talking about 2 major nations, China and India. If they would refuse the US$ then it might cause a significant price shift.

But lets be real, China and India cant afford to play that game.Russia might , South Africa sure who cares. But the two behemoths no way.

There are a couple of simple questions here that no one can answer without using populist ideas and slogans:
- why would India and/or China abandon the dollar?
- what economic benefits will India and/or China get by changing the international currency
- and what can the international reserve currency be exchanged for?

Just 2 facts:
- India buys oil from Russia for Indian rupees, and resells it for DOLLARS.
- China is not abandoning the dollar. China is trying to find "donor" countries that will accept the yuan, replacing the dollar with it, which will take over part of the inflationary processes within China.

I think that currently China is taking steps to make their currency (Chinese Yuan) so that it dominates in use in international trade. Perhaps they too had been preparing for this a long time ago. And now they are starting to clearly show their intentions after seeing how the American economy is currently in a condition that is not doing well. America is fighting Inflation but they are being followed by a Recession behind it. And the level of confidence in the US Dollar is also declining at this time. And maybe China sees this as a good opportunity. Because currently China has indeed controlled the market in Asia and they also intend to dominate the world market.

every month we hear about countries starting to buy oil or doing international trade using Yuan. As an example of the latest news about this one.

~ Pakistan switching to yuan to buy Russian oil (https://www.rt.com/business/575891-russia-pakistan-oil-payment-yuan/)

It is possible to have a system without the USD. I don't think it will be done very soon. It will take time, as every country in Brick Nation will try to force their own to be the one to use as the main trading currency.
Or they can come up with a new currency, which could be used to make transaction between those individual countries.  But making this happen will create conflicts and could lead to different opinion amongst them.  So the possibility is still there, but how they are going to execute this is a question to ask.  I don't think that it is necessary to dedollarise the whole world, as it is going well already.  But it will be a fun event to see how they are going to do it and what they are going to achieve from it.  Only the time will tell.

It's funny, right? Some folks treat the USD like it's untouchable, a currency from the heavens that'll never falter. But the truth? The global economy's a wild maze. China and India might not ditch the dollar now, but don't count out the future.

Switching to a fresh global currency? Perks abound. It'd loosen Uncle Sam's grip, giving others a voice in the money game.

Sure, we can't predict the future with crystal-ball accuracy, but assuming the status quo lasts forever? Absurd. Time to explore alternatives, brace for a world where the USD doesn't rule supreme.

In my own opinion, I think it is possible for there to be a new financial system that is not dependent on USD. In recent years, there has been a wide growing interest in alternative crypto currencies and on the payment system, including the crypto currencies and the block chain technology which could be possibly potentially can offer a new way to conduct global financial transactions without relying or without depending on the USD. But of course the adoption of such systems would definitely require a drastic changes to current financial infrastructure regulations.

It is a reality that some countries might consider replacing "Western" dependency to protect their own economy. The US are facing huge challenges economically and it might have to default on their debt soon, so why should countries be inter dependent on the US Dollar, if it might go bankrupt soon?

I think the BRICS countries are implementing backdoors to protect their own countries. We saw how the US Government bailed out Banks with tax payers money, when they struggled.... now the government is being pulled down by these Banks and it's reckless actions.  ::)

The BRICS countries only want to create their own currency, but this is still very far away. So far, there is not even information what kind of currency it will be - a completely new one or any country that is part of this union. One of the possible options is that it will be the Chinese yuan. But this will mean that all other countries, instead of dependence on the United States, will fall under the dependence of China.
Of course, the dominance of the dollar is not forever. But so far there is no serious alternative to the dollar. In any case, this is not a question of the near future.

agree with you, all of us here grew up in an era where the USD dominated the market and it would be difficult to remove it from international trade, because people's trust in the USD was quite high. but even so, nothing is strong forever, and that includes the USD. USD weakening can be done by Yuan, Ruble, and several other currencies. these countries could have left the dollar and switched to other currencies that are more profitable for them.

but even if weakened, the USD will still be the choice for people for international transactions. it will still be a solution for people because indeed the average person in the world is used to using USD in their international transactions and it is quite difficult to change this habit.

There is no chance that will ever happen with the BRICS. These countries could never adopt new dominated currency because U.S. dollar still surpasses all of the currencies out there. Every system is locked on the US dollar prices every trade in the world happens with the exchange rate of dollar. They have such great dominance that most of the countries universal currency is dollar in similar way universal language is English. I am definitely sure that BRICS will fail to adopt new system. It could crumble their economy. This could also lead to lowered transaction in dollar reserves and thus threatening the economic cycles within these countries.

To express my personal opinion, it is possible to create an economy without the reserve currency right now (USD) but it takes a lot of effort and time to create and strengthen this economy. The reason for this is that although the economy seems to be suitable for rapid change today, it takes time to adapt to such a serious change. Although some countries economies have managed to create a system within themselves without using USD, the fact that this system is not actively used all over the world and that it is not a practical method supports my opinion. However, as I mentioned it is possible to create an economy that is not dependent on the USD with some time and a lot of effort. Of course, since the creation of such an economy will not be to the advantage of America and other major countries it will confront the new economy that will be created as a major obstacle on this path.

