What If?

[lumbanrang]

Currently, several countries have started to use their currencies in international trade., for example, as China and Indonesia did, these two countries used Yuan and Rupiah in their transactions, they agreed not to use dollars in their transactions. However, we cannot deny that international trade still requires the dollar as a legal currency (for now), because according to the Bretton Woods agreement. It is certain that there will be many countries that will start to leave the dollar in their trade in the future but not to accept the dollar I think it is still impossible.

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[Mauser]

We recently saw the USA is thinking about another sanction to Russia. We know this will take a negative impact on Russia's economy. But what if Russia ally like a chain, Iran and other countries stop accepting US dollars for import and export goods from other countries. We all know China has one of the biggest markets in the world and in 2020 USA imported $434.7 billion worth of goods from China. So what will happen if the Anti-USA countries agreed to this and stop accepting us dollars. Actually, I want to know is it possible for them to do that? What is your opinion about it?

In my opinion this is possible, but not very likely. It would mean the escalation of the currency war and be bad for international trade. It would likely mean negative impacts on all the big economies. You are right that many countries are against the dominate position of the US Dollar and would like to change that. The problem is that all the countries would need to agree on a new currency to settle all the international trade. Both China and Russia would probably only agree if their own currency becomes the new world currency to be used. As for the smaller countries like Iran, they would probably ask for some monetary benefits to be part in the new system. The US Dollar is losing power every year, but to completely replace it it seems to early. Maybe an independent crypto currency could be the solution and a compromise for all countries.

[RealMalatesta]

In my opinion this is possible, but not very likely. It would mean the escalation of the currency war and be bad for international trade. It would likely mean negative impacts on all the big economies. You are right that many countries are against the dominate position of the US Dollar and would like to change that. The problem is that all the countries would need to agree on a new currency to settle all the international trade. Both China and Russia would probably only agree if their own currency becomes the new world currency to be used. As for the smaller countries like Iran, they would probably ask for some monetary benefits to be part in the new system. The US Dollar is losing power every year, but to completely replace it it seems to early. Maybe an independent crypto currency could be the solution and a compromise for all countries.

We have seen Europe getting together and building euro, and they are all using that right now so we could say that it is not impossible. If places like China and Russia get together and create a new currency, even if just those two, I am sure that they will convince some other nations as well, not a lot, not as powerful as USA or Europe, but at least it would be a good start. Just imagine only Russia and China using the same currency, that alone is scary though for Europe and definitely for the USA.

This is why it would be wiser move from them but they are too nationalistic to do something like that, both will want their own currency to be accepted by the other nation.

[wxa7115]

 The USA has enough power to build most stuff themselves, that's a reality. They get some stuff from china because that is cheaper to do and that is how they make money, some pencil that you can get for 10 cents per each on a ten thousand order, becomes 20-25 cents at least, when you do it in the nation. So that is the reason why most capitalists go to China and deal with that. But if they start doing it in the USA because China stops taking dollars? Well then there would be tens of thousands, even hundreds of thousands of jobs starting out and that would help both employees and also salaries as well since people could find jobs easier.

It is unlikely that China is ever going to stop accepting the US dollar, after all the US is the biggest commercial partner of China and they cannot give themselves the luxury of losing it.

And if they did that then US companies will leave China in a heartbeat and move to other countries that offer cheap and qualified labor, leaving China without dollars, jobs and new technology to steal, so it is obvious they will never do something like this.

[Congyang]

In my opinion this is possible, but not very likely. It would mean the escalation of the currency war and be bad for international trade. It would likely mean negative impacts on all the big economies. You are right that many countries are against the dominate position of the US Dollar and would like to change that. The problem is that all the countries would need to agree on a new currency to settle all the international trade. Both China and Russia would probably only agree if their own currency becomes the new world currency to be used. As for the smaller countries like Iran, they would probably ask for some monetary benefits to be part in the new system. The US Dollar is losing power every year, but to completely replace it it seems to early. Maybe an independent crypto currency could be the solution and a compromise for all countries.

We have seen Europe getting together and building euro, and they are all using that right now so we could say that it is not impossible. If places like China and Russia get together and create a new currency, even if just those two, I am sure that they will convince some other nations as well, not a lot, not as powerful as USA or Europe, but at least it would be a good start. Just imagine only Russia and China using the same currency, that alone is scary though for Europe and definitely for the USA.

This is why it would be wiser move from them but they are too nationalistic to do something like that, both will want their own currency to be accepted by the other nation.

