Russia wants to build a new world order with China

[DVlog]

A new economic system is coming to the world and that system will not be dominated by the West. Russian Security Council Deputy Chairman Dmitry Medvedev (former Russian president) said in an interview with Russian media yesterday.

Medvedev said: "Hellish sanctions imposed on Russia by the United States, the EU, and their allies in the Ukraine conflict have failed to cripple Russia. Now, these sanctions are coming back to the West.

"As the West continues its futile efforts to corner Russia, the world is slowly moving towards a new global economic relationship. We are moving towards improving the financial system ', he added.

"Confidence in the reserve currency is fading like a morning mist and the prospect of the dollar and the euro leaving does not seem unrealistic now," Medvedev said.

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

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[Poker Player]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

Well, it's not just that they want to. They have wanted to for a long time. I would say that they used to dream of taking the reserve currency status away from the dollar, but today it is a real possibility. Today in the medium term they can achieve it.

And in this case, the USA will not be able to do as with Saddam Hussein, who, when he said he was going to sell oil in euros, they killed him. But he didn't have atomic bombs.

[DVlog]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

Well, it's not just that they want to. They have wanted to for a long time. I would say that they used to dream of taking the reserve currency status away from the dollar, but today it is a real possibility. Today in the medium term they can achieve it.

And in this case, the USA will not be able to do as with Saddam Hussein, who, when he said he was going to sell oil in euros, they killed him. But he didn't have atomic bombs.

If the USA try to do anything they did with Saddam Hussein it will lead to world war 3. In the current situation, Most of the USA allied countries abandoned the USA or we can say refused to cooperate with the USA against Russia. USA long term ally India bought Russian oil, Saudi Arabia, UAE refused to talk with USA and British president, EU countries refused to put full sanctions on Russia all the situation is against the USA.

USD is the backbone of the USA economy and the fuel to run USA military expenses all over the world. Fall of USD means fall of USA and I think they won't allow that so easily. If they failed to counter Russia and Chinese plans then they could go the extreme way.

[ImThour]

If other countries decide to dump dollars and U.S. treasuries, the U.S. can't stop them.

Similarly, how US is dumping Ruble and Russian securities. 

[Moneyprism]

it will be difficult to shift America, which has long been a superpower in the global economic system,,,, but that does not mean it is impossible, the possibility that will shift America's position in the future is China, but it will also take decades to come

[Charles-Tim]

A new economic system is coming to the world and that system will not be dominated by the West. Russian Security Council Deputy Chairman Dmitry Medvedev (former Russian president) said in an interview with Russian media yesterday.

There is no new economy coming to the world than Russia will do businesses with the countries he called friendly countries, there is nothing more, some of the countries Russia called friendly countries are still making deals with US, UK and EU. Only that Russia will be seperated from doing business with US, UK and EU.

Medvedev said: "Hellish sanctions imposed on Russia by the United States, the EU, and their allies in the Ukraine conflict have failed to cripple Russia. Now, these sanctions are coming back to the West.

"As the West continues its futile efforts to corner Russia, the world is slowly moving towards a new global economic relationship. We are moving towards improving the financial system ', he added.

"Confidence in the reserve currency is fading like a morning mist and the prospect of the dollar and the euro leaving does not seem unrealistic now," Medvedev said.

Confidence of Russia about reserve currencies may be fading, but Russia should still know that any fiat that is not roubles are all still reserve currencies called foreign reserves.

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

I do not really understand this question. If you mean 'can Russia replace USD with other foreign reserve? Yes, definitely. Or you mean can the world replace USD with other foreign reserves, yes, but that definitely not likely to happen.

If other countries decide to dump dollars and U.S. treasuries, the U.S. can't stop them.

USA can not stop any country to stop using its currency (USD) as foreign reserve, but this is totally invalid in reflection to Russia. For now, the possiblity for this to happen is very low.

[Hydrogen]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily?

It is key here to note how bitcoin is considered a trustless financial network. While traditional finance and economics revolve around trust based systems.

In a trust based design paradigm, the world's reserve currency, is simply the one people of the world trust the most. In the current era the US dollar was considered the most stable, reliable and trustworthy currency in the world. These specific circumstances led to it being adopted as the international reserve currency.

Over time, if the united states economy and its fundamentals shift to becoming less reliable, trust in the US dollar will erode as well. This can be reflected in numerous de-dollarization programs implemented by japan and china who have dumped holdings of US bonds.

While the US dollar is less trusted than it was at its peak, this does not mean that russia and china will take over. The international reserve currency is a precedent built on trust, stability and brand name recognition. I'm not certain that people of the world have much trust in either russia or china at the moment.

[Gyfts]

If other countries decide to dump dollars and U.S. treasuries, the U.S. can't stop them.