With this race to be crowned the alright super power,  I think the other big nations have realized that they can not be benchmarked by a country they find not to be an ally in any way and with the only possible solution of having a parallel financial system with the coming of BRICS and this is here to stay as it gives them several benefits unlike being a USD supported financial system.

I completely agree with you - "nothing lasts forever under the moon" :)

But if we talk about the dollar as the world's reserve currency and the currency of international payments, then no matter how "bad" it is, it's the best at the moment. And the problem is that we can't see an alternative!
I am not a "fan of the U.S.", I am a pragmatist who evaluates the world by real factors. For years I have heard some countries "moaning" that the "dollar is evil" (though for some reason they can't prove it :) ), and that the dollar must be replaced - but they can't, again, point to its "substitute" in a reasoned way.
Whether we like it or not, at this moment, and for decades to come, there is NO alternative to the dollar!
I have said many times that the international currency (currently the dollar), MUST have a mass of indicators. But ... the problem is that even such a strong and secure currency as the EURO, does not have in the right quantity and quality, all the necessary indicators to replace the dollar globally !  Any other currency will lead to a wild fragmentation of the world market, complication of mutual settlements, and a real loss of a single measure of value.
If you really know of a currency that has all the necessary qualities to replace the dollar - let's discuss ? :)

I am not sure about USD but I am looking for one that is not depending on fiat at all, that would be the best version. I get it, communism didn't work, and when anyone even mentions helping out the poor and the disadvantaged, its labeled left and terrible and communist propaganda and all that, that's what you westerners think. However, maybe its time to build a system where its a bit more fair? How? Well first up, maybe we should take the power out of central banks because they help rich get richer while causing poor to become poorer, if we had set limit currency like bitcoins 21 million limit, there wouldn't be any, and they would have to pay us salary to work for them and we won't have to spend our money on them, so it would be more fair. This way, they pay us money, and if we don't spend our money on the rich, they just get bailed out by banks, that' should stop.

Interesting and important query and everyone can relate to it. In my view, we really don't need to change the whole system and it's not even possible at least for now, we need to debug our system and make some improvements. The prominent mistake in this system which is done by us was Dollarization considering USD as a Universal currency. I think Internation trade should be based on Gold or any other asset you can take my indication towards as BTC if somebody doesn't agree then the solution is Gold or finding a new way.

We are already getting some glimpses that now USD will not be used as a trading asset, Saudi Arabia, Russia, and some other resourceful countries are heading up to trade locally or product to product. If someone is interested to read some good stuff related to theories proposed as a solution a few keywords which I knew are;

⚫ De-dollarization.
⚫ Bitcoin Era.
⚫ Gold Era.
⚫ Batter System Revival.

We have to get back to the old days where the system of transaction is through barter. That's much better because the value of what you're going to trade or sell depends on the people and there's no standard that's being followed there, it's not organized.

While if we go on these times, we've got a system and the money is backed by gold reserve. Whether it's the CNY or the USD, we'll still be reliant on their markets and value and that's why there is no escape from it.

Also, even if it's Bitcoin, its value is also convertible to USD or any other fiat so that's why it will still depend on the people setting value of goods.

You’re standing up for the dollar like it's an old pal. Sure, the dollar's been a shelter in the financial storm. But let's not live in the past, right?

"the only thing that is constant is change."

Right now, there's no rival to the dollar. But who can predict tomorrow?

We’re in an era of constant evolution, with tech being the prime player. Perhaps a new currency is about to steal the dollar’s thunder. Let's salute the dollar, but keep an eye out for the new kid on the block. Keep the doors open. And perhaps in my wildest dream people will soon all use Doge as the main currency. You know, money after all is just a symbol

Yes, everything has a lifespan. The dollar does not expire, but it may lose its popularity. You gave examples from previous events. As in these examples, the dollar may experience the same situation. The only question is, are there any countries that would dare to do so? What will be the reaction of the dollar in such a situation? We cannot see them without experiencing them. I doubt if we can live in the near future, but I cannot ignore the possibility that one day the dollar's dominance will end. Power has always changed hands. There are many examples in history.

Yes it is possible for a new financial system to emerge that is not dependent on the USD. There are already efforts underway to create alternative currencies and payment systems that are not tied to any particular national currency. One example of this is the rise of crypto currencies such as Bitcoin, which operate independently of any any government or central bank. While they are still relatively new and untested, crypto currencies have the potential to offer a more decentralized and secure financial system that is not subject to the whims of any particular government or institution. While USD currently dominates the global financial system, there are many potential alternatives that could merge in the coming years.

I absolutely agree - the world is constantly changing. In history, entire empires have come and gone, let alone currencies...

But there is also a nuance here - the world is going into the era of high technology, and it is logical to assume that the fiat dollar will be replaced by something more "modern".And technological. But here again there is a nuance - the U.S. today are the technological leaders in most areas. And judging by all their solutions, including as a digital currency, will be most qualitatively implemented.

