23 Countries Now Abandoning US Dollar

[DrBeer]

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?

 

I heard this nonsense back in Soviet times
They also "heroically" destroyed the dollar ... Everything will end quickly and with enchanting results - for 25 years no one knows where the USSR went
Be brief - please list here, a list of countries that REALLY have moved away from the dollar? I am sure this list will include such "liers of the world economy" as North Korea, Kuba, Sudan and a dozen more world losers. I'm wrong ? Post your list here and now!

[DrBeer]

I heard this nonsense back in Soviet times
They also "heroically" destroyed the dollar ... Everything will end quickly and with enchanting results - for 25 years no one knows where the USSR went
Be brief - please list here, a list of countries that REALLY have moved away from the dollar? I am sure this list will include such "liers of the world economy" as North Korea, Kuba, Sudan and a dozen more world losers. I'm wrong ? Post your list here and now!

Which countries are in the list?
Can you pls share your list of 23 countries  and the links from where you have got your info from?
 I dont think this is the right news by anyway!

You can read the original source indicated by the author of the post, but apart from delirium and wet fantasies, there is nothing there

Here is an excerpt from the article "23 countries (60% of global GDP) create swap lines bypassing the dollar and SWIFT, the global system of financial transactions based on dollars.
These countries include Russia, China, India, and even Germany, France and the UK."

But these countries both traded and trade in dollars, gold reserves are held in dollars, which, moreover, now looks quite good against the background of the same Euro and the Chinese Yuan. So these 6 countries - for the most part - are lies, the remaining 17 countries are not indicated at all, but this is something from such dregs of civilization as North Korea

[Mate2237]

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.

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

This is a very good revolution in the world. The inflation rate in the world, Africa precisely is getting out of hand.

The way dollar is doing to other currencies is the caused of all this things, dollar affect my country currency very badly. Why dollar would be rising and other currencies would devaluing? Dollar itself would moderated the market. As it is other countries will still support this move to against dollar. MY country currency is nothing again because of dollar. Dollar is the cause of all inflation in my country.

But what I am thinking is that, if they abandoned dollar which currency will they used in the international exchange market? Now, I heard that china has already implemented the use of Yaun while instructed it citizens to stop using dollar in all areas. The impact is that, US will use their dollar like the way other countries have been using theirs. There is time for everything in the world.

[Getmon]

Your source is an anti-American site. Should we expect to believe you? You're spreading lies. Majority of the nations you mentioned op is not true. Russia and China wanted to get out and fight US dollar domination but even India won't commit to fight the US dollar. India attempting to balance each sides. India is a close friend of Russia but it is an enemy of China. India is also a member of the QUAD together with the United States, Japan and Australia. Germany, the United Kingdom and France have their own Euros but they won't totally abandon the US dollar.

Op I suggest you find a source that is not funny and biased the next time you post here.

I am pretty sure that there are "anti-American" nations as well, hence why there is a slight truth that there could be some nations leaving dollar for sure. Doesn't mean it is these nations, it just means that there could be some nations and governments who hate America and could be leaving dollar as much as possible.

Looking at the treasury of many nations in the image, it is not shocking that some of them have lesser, plus there is still no situation where it is fully gone, it is just "a little bit less", it’s not abandoning levels of it at all, it is simply just leaving it aside for a while, that’s it. So, I would assume that there could be slight truth, not because it is not an anti-American source, it is, but there are anti-American nations too.

at any case, the impact won't be easily seen in the world market. i also believe that there's some truth on this. but not totally abandoning the USD, but not using it the way they did. we can't expect every nation to rely on USD, of course, they have their own plans depending on what they think is favourable to their country. but as of now, USD is still the major fiat currency used by countries around the world.

There are some anti-American nations like Iran, North Korea and let's add Russia to it. China and the United States are big trading partners but we understand that China wants to dominate the world trade and establish its Yuan globally. These are all facts. It's a big different when stating facts and spreading fake news. One can be anti-American by using facts and theories. We know America did crazy things in the past and even now? But spreading and obvious fake news like "India, Germany, France and United Kingdom NOW abandoning US dollar"?   

[Leviathan.007]

We have suffered more inflation in recent years than we had before the current economic crisis, and this can serve as a good reason for many developed and developing countries to change a few things in their countries as a result, Also this bad situation made some changes in accepting USD in all over the world because in many countries where they didn't have a good economic situation and used USD now things are changing and this economic crash made an adoption to reducing the dominance of the dollar in the world.

[Wong Gendheng]

I am sure it will be difficult to leave USD even though there are currently many alternative payments, when there are 2 countries transacting and then using other money, they also need third currency, and things if there is another problem then it is likely to return to the USD.

