Dedollarization is here, like it or not

[Joshapat]

The dollar is the world's strongest currency, almost all countries will save foreign exchange in dollars, this is what makes the dollar's influence very strong and dominant, of course we hope there will be no economic problems with the USA because it will have a negative impact globally.

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[DrBeer]

Let's look at facts, the USA wall Street heavily in china and emerging markets they have opened door for west capital to flow in asian markets.
But what they get on return ? Off course USD ...so while everybody getting rid of dollars the richest guys receiving your dollars.
Investors buy asia china currency and assets and everything...for their dollars.
For me it's clear the richest elite the top ruling class is after your dollars and after they can say well guys we cant do nothing about china just crashing you Lost but thanks all of you for the dollars.
And then they say....allright we got all ur dollars...let's make it dollar Strong again 😁.
Im not falling in devils tricks

Instead of a thousand words
All these "fighters against the dollar", such as India, China, Russia - to the squeals of less intelligent supporters of the idea of "dedolarization" try to sell their services and goods - for dollars. The elites of these countries - keep their money (often stolen from their countries and people), in dollars. Russia sold oil and gas for pennies, and in rupees and yuan, making plans to then exchange them for dollars. The "friends of Russia", at this point said: "No, you will not have dollars, we need them ourselves, and you are not allowed to sell them at all
And dollars are needed by India, China and Russia not for beauty. This is the only way to buy high-quality goods, services and technologies on the world market. Yuan, rupees, reals, rubles - no one needs them, except for those who are satisfied with low-quality goods, which low-quality producers, who do not care what currency they sell for, will gladly sell

[Hispo]

Let's look at facts, the USA wall Street heavily in china and emerging markets they have opened door for west capital to flow in asian markets.
But what they get on return ? Off course USD ...so while everybody getting rid of dollars the richest guys receiving your dollars.
Investors buy asia china currency and assets and everything...for their dollars.
For me it's clear the richest elite the top ruling class is after your dollars and after they can say well guys we cant do nothing about china just crashing you Lost but thanks all of you for the dollars.
And then they say....allright we got all ur dollars...let's make it dollar Strong again 😁.
Im not falling in devils tricks

Instead of a thousand words
All these "fighters against the dollar", such as India, China, Russia - to the squeals of less intelligent supporters of the idea of "dedolarization" try to sell their services and goods - for dollars. The elites of these countries - keep their money (often stolen from their countries and people), in dollars. Russia sold oil and gas for pennies, and in rupees and yuan, making plans to then exchange them for dollars. The "friends of Russia", at this point said: "No, you will not have dollars, we need them ourselves, and you are not allowed to sell them at all
And dollars are needed by India, China and Russia not for beauty. This is the only way to buy high-quality goods, services and technologies on the world market. Yuan, rupees, reals, rubles - no one needs them, except for those who are satisfied with low-quality goods, which low-quality producers, who do not care what currency they sell for, will gladly sell

I am on the side of those who are skeptical on a widespread replacement of the dollar as reserve currency around the world, I believe it is possible but not so easy as some picture it here on the forum and on Twitter.

Your point of view on the relation between the currency and the quality of the products one can adquire in the international markets is interesting though, I had not thought about it, because in my mind, even though there are indeed bad quality products in Asia, Latin America or Africa, I have considered those markets also having some production of good quality, depending on the resources the country has. Venezuela/Colombia has high quality coffee and chocolate. China can be competitive in technology with brands like Huawei and Xiaomi.

The problem for the challengers of the dollar is the fact Chinese companies won't take pesos/Bolivars and Colombians/Venezuelans won't recognize a Yuan bill as easily as a 100$ Franklin.

[Hamza2424]

Dedollorization hmm, many of the posts indicate that it's a slow process I would like to say nope this is not at all a slow process, Dollarization was a slow process but currently many countries are changing their trade policy with friendly countries and converting their trading transaction to good by goods and Local currency trade.

Russia is capturing the Dollar market fastly and China is also trying to manipulate the Dollar trading system across the globe where it has deep investments and business relationships. More importantly, the Gulf was the biggest supporter of the Dollar but now Saudi Arabia is stepping back, and other states as well. Fuel trade in Dollar was the backbone of the USD but now it's getting weaker + the recent debt limit increase haha that was the last move to destroy the USD market.

[coupable]

Dedollorization hmm, many of the posts indicate that it's a slow process I would like to say nope this is not at all a slow process, Dollarization was a slow process but currently many countries are changing their trade policy with friendly countries and converting their trading transaction to good by goods and Local currency trade.

Relatively speaking, this is somewhat true. However, the wave of abandoning the dollar actually began during Trump's term after announcing an economic war on China, followed by the Corona crisis, which helped impose a global economic recession, then the war in Ukraine, which isolated Russia due to the sanctions that were imposed on it. In this way, events seem to accelerate a little, but we do not forget that during the 2008 financial crisis, the demand for the dollar rose in a record way, given that it was one of the safest assets at the time, and this, of course, is possible again.
Perhaps the dollar is going through its most difficult periods, but some important elements must be taken into account, such as that all countries that establish international trade exchanges in other currencies, in turn, have a large part of their reserves in foreign currencies are in dollars. China is also the largest keeper of US bonds, which are in dollars, which means it is not in its interest to see the dollar collapse. Saudi Arabia can only change a small part of its exchanges (mainly with China) in another currency in dollars, since the United States is the largest importer of Saudi oil and the first source of weapons that Saudi Arabia buys, and all this cannot be done in any currency other than the dollar.

