23 Countries Now Abandoning US Dollar

[Davidvictorson]

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

I believe that one of the reasons is also to keep foreign exchange costs low and free from US Federal Reserve dollar manipulation. The article is an interesting read however, in my opinion, I do think that there isn't a currency to replace the US dollar, but I believe that something backed by raw materials, such as those used in computers, will give investors confidence and value as the world quickly transitions into the computer age.

[DrBeer]

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.

Let's discuss this news like adults, with the help of arguments, but not fantasies?
You can answer a few simple questions:
1. Who is critically unprofitable global currency in the form of the dollar?
2. Why?
3. What currency can replace the dollar as a unit of international payments.
4. How the currency you specified will be able to provide the technological process of international settlements (I hope you know how the system of international settlements is technologically arranged).
5. What will eventually give (in terms of benefits and not the implementation of complexes) will the replacement of the dollar for the currency you specified?

[countryfree]

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

[coupable]

What will complicate the matter and deepen the isolation of the US dollar is the accession of the Kingdom of Saudi Arabia to the BRICS group, which includes the countries of the Eastern Alliance (Russia, China, India, South Africa...), which represents the largest alliance capable of confronting the G7 alliance, as it includes More than 40 percent of the planet's population. The BRICS group intends to establish a financial system that allows these countries to accept their local currencies in exchanges between them, and thus the use of both the euro and the dollar will be abolished in official exchanges.

[trendcoin]

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.

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

The dollar gets all its strength from the armed forces of the US military. In other words, the coming together of several countries and establishing a new monetary system cannot end the dollar hegemony. A few powerful countries need to come together and prove that they can be real bosses. On the other hand, fiat currencies are really garbage and people almost have the misconception that the dollar is an a priori concept... I wish the Bretton Woods System had never been abandoned. Maybe then I would be happy to use dollars again.

[OgNasty]

It's no secret that the dollar is losing it's global reserve currency status.  China, Iran, Russia, have all been passing laws to open up crypto as a means of exchange and for years they've been accumulating assets like gold to give their currencies more legitimacy when compared to the dollar.  I have no doubt that in the future something like Bitcoin will act as a means of exchange in order to make a more fair global financial system where one country doesn't see most of the benefit of being able to print the reserve currency that others need in order to participate in global markets.  This is the bull case for Bitcoin.

[Sir Legend]

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

[bittraffic]

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

[DrBeer]

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

Invest in RMB? Are you seriously ?
In the currency of a country that has a huge economic crisis? Do you have little experience of Russia, which once again "destroying the United States", replaced a significant amount of dollars in its gold and foreign exchange reserves with yuan, and suffered a loss of billions of dollars within six months? And in 2022, REPEATED suffered once again a huge loss. Inflationary processes in China, this is not inflation in the United States. The Chinese economy is EXPORT oriented and it depends on the influx of CURRENCY and not the yuan!

And can you link to the article you are talking about, and the list of these 71 countries? Very interesting to read and analyze. I am sure that there will be 10-20 real countries with a strange government or rogue countries. And everything else is the free fantasy of a journalist ...

[Kadal Ijo]

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

are you really serious about it
Abandoning US Dollar is not an easy thing to do - the petrodollar deal is done between USA and Saudia - first they create the deals and then they create trouble for the people

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

[DrBeer]

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

are you really serious about it
Abandoning US Dollar is not an easy thing to do - the petrodollar deal is done between USA and Saudia - first they create the deals and then they create trouble for the people

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

One of the problems that "fighters against the USA" do not understand is that they cannot even imagine how deeply the US dollar is "integrated" into the international settlement system. These "fighters against the USA" think very primitively, they evaluate "by themselves", they say we throw away the dollar, put the ruble / yuan / any other unattractive currency in its place - and that's it - the dollar is defeated, the USA is defeated, we rule the world! No, it's not like that at all. Plus, or rather an additional problem, such countries (read the outcasts of the world economy), most likely with their "paper candy wrappers" will be isolated from a single international system of mutual settlements. Those. in the end, as always, the fighters against the "dollar and the USA" will once again "shoot themselves in the knee" and therefore will moan and ask them to be allowed back into the world of civilized international payments