[DrBeer]

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.

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

This is a very good revolution in the world. The inflation rate in the world, Africa precisely is getting out of hand.

The way dollar is doing to other currencies is the caused of all this things, dollar affect my country currency very badly. Why dollar would be rising and other currencies would devaluing? Dollar itself would moderated the market. As it is other countries will still support this move to against dollar. MY country currency is nothing again because of dollar. Dollar is the cause of all inflation in my country.

But what I am thinking is that, if they abandoned dollar which currency will they used in the international exchange market? Now, I heard that china has already implemented the use of Yaun while instructed it citizens to stop using dollar in all areas. The impact is that, US will use their dollar like the way other countries have been using theirs. There is time for everything in the world.

Didn't you think that the reason for the problems of the economy of your country is in the not very skillful management of your government? Or the banking system? It is difficult for me to imagine how, for example, the dollar, or the yen, can negatively affect the economy of your country. Provided that the economy is, and works? It won't be difficult for you to explain exactly how, and what, the US dollar negatively affects your economy?

[Wakate]

I am not surprised to see this because there had been a lots of agitation on this for long and now is like many of these countries have started to see reasons of dumping the us dollar and going for something else but I don't think gold should be an alternative for the US dollars because it's not stable at all and these might cause fluctuation in price and worth of currencies it is eventually pegged to it.
Why not these countries rather choose Bitcoin rather than another currency or gold which will never look suitable at all. Even though Bitcoin is volatile at going for it as an alternative is better for everyone.

[Poker Player]

My fears are that it won't be easy, there will be retributions for this, stock market crashes, black money generation. Funding changes,Oil price fluctuations, maybe recession and more. I fear if there will be wars due to fallout of these things.

Don't be so afraid, the death of the dollar has been talked about for a long time, and so far what has happened in this crisis is that it has revalued against other major currencies because countries around the world use it as a safe haven. The headline of the article is clickbait and that rag does not have much credibility. Another thing is that there is a slow loss of hegemony of the dollar with respect to the power it had, say 20 years ago, but it is not an overnight thing and neither are its effects.

[famososMuertos]

Old intentions of countries that seek such a thing to be true one day, but it does not go beyond intentions and then the half-truths arrive, in this case not even half-truths, 1/8 truths. Russia, China, fervent believers and promoters of such ideas, the others take refuge in political discourse, which actually brings them closer to the gringo currency than distances them.+

I think that the equivalence for something like this to happen, at least in the short term, -/ beware#1, the long-term future does not look very good for the dollar, there are many things out there among them the cryptocurrencies led by bitcoin /- in short; It is as if one day Bollywood will conquer the world with its movies like Hollywood does, -/ beware #2, currently independent productions are taking a small part of the market from this traditional industry through Streaming, unthinkable, but it happens. -/

[DrBeer]

Old intentions of countries that seek such a thing to be true one day, but it does not go beyond intentions and then the half-truths arrive, in this case not even half-truths, 1/8 truths. Russia, China, fervent believers and promoters of such ideas, the others take refuge in political discourse, which actually brings them closer to the gringo currency than distances them.+

I think that the equivalence for something like this to happen, at least in the short term, -/ beware#1, the long-term future does not look very good for the dollar, there are many things out there among them the cryptocurrencies led by bitcoin /- in short; It is as if one day Bollywood will conquer the world with its movies like Hollywood does, -/ beware #2, currently independent productions are taking a small part of the market from this traditional industry through Streaming, unthinkable, but it happens. -/

Please explain how you see the process of replacing the dollar with any other currency?
But first, let's define the characteristics that made the dollar the most powerful currency?
I see criteria like this:
one of the most powerful economies
- technological world leader
- political world leader
- strongest army
- .... add many more features.

And now let's get back to Russia and China, who "want" to change the dollar in its place?
What do they have from the above? How can they ensure the same stability and security of their currencies? Try to list?

[worldofcoins]

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.

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

It seems pretty interesting, but Practically, it would be impossible to replace the USD at once.
It all depends upon the acceptability and adaptability of the new currency they are willing to trade.
Also, the Bretton Woods system would make it more difficult to abandon US Dollar for the sake of ultimately killing the US Dollar.

[Maidak]

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.

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

It seems pretty interesting, but Practically, it would be impossible to replace the USD at once.
It all depends upon the acceptability and adaptability of the new currency they are willing to trade.
Also, the Bretton Woods system would make it more difficult to abandon US Dollar for the sake of ultimately killing the US Dollar.