PS Money is not a symbol, money is a universal measure of value. It's like time - on the one hand it seems impossible to measure it with a ruler, scales or something else, but physically. It can only be counted with a stopwatch, which we have invented for ourselves as a measure of time. On the other hand, everything around us is directly or indirectly related to time, and there is no escaping it... But that's philosophy :)it... But that's philosophy :)

My prediction is that there will be an eventual division of currency into the eastern and western sectors, with the bridge being cryptocurrency (whether this be a CBDC or Bitcoin/something government sponsored that is similar). BRICS will cater for most of the eat, while UM (universal money) will cater for the west, and probably Europe too. They will attain instant liquidity, incorporate social credits to heavily enforce existing/new law on people, and replace the U.S dollars reign over the globe. I don't think it will ultimately be for the better, but rather the beginning of the imminent end for fiat money. Supply will exponentially grow the moment that these currencies are 100% digital and cash is no longer a factor. I doubt that either of these currencies will have notes/bills.

The idea is interesting... BUT the problem is that it is based on the erroneous assumption that "BRICS will serve most of the food." the problem is that India and china are the biggest CONSUMER. Plus - let's not forget agro-technology (from equipment to seed and fertilizer) - globally the western countries are the leaders in this sector. The prospects of russia, as one of the largest suppliers of grain, are also vague - the situation has now changed and is not developing in favor of russia and its future with a positive outlook. There are many reasons - global degradation of the economy, degradation of the population, technological backwardness, and global sanctions and subsequent reparations are not excluded...
Brazil is a major agricultural producer on the world market, but not unique. The other BRICS countries do not have global influence on the food market.

You say that like it's a bad thing. The domestic markets of India and China are not only the largest, but also have the greatest growth potential. If in the West they are talking more and more about "conscious consumption" in the context that it is necessary to stop mindless consumption, and learn to limit oneself, buy not everything in a row, but only what is really necessary, then in China and India three billion people often only the most necessary and buy. The BRICS countries have huge growth potential, while the G7 countries have almost completely exhausted their growth potential. But closer to the topic, the era of dollar dominance can be characterized by the phrase "it was forever until it ended."

The significance of impact would indeed depend on the size and economic strengths of the countries deciding to move away from US dollar. For example if China, Saudi Arabia, Russia and India collectively deciding to trade bilaterally using their national currencies, it can potentially affect the value of dollar as they represent top 20 economies with substantial trading volumes.

That news is true and BRICS countries are trying their best to reduce dependence on dollar and move up with a new currency that will be acceptable for trade in all of the countries who join BRICS team. If that becomes a reality then dollar will lose so many countries from its list which only trade using Dollar and IMF forces them to increase rates if they have taken loan from them. The dependence on dollar will be greatly reduced and the new currency will create a new era where dollar will be accepted just like other fiat currencies and will lose its status as the international currency.

The new system of payment for trades will be very helpful for Asian countries and if the influence of the new currency gets huge then in future western world will also have to reserve that new currency in order to trade with the countries that are members of the BRICS system. The new currency will drastically impact the price of dollar and the dollar will most probably lose some value in the initial stages of the BRICS. The trade deals when settled with other currencies than dollar will impact the use of it and many countries might totally give up on dollar based system.

Of course this will not be impossible to happen, and this will require the approval of countries involved with the USD, such as China they are designing a new currency that will kill the USD and they certainly have very big goals in this matter, and countries like China do want to dominate the world and do not want dependence on the US country, So it will be a big problem if the new currency system is going to work, and it will have to have the approval of the community.

On the other hand, we can constantly talk about independence while remaining extremely dependent. It is just the master's permission, so to speak. It is just strange how it is possible to form an independent financial system without the participation of the United States, which is still pulling the strings. And the BRICS countries are also partly dependent on the U.S.

This going back to the old days to continue with the trade by bartter is not going to make sense at all and we can't even live by that looking for people that you are going to exchange your products with to get what you want or another product. Since the USD is the dominant currency now, we have not choice than to continue using it until there is a counter currency that will shift the USD to one corner.
It is going to take sometimes for the dominant currency that is the USD to be replaced by another currency that would reduce the muscles and crazy sanctioning of the United States on countries that do not support her agenda.

Of course there are many financial and financial systems that are not dependent on USD, as we know that the influence of USD is very strong but now many countries want to leave USD and use other currencies, even China is increasingly aggressive to use Yuan and proven effective.

