What If?

[Fortify]

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's bad for the whole world when these little kingdoms start appearing - it only benefits a few "elites" sat at the top. Russia has an economy which is a similar size to Italy, which is strange for the largest country in the world by land mass, it shows the sheer incompetence of the leadership that they would rather bully neighbors and run their little oligarchies while the average Russian lives a tough life. Iran is a very beautiful country and it's a shame that Israel holds so much sway over America and that they both feel the need to be enemies, however it is even more economically stunted because of decades of sanctions. China is already allies of convenience with Russia, but would switch that in a second if it benefits them, as they got rich by selling to other developed countries and that is where they make the most money - they'll definitely take Russian resources however.

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[Kakmakr]

That will be a political decision that would cut their own face..as they say. The rest of the world accepted the US Dollar as a global reserve currency, so they would effectively harm those countries too. The other countries might be neutral and a decision like this will alienate them and they will also start with sanctions and/or trade restrictions against these countries. 

It is not impossible to do this, but the ripple affect in the global economy will do them more harm than good in the end. China and Russia are dependent on a lot of resources from other countries too. 

[wxa7115]

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?

Instead of not accepting the US dollar I think that if they want to get back at the US for their sanctions the easiest thing they could is to begin to use the reserves they have in dollars, this will raise the level of inflation at the US as eventually those dollars find their way back to the US worsening the economic prospects of the US in the process.

Also if they did what you suggested that will be the equivalent of declaring an open economic war against the US, which they probably do not want, but if they began to use their reserves instead then no one could blame them for the higher level of inflation the US will have to face.

[davis196]

Theoretically it's possible for Russia and China to bind their national currencies at a fixed rate and trade between each other by using their own national currencies.Returning to the Gold standard isn't an option,because both countries lack enough gold reserves.
Nobody is saying that two countries can trade with each other only by using USD or euro as a medium of exchange.
Moving away from the SWIFT system will be a little harder for Russia and China.Building a new payment infrastructure would require lots of resources and improved security.
Insulating Russia and China from the western world would bring them more damage than benefit.

[Darker45]

It is possible, of course, but with the amount of leverage the US has with other countries, the result would be detrimental rather than beneficial to the country. The Unites States of America remains as the most powerful country in the world. It remains very influential in world affairs.

Everything would boil down to asking, what would a country gain or lose if it rejects the USD in trades and other international dealings? For now at least, the loss would be unbearable. The gains might be minimal to none at all. The rejection of the USD will have a tremendous ripple effect to the country which would include trade, loans, grants, foreign investments, military, and so on.

AFAIK, countries didn't accept dollars are include Republic of El Salvador which is are now embracing Bitcoin and there are more of them.

Nope, the US Dollar is the official currency of El Salvador. It is the country's legal tender.

[Dave1]

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?

Technically they can do that, however, will it be successful? I doubt it. As much as they the US, still the dollar still reign supreme in the world economy so I don't think that there actions will put a dent on the US. On the contrary, it could back fire on them as no one might want to trade with them if they are not going to use the Dollar.

[arwin100]

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?

Technically they can do that, however, will it be successful? I doubt it. As much as they the US, still the dollar still reign supreme in the world economy so I don't think that there actions will put a dent on the US. On the contrary, it could back fire on them as no one might want to trade with them if they are not going to use the Dollar.

They always think about that USA will always be the supreme power towards economy that's why they think about other countries will suffer if they limit their trades on thay specific country, but actually as you said this could backfire to them knowing Russia is a big country and they can boycott America together with countries who has alliance with Russia so I think this could affect the economy of USA so proper actions is needed here. And lets hope that there's no war will burst on conflicted countries.

[laredo7mm]

That will only happen if the Russians decide to attack Ukraine. Which is highly likely. Now Ukraine has an extremely small army and they would not be able to defend for sure. It's important to actually sort these things out because at the end this could not just involve Russia and Ukraine but can also cause the start of a new world war. If this can be attained by doing things like sanctions and not deploying the troops and fighting on the border then I do think that's good. Their currency is falling and I do think that cryptos would be helpful for the people during this time.

I don't think if Russia occupies Ukraine then America or NATO will be fully involved in the war.  They can co-operate with Ukraine with arms and money.  Even when Russia occupied Crimea, we did not see any US or NATO direct involvement in the war.  America knows very well that the situation is not the same as before.  Even if the United States were ahead in terms of a single power, if Russia and China joined together, the United States could lose its leadership over the world.  Inflation and corona attacks are also destroying the US economy.  In such a scenario, America would never want to engage in a war where their interests are not directly harmed.

That will be a political decision that would cut their own face..as they say. The rest of the world accepted the US Dollar as a global reserve currency, so they would effectively harm those countries too. The other countries might be neutral and a decision like this will alienate them and they will also start with sanctions and/or trade restrictions against these countries.  

It is not impossible to do this, but the ripple affect in the global economy will do them more harm than good in the end. China and Russia are dependent on a lot of resources from other countries too.  

If they really take such a measure then they will surely build an infrastructure to replace US dollars supremacy. They just can not declare that they will accept the US dollar no more which will be politically inconvenient for them. But Russia already suffered due to US sanctions to them over the decade and still manage to survive that harsh conditions. So I will not be surprised if they really take such a measure with china and other Anti-USA countries.