I also like this idea, as far as I know there are currently a number of coalition countries led by China and Russia trying to create a world currency to replace the dollar. The idea is not new but so far no new coin has been able to break the USD dominance. This looks unlikely for the foreseeable future, possibly decades before we see a new currency empire displacing the USD. Just by looking at the DXY chart we can see how strong USD is during this crisis period, it can be said that USD is becoming the strongest asset in this crisis.

[bocyaj]

Dollar was economic defending currency till now.The reason behind his was United States Dollars was stored as asset by many countries,their GDP was counted in the Dollars.If the dollar was Abandoning like you said, the dollar value was reduced huge in world markets.The small developing and under developing countries economy was increased.Because they are free from dollars,United can’t interfere in such small countries economical decisions.The world economy will increase by this action.

[FanEagle]

I seriously reject the idea that nations would be willing to abandon US dollar, there are some information that looks dangerous to US dollar and government right now, but it is not as terrible as this article make it out to be.

It is obvious that while US dollar did badly during the last 3 years or so, other fiat currencies did even worse, if bitcoin took over and did awesome then I would assume there would be more people, but the past 1 year has shown that we are not doing that neither, bitcoin has been doing badly, and FED interest rates makes sure that we keep doing even worse. So, that means right now US dollar is doing as fine as it could do.

[TheGreatPython]

Dollar was economic defending currency till now.The reason behind his was United States Dollars was stored as asset by many countries,their GDP was counted in the Dollars.If the dollar was Abandoning like you said, the dollar value was reduced huge in world markets.The small developing and under developing countries economy was increased.Because they are free from dollars,United can’t interfere in such small countries economical decisions.The world economy will increase by this action.

It’s going to be a tough deal because of one main reason, which is the fact that US is still involved in all of these nations economy, and yes they may want to stop, or maybe they won't, we do not know that, but even if they did, it’s going to take years before they can do that in which period USA could grow stronger again.

I understand that there is a growing USA hate these days, but that happened after Iraq invasion as well, and we have seen how they didn't really change anything in the world, even after 2008 crisis it didn't change anything, and right now it won't change a thing neither, nations may hope to abandon it, but they usually end up failing.

[uneng]

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

These can be good news for bitcoin. With the weakening of dollar currency, a window of opportunity will be opened for a new currency to shine for a while, until central banks from the countries involved find a feasible alternative to replace the previous reserve of value and make it work for real. Meanwhile, common people and investors will be doubtful about what to do with their funds, maybe similar to what happened during the covid pandemic's peak in 2021, which resulted on the ATH of bitcoin we saw on that year.

If it really happens, we may see a new ATH and then it must be the right time to cashout btc and invest in productive properties for the next stage the world is heading into.

[Flexystar]

Definitely we will have a horizontal line between the two preferred currencies in the future and it’s no wonder considering the way US dollar is moving towards inflationary dump yard. They have not seen developing economically but only physically and printing the dollars all the way around. I’m surprised how worlds powerful nation is weakening in front of the few developing countries who are continually pressing the gas paddle to catch the light speed in their developments. US over the time has increased its dependency for various supply chains, raw materials and more which is actually making it weak inside out. Anyways, all we can do it see how they play the next card in inflation.

[pooya87]

But the weakening of dollar will have a damaging affect on the other business - there are positive things and there are negative stuff too

Creating the new world order is always painful and it always happens over decades. It is more painful for those who didn't accept the new world order to plan ahead which is why we see much higher inflation in some countries compared to others. This is true on a smaller scale (businesses) too, they had to plan ahead knowing USD will eventually be abandoned by a large portion of the world.

[justdimin]

But the weakening of dollar will have a damaging affect on the other business - there are positive things and there are negative stuff too

Creating the new world order is always painful and it always happens over decades. It is more painful for those who didn't accept the new world order to plan ahead which is why we see much higher inflation in some countries compared to others. This is true on a smaller scale (businesses) too, they had to plan ahead knowing USD will eventually be abandoned by a large portion of the world.

The trick is, when you are creating a new world, a world where things are constantly progressing, you are going to have a lot of people who will be against it, and I mean a ton of people, and some will take it even 100+ years back if they could, given power. However overall the world will grow and progress for sure. This is not just in social sense, it is also economical sense as well. We are living in a world where it is certainly expensive and having hard time, but there is no doubt that even a homeless person right now lives a better life than a blacksmith 1000 years ago did.

Because, we have improving technology and life standards. So, I am having hard time with "basic needs" maybe today, but it is clear that we are not going to really be denying the fact that everything we have in our homes could make kings of old times jealous of what we have. Even the tech I use to write this message is amazing.