Okay, once again, I'll give you a lesson :)
1. Forget that "largest territory", "largest population", "largest crown", "largest cannon" are anything important, these are all old, primitive, medieval signs of "greatness"! :)
2.  China is an export-oriented, technologically dependent country, with uncontrolled population growth, and an attempt to pass itself off as the center of the world :) Which now has problems that they are trying to solve by smearing their problems on less intelligent "friends" by replacing the dollar in their stocks and settlements with the yuan.
3. In terms of food - they can only CUSTOMIZE, but not PRODUCE agricultural products for export. Although... plastic milk, or rather concentrates, supposedly food products they produce. Very well in third world countries and very backward - you can check on the "dairy products" in russia. If "as if you do not know" - google "cottage cheese burning" and "milk powder from China"  ;D
4. There is a migration of industries from China to India right now - high-tech companies are "moving in" and moving their production facilities. Yes, it's good potential, but it was created by Western companies and technology. By the way, this is a degradation of the economy for China.
5. Conservative consumption is quite logical, because in the West, the capacity of people (many times greater than the population of countries like China and India) has led to a really inadequate consumption of goods that are not needed. It all ends up either going into the trash or being stored somewhere in the pantry. High consumption capacity is not synonymous with "have to buy everything.
6. The fact that in the "biggest countries" The fact that 3 billions often consume only the bare necessities - once again proves that in today's world quantity always loses out to quality :) And it proves that these countries are unable to provide an acceptable standard of living for their people, although "they have high potential" and blablablabla :)

De-dollarization is what I encounter most of the time when reading about global economic news. In fact, there are already several countries outside BRICS members that have also carried out international trade by no longer using Dollars. but the country prefers to use the Chinese Yuan. Even some of the ASEAN countries have also chosen to carry out transactions between countries using their respective local currencies. Gradually Dedollarization will probably become a reality. even if it takes a long time.

In the past, international trade may have used gold and silver as world currency, but that was an old era. And it is possible that we will meet again in this era in the future.

G7 countries haven't exhausted their growth potential and to be honest, word limit doesn't exist in this world! In G7 countries, you have Canada which is the second largest country in the world with over 80% of its uninhabited land, over 40% of land of the United States is uninhabited too. The modern world that we have, throughout the history, was created by Greece, Italy, France, Germany and England. And recently, in modern history, the United States of America and G7 countries have made our world more developed and progressive. BRICS countries are not on their level. Yes, their GDP may takeover G7 GDPs (that will be calculated in USD again :D ) but that means nothing. Higher GDP doesn't automatically mean that individual person's standard of living will improve.

The American Dollar is not that easy to remove and I bet America doesn't spend tons of money on NATO, they won't let it happen. While I personally prefer Dedollarisation, I think that's not gonna end well for all of us.

A new payment method for your business are very useful for Asian countries and also new coin value is highest and living people do the business and did the  register of the new coin and the coin value will be directly impact and more then the dollar value and  other coins and do the settlement of the business documents and damage the usage  and some based on dollar did the will be abandoned .

Do you really think that governments around the world will allow a cryptocurrency like Bitcoin which is totally decentralized to take over the economy and become the main financial system? That will mean that they will have no access at all to their people's finances and financial activities, and everyone will be free to do whatever they want whenever they want with their money without having to prove anything to anyone.

They will never accept that, they won't let Bitcoin be the next financial system to replace fiat, banks will be out of business, politicians who are superior right now and ruling over everyone won't have this much power and governments and authorities won't have any access to everyone's privacy.

The only currency in the world today is the US dollar. Hegemony was established at the Bretton Woods conference. In order to get rid of the hegemony and influence of the dollar, the first choice should be to consume the domestic products of the countries and to trade between them in national currency. But it would be absurd to think that the Dollar's dominance would disappear immediately after doing so. The globalization scam of multinational corporations is actually colonizing countries.

Especially energy exporting countries should be more sensitive in this regard. Saudi Arabia and Russia are required to trade gas and oil in their national currencies in world trade. If they succeed in this in the first place the dollar hegemony that has been going on for years in world trade will be hit. With the integration of cryptocurrencies into our lives we can finish the functionality of the dollar. For example if Saudi Arabia traded with its own coin in oil trade, wouldn't the dominance of the dollar decrease? The most important thing is that a heavy price will be paid for doing so. If we are ready to pay the price, we must begin.

No need man because we already have cryptos. USD is only the primary currency that are being used to measure their value but other currencies can work too. Then there are other precious metals which can also be used in exchange for something because they have their own value.

The local currency that we use except from USD are also independent. Barter is old school but it looks kinda cool too. Lots of us might want to experience it. In some buying and selling groups that I see in Facebook. They have a barter like system where your gadget for example can be traded to the another gadget. Sometimes you are require to add cash if that gadget you are trading has a better specs than yours.

Well, the US are doing all they can to tarnish the reputation of the South African government... even fabricating stories that a Russian ship is being used to ship weapons and ammunition to Russia from South Africa. (without any proof)  ::)

We saw the same thing when the European nations wanted to join together to create the Euro. Everyone was fighting over that and people were skeptical from the start... now the Euro is one of the strongest currencies.

The difference is... the Euro was created by first world countries and it was done by people from the "West"..... now people from third world countries wants their own reserve currency...and suddenly people from the West is criticizing it from all side.  ::)

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

I don't see how taking the power out of the central bank will make things fair (not like it's even possible). The rich will still have Bitcoin the way they have money. Nothing will change. The rich will still keep getting richer. That way they will even find ways to manipulate Bitcoin to suit them.
The world wasn't designed to be fair. However we try to spin it, the world will still be unfair.