China became the world's largest economy and the USA economy weakened due to history's worst inflation, Putin and Xi Jinping could see this as an opportunity to destroy USA dominance over the world.

[Silberman]

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?

Technically they can do that, however, will it be successful? I doubt it. As much as they the US, still the dollar still reign supreme in the world economy so I don't think that there actions will put a dent on the US. On the contrary, it could back fire on them as no one might want to trade with them if they are not going to use the Dollar.

They always think about that USA will always be the supreme power towards economy that's why they think about other countries will suffer if they limit their trades on thay specific country, but actually as you said this could backfire to them knowing Russia is a big country and they can boycott America together with countries who has alliance with Russia so I think this could affect the economy of USA so proper actions is needed here. And lets hope that there's no war will burst on conflicted countries.

What happens is that the US has always had a dominant position when it comes to the power of its economy that they are used to try to get their way using those kind of measures, which is no that bad, after all if the other options include going to war against Russia then a few sanctions to weaken their economy are not as bad as them, however those very same sanctions could become the reason why Russia decides to eventually attack and annex Ukraine as they would want to offset the costs of those sanctions that way.

[so98nn]

USA is not on the right track to be honest. First the economical burden is rising all the time due to pandemic situation and secondly they are going towards inflationary world.

I think this is really bad to see USA is sanctioning proposals which are more threats to them. I’m surprised to see that USA has made multi billion business deals with china and if they loose the china deal then GOD knows what USA could turn into?

Inflated country which is having lowered economic growth. Can’t imagine this with USA.

[Gyfts]

Good for the global economy that the countries that are "anti-USA" are hell holes with developing economies not large enough to compete with some U.S. states. USD does not have any issues in the near future in regards to trade. No matter the invasion of Ukraine, China will continue to do business with the U.S.

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.

[laredo7mm]

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.

[Reid]

Shocked with the what if and the answers. This is mostly the discussions while in front of a lot of beers. 
So what if? It will be a hard hit with their economy especially with China. Not that I think it's only US that orders great deal of production from them but other countries are also paying up in the same currency because that is the widely accepted one. You say "dollar" it will always be USD on their mind. That's the first thought. It will be a worldwide economic problem as they are still on top of the currency chain. (food chain)

[ChiBitCTy]

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?

Doing so, at present moment would not be very wise.  There's a reason that the US dollar is the worlds reserve currency and that's because the United States has the worlds best economy.  Personally I don't see that changing any time soon. 

This whole US / Ukraine deal is a mess and I hope that it ends sooner rather than later.  Personally I'm sick of these countries be shit to one another.  I just don't understand why we can't all work together and get along.  Things would be so much better that way.

[Captain Corporate]

 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.

[Zilon]

USD is a base currency in most currency pairs and across many nations USD is used to give value to most currencies  internationally and the base for currency conversion so definitely if Russia gets sanctioned again their currency will definitely devaluate should in case countries tries taking side with them to enable do business without USD the suffer similar devaluation because US remains the world power

[Gozie51]

 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,  jobs easier.

Yes most of the time it is not like US can't manufacturer such that they import but for certain reasons, they can decide to get it from another country if it is cheaper to get it there. And if sanction is given, they now focus there energy in production of that or solicit for any country supplying that product.

[Dunamisx]

So what will happen if the Anti-USA countries agreed to this and stop accepting us dollars.

For a country to make such decision, it must have attain a developed and stable economical stage and China is the only country i see to have such in place and can compete with any other country including US, remember that the USD is the most recognized currency with a unique and stable economical value. China has all it dependency on itself and control its economy system without a dictator from the US. Also, China in this regards serves the only anti-USA country which has stopped accepting USD but only it Yuan.

[gantez]

USD is a base currency in most currency pairs and across many nations USD is used to give value to most currencies  internationally and the base for currency conversion so definitely if Russia gets sanctioned again their currency will definitely devaluate should in case countries tries taking side with them to enable do business without USD the suffer similar devaluation because US remains the world power

And the Russian currency is not popular, yes that sanction to come down to Russia will make them there to suffer a lot and the US will remove the Russian pair from trade or pairing to trade by other countries. If the sanction come for them, that economy will seriously suffer alot also they will not be able to trade internationally with American dollar.

[DrBeer]

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?

I answer the question.
For more than a decade, Russia has been trying to "collapse the dollar that no one needs" This is reminiscent of a screeching flea jumping on a concrete wall
More recently, somewhere in 2016-2017, Russia "found a recipe" for how it would "collapse the dollar and the US economy", I sobbed What they came up with: they decided to transfer mutual settlements with China from the dollar to ... attention - RMB. No, not the ruble - China does not need it for nothing, and Russia's desire does not bother China at all, so the yuan ... So, what does "cunning Russia" do? It buys huge amounts of yuan for dollars from China. Literally in a month or two, the yuan exchange rate collapses, the Central Bank of Russia fixes many billions in losses. The United States is watching this show of idiots from the side, smiling sweetly and continuing its policy
I also want to note - China needs a CURRENCY, and it is the dollar! The Chinese economy without a currency will collapse very quickly, and even more so in the current situation, when domestic financial bubbles begin to burst... Iran? So the United States themselves cut it off in essence from dollar settlements. In total, Russia has already shot itself in the foot, while without a currency its economy will collapse in a matter of months, China will not be able to do without the dollar either, and it cannot be replaced by rubles or Iranian rials. Iran's influence - if not 0, then about that.