23 Countries Now Abandoning US Dollar

[xzy887]

A new world monetary system is being set up right now which will completely kill the US dollar, which is the world's reserve currency.

23 countries (60% of the world's GDP) are setting up swap lines which bypass the dollar and SWIFT, which is the dollar-based worldwide financial transaction system.

These countries include Russia, China, India, and even Germany, France, and the United Kingdom.
Source: truthandaction.org


If the countries abandon the US dollar, establish a new currency, what will be the impact on the US dollar?

[NotATether]

I am a bit disappointed that the article later says:

Historically, new world reserve currencies are backed by gold.

Prices just dropped on gold and silver. NOW it the time to buy! Protect your wealth my friends.

As if gold and silver will be the next world reserve currencies.

The optimistic me says that Bitcoin will be the next world reserve currency after the dollar, but that is depending on countries using it, which's already starting to happen in some countries. Sadly the article dod not say which fiat currency is the most viable alcandidate to replace the dollar (the yuan?)

[cryptoaddictchie]

That would be interesting when it happened. Some of those countries are not on ties with US so its not surprising that they are the one who will initiate it but seeing UK, France and Germany, it seems they arent also into US being the leader on monetary reserves.

This will change the world if ever it occured and wondering what could be the impact on Cryptocurrency especially on bitcoin.

[mk4]

I am a bit disappointed that the article later says:

Historically, new world reserve currencies are backed by gold.

Prices just dropped on gold and silver. NOW it the time to buy! Protect your wealth my friends.

As if gold and silver will be the next world reserve currencies.

Yea. I know we each have our own opinions on stuff concerning investments and markets in general, but this was just utterly horrible advice lmao — even if it's the case that we didn't have bitcoin.

[NeuroticFish]

I would not be so sure. While some countries may indeed give up USD as reserve currency, while Eurozone countries were supposed from the inception of EUR to slowly give up on USD, giving up SWIFT means not much of sense and it's not a country related thing, it's related to the (commercial) banks.

And mixing up these can mean that the news is not a real news (like someone commenting there, I fear too that this is bs), it's just some things (not necessarily real) put together to attract readers, and the whole point is just a weak advertising for gold and silver.

[pooya87]

A new world monetary system is being set up right now which will completely kill the US dollar, which is the world's reserve currency.

This has been going on for a couple of years now and it won't kill US dollar, but it will significantly weaken it as countries keep dumping USD and all the quadrillions of dollars they've printed over the past 80 years would go back to America which would cause a huge inflation there.
But the rest of the world (the 40%) will continue being forced to use USD and keep it afloat.

The new world order is already established.

[DapanasFruit]

I am already aware of this monetary movement years ago...there is that great plan to get away from the influence and power of the USA Dollar as the preferred international money especially for international transactions. Many big countries are now starting to show their dislike for the USA leadership...and in the short-term this may significantly weaken the USA Dollar position as there will be less demand for the green bucks. Soon when majority of the international transactions are conducted away from the dollar then that can be the time when USA can feel the enormous devaluing of its own currency...surely the kind of inflation happening right now in that country can be a child play. I am then hoping that somehow, there can be more adoption of Bitcoin for international commerce when countries are weaning from the USA Dollar.

[LoyceV]

So you're saying Germany and France prefer to use the euro instead of the dollar? That's not really a surprise.

[Dunamisx]

If the countries abandon the US dollar, establish a new currency, what will be the impact on the US dollar?

What will the likes of the new currency and system be? consider if it's not cryptocurrency then it's not going to attract more anticipated audience because as at moment, bitcoin is the only trending digital currency on the internet and that is the center of attraction on the world's attention, any currency that will not give decentralization a chance to come into reality then it's as worthy of nothing than a modern CBDC we all have been avoiding as against bitcoin.

[jrrsparkles]

The article is overly exaggerated what it means, simply going to make trade with other country where US dollar usage is restricted or for some other reasons it doesn't mean they are settling to entirely new monetary policies and all their future international trades will be in that way. I don't really see any official statement from the governments about their new policies, all they are doing is when its possible and its actually happening due to sanction against Russia and now EU has to go with Russia to buy Oil and gas for few years.

[Franctoshi]

The Fed is becoming too hawkish by continuing raising interest rate and making dollar more stronger against other currencies , therefore at a point this countries will run for safety.
From other articles I have been reading online, I think China is going to lead way and there digital currency which they have been working on for quite sometime now, would be the world reserve currency, and which will be backed by the digital (sdr), while I do think that Bitcoin will take the place of Gold and hence be the digital Gold and more of a store of value and a hedge to inflation, in my humble opinion.

[zasad@]

A Chinese bank has more than a trillion dollars worth of American bonds on its balance sheet. They cannot sell these bonds because they will lose a trading partner. And the trade turnover between China and the United States in 2021 amounted to approximately 0.8 trillion dollars: moreover, China sold goods to the United States for 0.6 trillion dollars and bought goods from the United States for 0.2 trillion dollars.

[stompix]

Yeah, definitely happening because the website "truth and actions" says so..
Right after some other things from this toilet paper newspaper will be happening:

California Town Declares Itself a “Constitutional Republic City,” Will Not Obey State, Federal Orders
Rep. Greene: Purge of Patriots in Police, Military, FBI, DOJ, CIA Most Dangerous Silent Movement Happening in our Country
WEF Founder: By 2026 You Will Have a Microchip in Your Brain
Logan: ‘Bioweapons Specialists’ Tell Me Migrant Surge is Means to Launch a ‘Virus Attack in Your Own Country’
Is the CIA Actively Planning a Public Biden Assassination?