We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

Yes, it is possible and there are discussions going on in many parts of the world about it to create a multi-currency system that is not solely dependent on pre-dominated US dollar-based system, and digital currencies such as Bitcoin is also an option. The major economic powers such as China and Russia are already using their national currencies to trade goods and services. However, completely moving away from US dollar poses significant challenges due to complexities involved and need for agreements among nations to establish and accept a new system.

Who are "we" and what kind of narrative do you need to stop pushing?

Gaddafi had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar by proposing the creation of a single African currency backed by gold. Saddam Hussein also had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar, saying that Iraq would sell oil for the euro. Iran started billing oil in euros in 2003, and Hugo Chavez planned to do so in 2005, and Iran and Venezuela also had some shit.

After the collapse of the Bretton Woods system in the early 1970s, the dollar's post-World War II hegemony began to shake. But fortunately for the United States, Henry Kissinger, during negotiations with Saudi Arabia, developed a simple and ingenious system of "dollar recycling" and in 1975 all OPEC member countries began to sell oil only for the American dollar. And not just sell for dollars, but store them in American banks and buy US Treasury bonds. And the IMF used those dollars to lend money to oil-exporting countries. Bingo! Thanks to this, the reins of government of the world were again in the hands of the United States. And any country that challenges the "dollar recycling" system gets some shit in the form of US troops, sanctions, or a coup d'état. Not because the USA is so bad or evil, it's just that the USA is a very systemic country and this system protects its status quo by all available means, reacting to any threats to its dominant position in the world. Blackmail, bribery, murder - when I say "all available" it means really all available, the system has no moral restrictions inherent in man.
 
A financial system independent of the dollar is possible - but you have to be prepared to get your share of some shit when you try to implement it.

It's time to change the manual :) It is already worn out, some pages are falling out, others are stained with greasy and dirty hands of fans of this delusional reading, and it smells strongly of mothballs :)

About Gaddafi - a fairy tale, it was proved a long time ago :) The only thing he did was support terrorism and beautiful sincere speeches, standing on the mountains of the corpses of the people he killed. The results, or rather the last hours of his life, by the way, perfectly showed "the nationwide love of the people for Gaddafi."

the rest are the same fairy tales.

Oil is sold for dollars to all who find it profitable and convenient. The same Russia, only thanks to dollars for oil, was able to create the appearance of greatness. Now Russia is selling oil for yuan and rupees - and what, did it help Russia? The price of oil is "on the floor", yuan and rupees are in the banks of China and India, which forbid Russia to change them into dollars. Iran and Russia are switching to barter settlements, because there are no dollars, and the money of these two countries is just beautiful pieces of paper :)
And the rest, including China, India and others, continue to trade comfortably and conveniently on the international market for dollars!

PS A global financial system is also possible on cowrie shells. The only question is why? :)

The idea of a dollar-free financial system is just the beginning, it is difficult to say whether they will succeed or not. And honestly, I doubt the success of these ideas, but that doesn't mean the dollar will rule forever. Maybe this revolution of China and Russia will not succeed soon, but there will certainly be another revolution in the future, and the dollar will be replaced or eliminated it is only a matter of time. Because the history of mankind has proven, there is no powerful empire that has not been replaced over time.

Regarding the part of the dialogue about China and Russia - Russia for China is a raw materials appendage, and "a toy to intimidate the West." Game over...

"The United States does not support Taiwan independence and does not intend to enter into conflict with China
This was announced by US Secretary of State Anthony Blinken during a meeting with Chinese leader Xi Jinping in Beijing.
The PRC leader added that the United States should respect China's position and not harm the legitimate rights and interests of the country. Xi Jinping expressed hope that the United States will take a rational and pragmatic stance towards China."

This means that now the fate of Russia, if it is of interest, is only as a new territory of China or a raw material appendage with a short lifespan.

Regarding the "non-dollar international financial system" - now you can easily prove to yourself, without wanting it, that this is not interesting to anyone. Not China. Neither India. It is beneficial only as a populist slogan in the hands of those who have neither dollars, nor a normal economy, nor any weight in the world economy.

And so the question is - explain the real purpose, benefits, security and convenience of avoiding the dollar, as an inter-border settlement system? Just do not use "slogans", but a pragmatic, reasoned explanation?

Rather, Henry Kissinger's system has become outdated over the 50 years of its existence and has begun to falter. Discord in relations between the US and Saudi Arabia has become a rough crack in the foundation of this system, which is why now there is a good chance to dismantle and destroy it completely.

An even deeper rift in relations between the US and the UAE, hence the problems in the effectiveness of the I2U2 alliance, which was created to counter the threat of China's economic expansion into the Middle East and seems to be doing a poor job of this task. The United States now has very serious problems with influence in the Middle East. Arabs do not like being deceived.

for me it not actually about assets being dependent on the US Dollar. It just happened that dollar is more dominant among other currency which makes it relevant to every transactions and investment. I see it in a way that is all about market correlation. That how forex transactions was affected by inflation, which is affected by bonds, which is affected by companies then stocks, come to indices, then to metals, commodities then other risk assets like real state and BTC. 