They've already done so. Russian reserves emptied out their USD holdings to the tune of hundreds of billions of dollars. Russia has also been conducting bilateral transactions with countries like China using their own currencies. It used to be that they would exchange using USD as an intermediary. Not anymore. U.S. played around with sanctions a bit too much and now they'll soon understand that USD is no longer the global reserve currency.

[goaldigger]

If other countries decide to dump dollars and U.S. treasuries, the U.S. can't stop them.

They can’t dictate every countries on which currency to use especially if other currency are rising, and if Russia and China aims to compete with USD, its better for US to be ready for this. Since we are seeing a big inflation with USD and other countries want to take the spot there’s a possibility that USD can be replace but this wont happen easily. I’m sure US Fed already working for this and we know US wont allow this as well to happen without trying to rise again, they can create problems in order for them to rise again and this has been the story since then.

[cabron]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

There always has to be a world war every time there is a new world order but it will be the first that there won't be if things go smoothly. Chinese Yuan I think is their first choice but, they can't just expect the rest of the world particularly the West accepts this loss. Since Russia already tried only rubles for its products, all countries I guess will work that way unless they are comfortable using the reserve currency which could be more than just USD. BTC could be one of the reserves.

But we are yet no in this stage, there could still be war. The war to fight for USD dominance which Taiwan could be an option.

[lalabotax]

I think it is too hurry to conclude this. Russia is just trying to fix its economic crisis during the war. China and Russia are only 2 countries, while USA has many countries as their partners. There is no way to worry about the possibility of Russia to build a word order, they will be difficult to do it. What I know is that USA has the plan for a new world oreder.

[Darker45]

I don't think Russia has the capability to build a new world order. It doesn't even have the capability of taking over Ukraine. The more Russia acts as the tough guy, the more it is isolating itself. The more it insists that it is powerful, the more it becomes like a hermit country.

It cannot build a new world order with China, but it could offer itself wholly for China's disposal. China is the one creating a new world order right now. It has grown into an untouchable country. Sooner or later, to remain relevant, Russia will have to play the role of a sidekick to China just like how Belarus is to Russia today.

[Marvell1]

I think it is too hurry to conclude this. Russia is just trying to fix its economic crisis during the war. China and Russia are only 2 countries, while USA has many countries as their partners. There is no way to worry about the possibility of Russia to build a word order, they will be difficult to do it. What I know is that USA has the plan for a new world oreder.

This has long been discussed between Russia and China, for many years both Russia and China have sought to decouple from the US dollar and replace it with a new one. Russia and China are not alone in this currency war, India and Asian countries are ready to join the new payment system created by Russia and China.
Most recently, Saudi Arabia sold oil to China for renminbi payments which could see the dollar's hegemony more shaken than ever.

[Mauser]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

It's not only USA that is facing high inflation rates, Europe and Russia have the same problem. All around the world prices are going crazy this and last year already. Its mainly construction materials, food and energy prices than rose a lot in the last 12 months. That's why most currency face the inflation pressure. The war in Ukraine accelerated the need for a non USD based trade currency for Russia. Rubble might be one option but its very volatile right now. The Chinese yuan might be another option but I don't think Russia will accept that. For their energy payments they now require money to come in Ruble because they can't deal much with Euros or Dollars anymore, and its a good way to stabilise the own currency. Trade between Russia and China will not be in USD. Also yesterday Russian foreign minister was in India to make more biliateral trade without using USD. I don't think we will we see another currency to take over the world number one trading currency, but what we do see is a more biliateral trade between countries in their own currencies. The US Dollar will lose it's importance over time.

[kidbounty]

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

replacing it is very possible, but the US will not stand by and watch it happen. they would definitely do everything they could to prevent that, or their economy would be ruined. when they lose their influence, it will make western domination disappear. and one thing that may happen if western influence weakens, china and its allies will dominate. and the center of the world's economy will probably shift to that country.

[DVlog]

It doesn't even have the capability of taking over Ukraine. The more Russia acts as the tough guy, the more it is isolating itself. The more it insists that it is powerful, the more it becomes like a hermit country.

Ukraine is not a small country so it would be a fantasy if someone thinks it can be taken within a week or month. What Russia is doing is according to their plan after seeing the overall situation. Many people think the Russian invasion of Ukraine failed because they failed to capture Kyiv yet but in my opinion kiyv was never the primary objective. It was a diversion and the main objective was to trap a large number of arm forces in eastern Ukraine which is considered the last line of defense.

How many EU countries put sanctions on Russia's energy sector? Even Asian countries like India and Pakistan keeping close relations with Russia. Saudi Arabia, UAE have done the same despite their close relations with the USA. I can see Russia has a more friendly country than before and USA and UK are isolating themselves.

It cannot build a new world order with China, but it could offer itself wholly for China's disposal. China is the one creating a new world order right now. It has grown into an untouchable country. Sooner or later, to remain relevant, Russia will have to play the role of a sidekick to China just like how Belarus is to Russia today.