But definitely this time the world will abandon the $, definitely.
I mean China will clearly drop the $ since, well, what's the US, just their biggest trade partner?
And after the yuan dropped to the lowest level since 2008, it's a clear sign that everyone is abandoning the $, because that's how demand and offer happen, something appreciates in value since there is no demand!!!  

I'm starting to wonder, which of the two has died more times, the $ or BTC ?

[palle11]

And mixing up these can mean that the news is not a real news (like someone commenting there, I fear too that this is bs), it's just some things (not necessarily real) put together to attract readers, and the whole point is just a weak advertising for gold and silver.

I have also thought to myself that this may just be an item sellable to the public. Dollar dump is is a big news to media houses and probably that is what it wants to achieve. However no doubt that some of the countries mentioned won't blink an eyelid to do that like China and some more countries in Asia that have the communist kind of system. The question is where the abandonment were possible, which other becomes the reserve for countries, definitely not gold nor silver. I have been considering bitcoin but same countries are haters of bitcoin, which means this news probably is not reflecting the reality. No where else have I heard this even on CNN, al jazeera, BBC, nowhere at all.

[Gyfts]

If the countries abandon the US dollar, establish a new currency, what will be the impact on the US dollar?

USD goes down in value because of less demand. The currency inflation was major part of USD being dumped from currency reserves, the other factor is the U.S. implementing sanctions on a whim and freezing assets from country's recklessly.

Russia and China, many months ago, began conducting their transactions with their own assets and currencies instead of using USD for the transactions. Wasn't economically feasible for them to have to use intermediates if the currency continued to become worthless.

The article is overly exaggerated what it means, simply going to make trade with other country where US dollar usage is restricted or for some other reasons it doesn't mean they are settling to entirely new monetary policies and all their future international trades will be in that way. I don't really see any official statement from the governments about their new policies, all they are doing is when its possible and its actually happening due to sanction against Russia and now EU has to go with Russia to buy Oil and gas for few years.

Yes, but the impact of USD on the global economy is reduced. If you can't trade with countries using USD, you empty out your USD holdings because they become less useful.

I saw this coming years ago prior to all the war nonsense. U.S. has been sanction heavy over the last many years and it goes both ways.

[avikz]

I am super doubtful about this! But if it happens in reality, that will be a big blow for US economy. It will drastically decrease the demand of US dollar and hence the exchange rate will be decreased.

But don't try to link it with bitcoin. Because even if a new world financial order is being formed, bitcoin is highly unlikely to appear there. It is possible that these countries will try to push their own currency system to trade internationally.

[BIT-BENDER]

Well it was always going to come to this, big power countries getting fed up with the dominance of the US dollars. It think it's not something the media should present as a big issue. For so long the US dollars has been the benchmark for currency valuation globally even if it's exchange numeric value is less that pounds and the Euro's.

Although even if those countries you mentioned decides to go ahead with their plans US dollars would still be the paramount currency because many other countries still values it and it would be a marmot task to tip over the US dollar

[Welsh]

Honestly, it's not just the US dollar. While the governments of the world might be less likely to adopt or continue the dollar, people in general are getting sick, and tired of fiat currencies, and how inflation basically just rains down on them every couple of years.

So you're saying Germany and France prefer to use the euro instead of the dollar? That's not really a surprise.

Yeah, there's definitely a tad bit of bias in there . Although, the US dollar has been a staple in the last couple of decades really. It does seem to becoming a little less used in other countries around the world, but having said that it's still used in places like Asia quite a lot. I know when I've visited, they actually prefer US dollars to the local currency, probably because they used to get a decent exchange rate. Not sure if that's still the case now though.

[goaldigger]

Those countries sees the importance of having their own currency that is not dependent to USD. I’m not an economist but I think those countries already see the threat and the only way to survive is to have their own currency which can sustain their economic status.

If those countries are just creating digital currency then I believe they will still accept USD but it will be on a different scenario now. US also know what is happening and I’m sure they already have plans to counter this. Let’s see the next move of US when it comes to monetary policy.

[dothebeats]

I am a bit disappointed that the article later says:

Historically, new world reserve currencies are backed by gold.

Prices just dropped on gold and silver. NOW it the time to buy! Protect your wealth my friends.

As if gold and silver will be the next world reserve currencies.

The optimistic me says that Bitcoin will be the next world reserve currency after the dollar, but that is depending on countries using it, which's already starting to happen in some countries. Sadly the article dod not say which fiat currency is the most viable alcandidate to replace the dollar (the yuan?)

Looks like the writer of the article is a heavy precious metal shill Imagine going backwards just because you don't want the current reserve currency almost everyone uses. But anyway, if these countries indeed abandoned the USD, chances are they will be making moves to promote their own currencies and make everything centered around it. The question is, would the rest of the world be ballsy enough to follow their lead and abandon something that they are using to peg literally everything with in the world market? Chances are, no, the world is not ready to do that. The listed countries only abandon the USD because the said currency is weakening their own. But if they are to trade in the world market, they'd still need to transact in USD because not everyone follows what they are doing.