Well yes, it's important to have this kind of insight because in tackles about global finance but for me keeping it simple works better expeciallt on analyzing an asset. I commend OP and thread contributors of information for their research.

The USD has more dominance in any section of economy, trades, stocks, investment, just name it. It is going to be hard for the Yuen as an adopted new currency to outperform and replace the dollar. We talking about world dominance ya all.
It is not a bad idea for BRICS nation and G7 nations to think up an alternative to the dollar because of its current rate, but the thoughts of how the world economy would be affected should be considered. There will of course be a thussle for balance and am sure the U.S financial regulators wouldn't just sit around and let this happen.

So yes, there could be a financial system not dependent on the USD, but not in the next 10years.

We are currently in a currency war between China and the United state and is likely that the new financial system is around the corner, China is not relenting in its agenda to overshadow the United state and its US dollar hegemony, to have the Chinese currency (The digital Yuen backed by digital SDR) become the world reserve currency. This is the reason why the Bricks nation is recently making News headlines and other countries are joining them in this agenda.

FED's reaction to the 2008 mortgage crisis pushed everyone to be more cautious about the dollar. After this economic collapse, we cannot deny that the whole world is in search of a new path. However, I don't know if the alternative created by Brazil, Russia, India, China and South Africa is the right alternative. Recently, this economic cooperation includes other countries and is growing. However, I still have doubts about it being the right alternative.

The dollar is the global reserve currency and most importantly a government currency. I think the BRICS is no different from the dollar and is under the influence of governments. I think we should talk about ways to make a mass revolution in cryptocurrencies and Bitcoin.

Yes, it’s quite possible but there’s going to be “repercussions” from the UN and the rest of its allies if a country were to decide they wanna cut ties with the USD moving forward. They can use Gold and Oil like Saudi Arabia and the rest of the Middle East, or other forms of stores of value like other countries not affiliated with the US but it will all hoil down to them finding an alternative store of value/reserve currency to make up for the absence of USD. Plus they also have to ready themselves in the military sector to make sure that they’d be ready should retaliations from the west commence cause we all know how the US works when things don’t go their way.

In the end it is possible but it requires resources and balls of lead to actually carry it out.

Ah, the good old dollar supremacy narrative. It's as American as apple pie, isn't it? Certainly, Gaddafi and Saddam challenged the dollar, and yes, they met rather unpleasant ends. What a jolly coincidence, no? Yet, isn't it fascinating how you've painted a panorama where the U.S. is this all-seeing, all-knowing puppet master, controlling the strings of the world economy? Sure, the "dollar recycling" system did give the U.S. quite a stranglehold on the global economic scenario. But claiming that any attempt to break free from the dollar equals a date with destiny in the form of U.S. troops or sanctions is, shall we say, a touch melodramatic?

As for countries like Iran and Venezuela, their economic woes can't simply be reduced to their dollar-defying ambitions. A cocktail of domestic mismanagement, corruption, and political instability had their hands in the cookie jar too. Developing a dollar-independent financial system? Sure, go ahead. Just keep your boots laced and ready for some 'fun' times.

The most ambitious attempt to create a financial system independent of the dollar in recent history is the creation of a single European currency. The euro began to circulate on January 1, 1999, and already in March the Europeans got their portion of some shit in the form of the bombing of Yugoslavia. The current conflict in Ukraine fits into the scheme of the second series of some shit for Europe, because it was actively provoked by the US (and prudently out of the EU UK) organization of the coup in Kiev in 2014. There is no melodrama in this, only business. For the opportunity to continue living with trillions in budget deficits for decades, you can arrange even more shit for your competitors. ;D

BRICS is like Nato, and if they can create a financial system that doesn't depend on USD, their currency will be like USD. But what we need to be more concerned about is that they are creating a more just world, the world's power will be balanced without having to depend on anyone or the domination of a dictator.

It will be very difficult for BRICS to overthrow the USD empire, and it will take a long time. It is difficult to say whether it will succeed or fail, but if we want the world to be just, free from rulers, we have every right to hope that the BRICS will succeed.

Honestly, between being under the supremacy of Dollar, Yuan or any other currency launched by third world countries under the surveillance of China, which one would you prefer? Better to continue using Dollar as parameter and I guess even the businessmen from BRICS' countries would prefer that, because that is the best alternative we have so far, since it's bringing relative stability to global economies.

If we were using any other currency as parameter, economical crisis would be much worse, while at same time we would be feeding dangerous tyrants like Putin and Chinese Communist Party.

The idea of creating a BRICS' currency is being spread recently by the president of Brazil, who has also already suggested the launchment of a currency for South American countries. But that is bullshit, because they have no credibility to launch anything solid and legit, due to the history of crimes and lies commited.