Like it or not, they are still moving in the same direction until now and indeed one country is already quite troublesome and can become a benchmark for the economy after America.
I can't imagine if this could happen.
even though they weren't very strong at first when they made their own currency now but gradually I think they could even overthrow Europe and even America.
to say they are nationalists I totally agree with what you say

[Silberman]

Inflation is largely the concern, USD won't take a hit because Russia decides to tank their economy further with a pointless war. Only reason for a spiral would be if the situation in Ukraine escalates beyond just the two countries, forcing the U.S. to get involved.

I do not think Ukraine is that important to escalate a world war. There is not much Russian interest there except Ukraine from joining NATO. Nobody wants to have a hostile neighbor. It will be wise for Ukraine to be a buffer state if he doesn't want to be the meat in the sandwich. Putin just showing off his power to the Russian nationalist because he doesn't have any gains to show his people. This tension to become a world war is near to zero.

I agree that the chances of this becoming a world war are very low but it could easily become a proxy war, and if there is something the US does not need right now is a proxy war, after all wars are very costly endeavors and the US does not have the money to spare to engage in one, and even if we know they can print as much money as they want, it is not really a good idea to do so now that inflation is so high and it will go way higher if they did something like that.

[DrBeer]

Inflation is largely the concern, USD won't take a hit because Russia decides to tank their economy further with a pointless war. Only reason for a spiral would be if the situation in Ukraine escalates beyond just the two countries, forcing the U.S. to get involved.

I do not think Ukraine is that important to escalate a world war. There is not much Russian interest there except Ukraine from joining NATO. Nobody wants to have a hostile neighbor. It will be wise for Ukraine to be a buffer state if he doesn't want to be the meat in the sandwich. Putin just showing off his power to the Russian nationalist because he doesn't have any gains to show his people. This tension to become a world war is near to zero.

Wrong assumption built on Russian propaganda. I explain - the Baltic countries are ALREADY IN NATO. The time for the missiles to fly, if they are placed there, is a matter of minutes. Now Finland, already bordering Russia, says "we also want to join NATO" and for some reason it is "not dangerous" for Russia, although the distance there is generally scanty. To St. Petersburg 200 km, to Moscow - up to 800 km.
Well, and most importantly, Russia invaded Ukraine, not when Ukraine wanted to join NATO, but when the Ukrainian people showed how to deal with the totalitarian, thieves, illegal authorities. And for Putin, the loss of the throne is the worst thing that can happen to him. The under-furrer of the rashists has a huge amount of paranoia and complexes, and Ukraine has become a sort of "bone in the throat" that seeks to live and develop independently, and strives for world values, and not the values ​​of half-savages, half-Nazis, as in Russia. But only then, having been attacked, Ukraine decided to keep the vector towards NATO, for ITS PROTECTION. Or is it the other way around? Arguments please!

[so98nn]

Inflation is largely the concern, USD won't take a hit because Russia decides to tank their economy further with a pointless war. Only reason for a spiral would be if the situation in Ukraine escalates beyond just the two countries, forcing the U.S. to get involved.

I do not think Ukraine is that important to escalate a world war. There is not much Russian interest there except Ukraine from joining NATO. Nobody wants to have a hostile neighbor. It will be wise for Ukraine to be a buffer state if he doesn't want to be the meat in the sandwich. Putin just showing off his power to the Russian nationalist because he doesn't have any gains to show his people. This tension to become a world war is near to zero.

I agree that the chances of this becoming a world war are very low but it could easily become a proxy war, and if there is something the US does not need right now is a proxy war, after all wars are very costly endeavors and the US does not have the money to spare to engage in one, and even if we know they can print as much money as they want, it is not really a good idea to do so now that inflation is so high and it will go way higher if they did something like that.

Correct, USA on the other hand is already getting inflationary stages all over again and it could be bad if they go into some sort of war here. Loosing those billions on import export could turn the USA upside down. Believe me, USA will never go into stuff like this. With the pandemic and less seriousness of peeps in USA, the spread of disease is rogue and they would not be able to handle the medical system if this continued for more time further.

It would be like throwing oil into the fire at this stage and USA would burn inside out.

I hope that Pentagon does have these sort of soft hearted thinking, otherwise "common peeps" will face the consequences for the same.

[DrBeer]

In my opinion this is possible, but not very likely. It would mean the escalation of the currency war and be bad for international trade. It would likely mean negative impacts on all the big economies. You are right that many countries are against the dominate position of the US Dollar and would like to change that. The problem is that all the countries would need to agree on a new currency to settle all the international trade. Both China and Russia would probably only agree if their own currency becomes the new world currency to be used. As for the smaller countries like Iran, they would probably ask for some monetary benefits to be part in the new system. The US Dollar is losing power every year, but to completely replace it it seems to early. Maybe an independent crypto currency could be the solution and a compromise for all countries.