[pooya87]

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

These exchange rates are dumping because these countries are already too integrated into the US economy and they depend completely on US dollar. This is why Euro and Pound dumped this way. US has been exporting its inflation to these countries and by increasing the interest rate they are artificially keeping their own currency strong. But that comes at a high cost since it causes recession. Basically they hope this trend is short term, so they can endure recession now and come back after it ends. But if it doesn't, the US dollar exchange rate could tank hard while the recession gets worse at the same time.

The trend of abandoning US dollar may take 5 to 10 years though...

By the way all countries are affected but there are countries that have reduced that dependence so they were affected a lot less. Which proves the point of US exporting its inflation abroad and why abandoning US dollar is mandatory.

[woez]

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

My view is not. The American dollar is a very important part of the global economy, and is linked to the currency of almost every country although the global community has long been looking for an alternative world currency to replace the USD.

In fact the US Dollar will grow stronger and stronger than ever. Once the world's largest economy began to use local currencies for purchases, shares, trades, and agreements between domestic companies the US dollar was the currency for all these major transactions. This would give the US an advantage in goods trade with China, Japan and Europe.

[Cryptomultiplier]

The US dollar is undoubtedly the most used currency for trading and other commerce activities. Owing to this influence, their current rate causing recession has been speculated to be the cause why many countries seek out new or existing means of exchange other than the dollar.
Sincerely, the current exchange rate of the Us dollars to almost any other counties currency is quite high and investors are seeing a time when  the Yen is adopted. The pound still remains more steady right now because usage is more directed to the dollar
Any country assigned to deal in Us dollar know that it is the worlds major means of exchange, thus why other means with less charges like cryptocurrency or a total abandoning of the dollar as this kind of monopoly of currency is a major contributor to recession ongoing.

[odunybiz]

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?)

Nicely said. Is gold and silver the next world reserve currencies? Either yes or no, I still prefer investing in Bitcoin.

[BigBos]

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

Of course, when more and more countries de-dollarize, the dollars that are used as aforeign exchange by other countries will be returned to their home countries so that the dollar will experience obesity in the circulation of dollars in its own country and lose its value, and it is very possible to cause hyperinflation in the US. but the US government and the FED will not be so stupid as to let it happen, they will definitely do everything possible to make other countries that have a relationship (debt) remain dependent on the dollar. raise interest rates, for example.

[Sithara007]

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

I agree with your statement. If you want to replace USD with some other currency, then you need to have a suitable alternative. And look at the major currencies apart from the USD. All of them are in very poor shape. EUR, JPY, GBP and CNY have lost a lot of their value during the last 12 months. There are some powerful currencies in the middle-east such as AED and KWD, but all of them are pegged against the USD. CHF is one strong currency, but it is not used in a global scale. So for the next few decades, we are stuck with the US Dollar.

[russselcarri]

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

There is no doubt that the US dollar is still used globally, not only because the United States is a powerful country, but also because of global use, global recognition, and global exchange rate. Just because we are used to it. Of course, the emergence of Bitcoin will change some things, but for now, the US dollar is still the mainstream currency.

[silbertlee]

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?)

The current economic environment is still very poor, and neither side of the trade is very active. The status of the dollar has also been greatly impacted. The dollar is now weaponized by the United States. In comparison, I trust gold more. In the future, there may be exchange standards for multiple currencies, some relying on gold and silver, and some relying on Bitcoin. If another superpower emerges in the future, it is also possible to formulate a fairer world currency and a new economic system.

[Pejoh Asu]

Many countries certainly think that dependence with USD is a complicated problem, this makes a lot of big losses so they try to leave USD, of course this is a good opportunity to use cryptocurrencies so that it becomes a positive thing for the market.  If it happens, of course there will be a very large transaction volume because the volume of state transactions can reach hundreds of billions of dollars.