Gaddafi was killed by his "loving citizens". And not the "gold standard" or something else "fabulous". He was killed with anger, malice and a desire for REVENGE! For hundreds of thousands of killed relatives, for tens of thousands of tortured ones! For his totalitarianism and the arbitrariness that he arranged in the country, whose citizens could live in a free, happy world ... But he decided that he was a "god", and had the right to control destinies and lives! The "fairy tale" about his supposedly "gold standards", "irrigation of all Africa", "immeasurable love for the importance of the entire people of Libya and the entire continent" - from year to year "pumped" by his manual media, propaganda and other supporters of the totalitarian, anti-human regime. That is why it was destroyed by the citizens of Libya, and not, for example, by the "Americans" ... The Americans wanted to judge him, by an open international court, for crimes against people. I see you have not gone beyond the age when you believe in fairy tales and deny reality! :)


Everything else is an attempt to "pull an owl on the globe" :)
I understand it is difficult for you to understand reality when you have only conspiracies in your head, reptilians, persuasion to trade oil only in tetrapak containers and only liquid and only fat and only for a dollar ...
The essence of the dollar is a unified, convenient, stable system of mutual settlements for all, for countries with different currencies. Including countries with unstable currencies, which is very important, of course, if you are familiar with the economy.
It's like the whole world uses non-cash accounts and interbank transactions, and you say - nooo, cowrie shells and barter is freedom, and cashless payments are a conspiracy of the world, but it was very convenient to change apples for tires and gasoline ... or on the skins and quills of a porcupine! :)))


PS Tell me, why is it that the "great USSR" and the same "great Russia" do not trade everything and with everyone for "strong and secure rubles, and not candy wrappers of the US Federal Reserve"? The answer, of course, is on the surface - who adequately needs these worthless candy wrappers of the USSR / Russia!
But out of respect for you, as an interesting opponent, in the past, I will listen with genuine interest to your "original" theory! :)

Well, why doesn’t it trade, have you already forgotten how much noise Putin’s statement made in Europe last spring that gas for buyers from unfriendly countries will now be sold for rubles? True, there is a more complex scheme with the automatic exchange of euros for rubles, but it still works today, thanks to this scheme, Gazprombank is not under Western sanctions.

With each BRICS country, Russia has a bilateral swap in national currencies, and one side of this swap is the Russian ruble.

The problem with switching to trading in rubles is that the ruble is not a freely convertible currency, like the Chinese yuan and the Indian rupee. Another problem is Russia's trade surplus; it is unprofitable for net-exporting countries to trade in their national currency, because it helps to strengthen it. Russia benefits from a weak ruble, while China benefits from a weak yuan. Therefore, your phantom fears that China is trying to replace the dollar with the yuan are absolutely groundless - this is tritely unprofitable for China. But you seem to be too keen on politics or too little versed in economics, although one does not exclude the other.

ps I'm not a big fan of conspiracy theories, but this story about "dollar recycling" and how important for US hegemony the exclusivity of the dollar in any oil deals is not a conspiracy theory, but an open secret.

Certainly, the notion of Dollar's dominance as the international reserve currency holds merit. Its steadiness and worldwide acceptance are key to global growth and trade. Yet, we must consider the uneven impacts it inflicts on various economies.

America's 'exorbitant privilege' from its currency's global status can invite economic instability for other nations, especially the emerging ones. A swift shift in the Dollar's value can profoundly influence these economies, altering their export viability and debt loads.

The idea of a BRICS or South American currency should not be discounted based on past experiences. Success hinges on strong governance, firm financial infrastructure, and trustworthy monetary policies.

This is not the only reason that limits the success of this ambition, because all BRICS countries cannot isolate themselves internationally after creating a dollar-free system. This is in addition to the savings of those countries in foreign currency, which are in large part in dollars in the form of government bonds. The most that these countries can do within the framework of an economic alliance is to diversify the exchange currencies to include their local currencies, otherwise there is no sense in the first place to abandon the dollar without agreeing on a real alternative. The world seems optimistic about the news about limiting the use of the dollar, but no one thinks that this is not practically possible, at least in our days.

Noise ? The noise was only in the ears of those who wanted it to be noisy!
What's more - most of them just sent russia on an "erotic long walk". :)
And let's be HONEST - no one was selling anything for RUR ! They created a scheme that they tried to pass off as "Russia's victory, and the power of Putin's word, but... In fact, and everyone knows this, including YOU, the purchase took place and continued to take place for EUR and DOLLARS. No one from the importing countries has ever bought RUBLES. Dollars and Euros were deposited into special currency accounts in a Russian bank, in amounts according to the prices in EUR/DOLLARS (note - there was not even a price in RUB). And then, the bank sold this currency on the MICEX, for rubles, and these rubles were credited to the oil suppliers. Where is the sale for rubles here? Am I lying ? Let's check it out ? :)

About BRICS - yes yes yes  ;D
Some of the rupees and yuan, India and China never transferred, moreover, according to the transferred amount - prohibited to exchange into DOLLARS. And very strongly restrict any transactions in these rupees and yuan ! Maybe I'm lying ? Let's check ? :)

It is possible of course as long as many nations will agree together not to use it. OP is talking about the Chinese-made BRICS which makes its members trade to pay the Chinese Yuan. So from USD to CNY? What's the difference then? Aside from direct benefits for countries using USD or CNY, generally speaking, there is nothing new since it is just like transferring from one to another currency. And Communist China is nothing special either to those that hate the US and its exploitations. 