[Mauser]

A much more important question is whether United States has the military capability to start a war to prevent dedollarization?
From what we've seen over the past 2 decades, and how US military policy has been proxy wars; I'd say NO.
But this doesn't mean we aren't going to see more conflicts like the ongoing Russian-NATO war, this means we will see more proxy wars where US stands back while others fight and destroy their own countries (eg. China-Taiwan).

I don't think the USA is considering to start a war to make sure that the Dollar remains the number one currency in the world. First of all USA is supporting Ukraine heavily with advanced weapons and doesn't have the stockpile for any major war. They would need to  build up their missile and javelin stockpile first. Secondly who should the USA attack to secure their power? There isn't one country that they can attack alone to increase the strength of the dollar. Let's say USA attacks China, then the international community would work together to impose sanctions on USA and that would hurt the dollar even more. The strength of currencies is not going to be determined by real wars, but rather by trade wars. For years China and USA have already tried to manipulate each other's currency, that trend will likely intensify.

[doomloop]

The dollar is the world's strongest currency, almost all countries will save foreign exchange in dollars, this is what makes the dollar's influence very strong and dominant, of course we hope there will be no economic problems with the USA because it will have a negative impact globally.

We can't really say anything about the future and what might happen later. There is absolutely no doubt that the US Dollar is the strongest currency in the world at the moment, but whether it will stay at the top for very long or not is what we will see soon. Some nations have already started making international trades using their own currencies instead of using USD and if that continues, it will surely have some effect.

China and Russia were the very first countries who started this movement and some other countries also followed suit, if all countries start creating mutual trades in their own currencies then USD might not be the same and it might not hold the same power anymore.

[stompix]

China and Russia were the very first countries who started this movement and some other countries also followed suit, if all countries start creating mutual trades in their own currencies then USD might not be the same and it might not hold the same power anymore.

The USSR was the first country that tried it. How did it end? Well, rather than the dollar falling the USSR is no more.

What almost everyone that claims all day for the dollar to fall forgets is one thing, the dollar grew into this position because of economic power and trust, nobody is putting a gun at camping managers here to base their campaign on the $, why do they do this and not choose yuans and rubles? Why wouldn't any Indian want to be paid in a rupee equivalent or any Argentinian to be paid at a peso flat line?

Let's make a poll here and check how many of us know the current price of Bitcoin in yuans, rubles, rupee or real? Those figures will show just how much the real population is on board with the idea of dedollarization. For politicians, it's simple brag all day about nationalism and making your currency strong, getting rid of colonialism, of the bad influence of the West, it's free votes, but when you check their bank accounts they are full of dollars and euros when you check their assets it's shares in western companies and houses in Europe or North America.

Rather than the great dedollarization one should call it the great Delusion!

Russia is capturing the Dollar market fastly

And then you woke up, you went to the bathroom and you threw up all that Russian propaganda that made you lose your mind. 

[naira]

Dedollarization may be a fact but I think it will be a very slow process. The U.S. dollar is so pervasive as a reserve currency that it has become an integral part of the economic infrastructures of every country in the world.

I think we are looking at decades rather than years.

The de-dollarization movement has been going on for a long time, you could even say that they initially did it by underground movement methods, to the point where several countries have grown their economies, have been strong from a military standpoint, controlled territory and at least controlled more than 5% of the world's economy. By combining the strengths of various countries, trying to revolutionize world finance. De-dollarization will be felt in the long term at least until America financial condition is in a more critical condition, I mean after the level of public confidence in the dollar drops dramatically.

[Doan9269]

The dollar is the world's strongest currency, almost all countries will save foreign exchange in dollars, this is what makes the dollar's influence very strong and dominant, of course we hope there will be no economic problems with the USA because it will have a negative impact globally.

We cannot ever react or overlooked at the power of influence the USD has over every other currencies but ever since the introduction of bitcoin in cryptocurrency, this has always been a threat to the dominance of USD because the entire world is shifting focus on USD to bitcoin digital technology because of it decentralization unlike US dollars which is centralized, yet we must also not loose focus in this because we still have little more journey with the digital technology before it can be assumed for a takeover to control the entire economy.

[pooya87]

Russia has also faced some when they tried to take INR instead of US dollars and then they have no other means to use those INR, and now they have useless Indian currency. (source).

That news is mostly twisted and the situation is blown out of proportion. Of course there is going to be disagreements and most importantly competition between countries that want their own fiat to be dominant not other countries'. What we are seeing is the transitional phase where things change while different countries compete with each other to get a bigger share in the new world order.
In fact this is the period where weak countries are going to be swallowed, even borders may change. And this has happened many times in the history.

they will overcome them and will come up with such the bold moves that they made when Saddam Hussain declare to use the Pond as a payment method instead of US dollar in Iraq for the trade of their Oil and US invaded Iraq after that with the slogan (mission name " freedom of Iraq" something like that)

It took nearly a decade to prepare for that invasion (sanctioning Iraq, causing famine and starvation in the country, disarming of Iraq, attacking defensive positions of Iraq, etc.) then US invaded with a massive coalition with NATO and dozens of countries like Ukraine.
The difference is that there are loads of countries that are dumping dollar these days and US neither has the time to prepare for such invasions nor the global coalition to perform such invasions nor any are those countries weak to be invaded.

As @Darker45 put it perfectly, the process is not linear and has ups and downs. With the recent 15th BRICS summit the dedollarisation should speed up again among the member countries (both official and unofficial members). I'm waiting for more news about it to come up with a better analysis, but so far many positive news has come out with numerous economical cooperation that would help all the involving economies and some of which involve dumping dollar.