I think china's primary objective is to oppose USD dominance by replacing it as a reserve currency so that the USA loses its "sanction power" over the world. We have seen it before if any country has done something against the USA they put sanction over them and other countries have to cooperate because of USD's being universal currency of trade. Replacing USD means replacing the USA as a superpower.

[cabron]

It doesn't even have the capability of taking over Ukraine. The more Russia acts as the tough guy, the more it is isolating itself. The more it insists that it is powerful, the more it becomes like a hermit country.

Ukraine is not a small country so it would be a fantasy if someone thinks it can be taken within a week or month. What Russia is doing is according to their plan after seeing the overall situation. Many people think the Russian invasion of Ukraine failed because they failed to capture Kyiv yet but in my opinion kiyv was never the primary objective. It was a diversion and the main objective was to trap a large number of arm forces in eastern Ukraine which is considered the last line of defense.

How many EU countries put sanctions on Russia's energy sector? Even Asian countries like India and Pakistan keeping close relations with Russia. Saudi Arabia, UAE have done the same despite their close relations with the USA. I can see Russia has a more friendly country than before and USA and UK are isolating themselves.

It cannot build a new world order with China, but it could offer itself wholly for China's disposal. China is the one creating a new world order right now. It has grown into an untouchable country. Sooner or later, to remain relevant, Russia will have to play the role of a sidekick to China just like how Belarus is to Russia today.

I think china's primary objective is to oppose USD dominance by replacing it as a reserve currency so that the USA loses its "sanction power" over the world. We have seen it before if any country has done something against the USA they put sanction over them and other countries have to cooperate because of USD's being universal currency of trade. Replacing USD means replacing the USA as a superpower.

Russia can take Ukraine in a day but they are also not in a hurry for they don't want to spend all thier ammunition on this country that they consider peony. Remember that this Ukraine war is not the real war yet. They know any time, the US military can just barge in even when it's against the law. They have done it in the past in several countries, the news was that they are using old ammunition to fight Ukrainians. Seeing they have hypersonic missiles but used twice only afaik.

The fight now is economic too, so Russia is also not concentrating more on this war, after all, they have won skirmish attacks, thier country is not ruined, and its good for them. All they need is to grow thier economy in their own ways.

[Ozero]

I think it is too hurry to conclude this. Russia is just trying to fix its economic crisis during the war. China and Russia are only 2 countries, while USA has many countries as their partners. There is no way to worry about the possibility of Russia to build a word order, they will be difficult to do it. What I know is that USA has the plan for a new world oreder.

I do not think that Medvedev's words should be taken seriously. In Russia, officials are accustomed to embellish the situation and wishful thinking. Sanctions work and work very effectively. We are already seeing the first signs of this in the empty shelves in their stores, the exodus of foreign firms and capital, the shutdown of factories and enterprises operating on foreign components. In the context of the war with Ukraine, and despite the fact that about 40 percent of Russia's military equipment has already been destroyed, defense enterprises are being stopped. For a more complete picture of the effect of international sanctions adopted after Russia's attack on Ukraine, at least about a year is needed.
What new order can we talk about? Except that after the current shame in Ukraine, Russia will no longer be a superpower, but will be a pariah country. China is using Russia for its own interests and nothing more.

[Leviathan.007]

A new economic system is coming to the world and that system will not be dominated by the West. Russian Security Council Deputy Chairman Dmitry Medvedev (former Russian president) said in an interview with Russian media yesterday.

Medvedev said: "Hellish sanctions imposed on Russia by the United States, the EU, and their allies in the Ukraine conflict have failed to cripple Russia. Now, these sanctions are coming back to the West.

"As the West continues its futile efforts to corner Russia, the world is slowly moving towards a new global economic relationship. We are moving towards improving the financial system ', he added.

"Confidence in the reserve currency is fading like a morning mist and the prospect of the dollar and the euro leaving does not seem unrealistic now," Medvedev said.

High inflation rates weaken USD dominance for sure but are it really possible to replace USD as a reserve currency or the USA will allow that so easily? The era of regional currency is coming?

Many people leave in the same way and they also leave the war is much bigger than just a war between Russia and Ukraine the war is actually between the east and west because on the side of Russia there are countries like china supporting them and on the side, if Ukraine there is a country like the USA and in this war actually Russia is trying to fight with the western economic system and end the domination the USD the first move was doe just a hours ago where Russia ask all countries to pay for gas with rubbles.

[Bttzed03]

We'll just have to wait and see if the plan becomes a reality. I think Russia and/or China could still encourage most of the countries in Asia to trade with them using Ruble and/or Yuan.

If other countries decide to dump dollars and U.S. treasuries, the U.S. can't stop them.

Yeah but they can use war as an excuse or use their influence and any other means to topple the current Government head, help install a new one, then make deals to bring back USD on top again.