I would like to see countries using their own currencies when buying and selling. Or at least free to use their own currencies when trading.

Yes it is possible for a new financial system to emerge that is not dependent on the USD. The USD has been dominant currency in the global financial system for many years, but there are several factors that could lead to a shift away from this system. One of the main drivers of this shift is the increasing economic power of emerging markets such as China and India. These countries have been working to develop their own financial systems and currencies, which could eventually challenge the dominance of the USD. There are concerns about the stability of the USD as a reserve currency. The US has a large national debt and a trade deficit, which could lead to a decline in the value of the currency  in the long run. There are already alternative currencies and financial systems that are gaining popularity, such as crypto currencies like Bitcoin. These currencies are decentralized and not tied to any government or central bank, which makes them attractive to some investors.

We have seen some deals of oils being done between  Russia, china and Saudia Arabia and they are willing to accept currency other than the US dollar. If this trend continues, countries will transcat in other currencies and therefore they will also be lowering their US dollar reserves as those who had more US dollar reserves would considered to be the strong nations.

Bitcoin may not replace US dollar instantly because world super powers would like to keep the financial and money printing power in thier hands.

"It is possible of course as long as many nations will agree together not to use it." - Can you state the real, useful purpose of such a decision? The answer "get rid of the yoke of the dollar" is a simple and empty slogan, behind which there is nothing. So far, no one has been able to explain to me "the well-known principle" how the dollar interferes and "destroys foreign currencies" :) Seriously. Everyone repeats this slogan - but they CANNOT answer the question "how does this happen" :)

"I would like to see countries using their own currencies when buying and selling. " - Guess what the whole world did over 50 years ago? I answer - they left just such a very inconvenient, complex and costly scheme in international settlements!

I will simplify the understanding - you go to a large market, and buy food for the whole family at home. You have American turkey, Polish apples, Thai pineapple, Greek olive oil, chocolate, Dominican cigars, a bottle of New Zealand wine, Norwegian salmon fillets, and let's have Argentine langoustines.
You come to the checkout and the cashier says to you: please pay: 5.75 us dollars, 120 zlotys, 60 baht, 200 drachmas, 210 Ghanaian cedis, 78 Dominican pesos, 20 New Zealand dollars, 5 NOK, and 56 Argentine pesos!
Do you like it this way? Comfortable ?

I'm sure you understand why the world REFUSED from the multi-currency world market? And I chose a more universal means of estimating the cost!

Yes it is possible to create a new system that is not dependent on the USD. In fact, there are already alternative systems in place, such as cryptocurrencies and bartering systems. Cryptocurrencies, such as bitcoin and ethereum are decentralized digital currencies that operate independently of governments and traditional financial institutions. They allow for peer to peer transactions without the need for intermediaries such as banks. Bartering system involve exchanging of goods and services directly without the use of money This type of system has been used for centuries and is still used today in some communities. It is important to note that the USD is currently the dominant currency in the global economy and any new system would face significant challenges in gaining widespread adoption.

You're forgetting a nuance. These are local, limited solutions. When anywhere in the world you can buy milk, gasoline, rent a hotel, buy a flight - for cryptocurrency or barter, then we can talk about substitution, and the examples you gave are a bit larger than barter exchange or valuation for cowrie shells on some islands.

The advantage of the dollar is that it is 100% liquid everywhere and for all purposes. Everywhere and for ANY transaction ! I don't ask the question about cryptocurrencies, as everything is clear there - which half the world considers to be an outrage and the rest of the world looks suspiciously limiting by the legal framework. And tell me how do you see the realization of barter trade, as applied to small business or ordinary citizen? Do you want your favorite network to switch to barter? How would you buy 12 eggs or a kilo of bananas? Describe what you think a barter payment scheme would look like at the cash register ? :)

Well, in theory, a new financial system not based on the dollar could exist. But the currency of such a financial system must have the same liquidity as the dollar, that is, it must be freely bought, sold and exchanged in almost all countries of the world. It would also be good if such a currency were not the national currency of any state so that such a state would no longer dominate the financial market in the world, like the United States now.
Cryptocurrency will not be suitable for this purpose, at least in the foreseeable future, since most states will not want to take such risks.
Going back to barter also makes no sense. It is not for nothing that the evolution of financial relations, through centuries of practice, has moved to money in its various forms as a more convenient and higher format for the development of financial relations.

Theoretically, this system can be achieved on a small scale. This means that a country can cut off all its economic ties abroad and establish either a financial system that relies for its resources on its own capabilities only, or establish a system that depends on external connections in currencies other than the dollar. The second possibility would assume that this system would never be worth buying products in dollars, which is a little difficult, if not impossible, in a global economy that depends on the dollar.
As for the second hypothesis, which is the establishment of a global system without the dollar, this is theoretically possible, but almost impossible in practice. The dollar did not reach this position overnight, and that required decades of development accompanied by developments in the global economy.