We have seen Europe getting together and building euro, and they are all using that right now so we could say that it is not impossible. If places like China and Russia get together and create a new currency, even if just those two, I am sure that they will convince some other nations as well, not a lot, not as powerful as USA or Europe, but at least it would be a good start. Just imagine only Russia and China using the same currency, that alone is scary though for Europe and definitely for the USA.

This is why it would be wiser move from them but they are too nationalistic to do something like that, both will want their own currency to be accepted by the other nation.

Such an attempt has already been made! In Russia, since the days of the USSR, they have been playing the game "let's destroy the dollar." So far, it has only been possible to destroy the USSR and bring the Russian Federation to bankruptcy
So, after Russia deservedly stuck new sanctions, they decided to heroically "defeat the United States and collapse the dollar," and what needs to be done for this? That's right - to negotiate with China, and abandon the dollar, Yu. with particular cynicism. What is Russia doing? Russia is buying huge amounts of yuan to start "destroying the nasty US dollar". It takes only a couple of months and .. do not want to remember what happened? Let me remind you - the yuan has fallen sharply! The results of this "mega-insidious deal against the USA" turned out to be losses of the Russian Federation for many billions of dollars. And this will always happen - "shoot yourself in the foot", this is Russia's favorite entertainment And most importantly, China needs a dollar. And as China tells Russia, then they will carry their Mr. Xi in their pockets

[Marvell1]

In my opinion this is possible, but not very likely. It would mean the escalation of the currency war and be bad for international trade. It would likely mean negative impacts on all the big economies. You are right that many countries are against the dominate position of the US Dollar and would like to change that. The problem is that all the countries would need to agree on a new currency to settle all the international trade. Both China and Russia would probably only agree if their own currency becomes the new world currency to be used. As for the smaller countries like Iran, they would probably ask for some monetary benefits to be part in the new system. The US Dollar is losing power every year, but to completely replace it it seems to early. Maybe an independent crypto currency could be the solution and a compromise for all countries.

We have seen Europe getting together and building euro, and they are all using that right now so we could say that it is not impossible. If places like China and Russia get together and create a new currency, even if just those two, I am sure that they will convince some other nations as well, not a lot, not as powerful as USA or Europe, but at least it would be a good start. Just imagine only Russia and China using the same currency, that alone is scary though for Europe and definitely for the USA.

This is why it would be wiser move from them but they are too nationalistic to do something like that, both will want their own currency to be accepted by the other nation.

I think, the United States will no longer be able to exercise arbitrariness if Russia unites with other countries, including China, which are proven Anti-US.
In various cases, we have seen the dominant action of the United States.

• Buying Russian-made weapons could lead to sanctions
• US imposes sanctions on RAB
• Repeated sanctions on Russia

Seeing all this, it is clear that the United States is claiming all services.
But if its opponents unite and protest, especially if Russia forms an alliance with a commercially powerful country like China.
And if they stop accepting US dollars, then the United States will be in a state of disarray.

And yes, we've seen countries in Europe come together to form the eurozone and use the euro as a single currency.
So, it is hoped that Russia, China, and other Anti-US countries will come together to bring about a major change in the world.

[Sebas.tian]

Currently, several countries have started to use their currencies in international trade., for example, as China and Indonesia did, these two countries used Yuan and Rupiah in their transactions, they agreed not to use dollars in their transactions. However, we cannot deny that international trade still requires the dollar as a legal currency (for now), because according to the Bretton Woods agreement. It is certain that there will be many countries that will start to leave the dollar in their trade in the future but not to accept the dollar I think it is still impossible.

It will be difficult for such countries that want to leave dollar and start using their own currency on international trade. Since dollar is more popular in the world  than any other currency which is very easy for traders to accept  in foreign exchange market.

Those countries trying to leave dollar to their own currency will experience some challenges in their economy and international market because some of the things many countries are using today are be imported from US  because many companies prefer dollars for payment than any other new currency. It will be difficult for such countries to live without dollars because some country that tried it some years ago regretted for such decision at the end of the agreement.

[takngantuk]

We recently saw the USA is thinking about another sanction to Russia. We know this will take a negative impact on Russia's economy. But what if Russia ally like a chain, Iran and other countries stop accepting US dollars for import and export goods from other countries. We all know China has one of the biggest markets in the world and in 2020 USA imported $434.7 billion worth of goods from China. So what will happen if the Anti-USA countries agreed to this and stop accepting us dollars. Actually, I want to know is it possible for them to do that? What is your opinion about it?

it may depend on mutual agreement. but if it happens it will be a big blow for the USA. maybe the impact will be more severe than the US sanctions against Russia. because it will have an impact on the global economy, not just the USA. plus US inflation which is already very high, will exacerbate it.