Could there be a new financial system not dependent on USD?

[DrBeer]

The development could make the dollar weak and make way for a new financial system not dependent on the USD. The success or failure of this development now only depends on the next BRICS summit in South Africa.
The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the near future,” said the Deputy Chairman of Russia Duma, Alexander Bobakov

The dominance of the US dollar will not be reduced by the existence of the BRICS, an alliance of countries that are members of the global trade plan are only included in the category of a few countries. Dependence on the US dollar is also very difficult for other countries to cancel cooperation with the United States, on the other hand there are special agreements that are regulated when carrying out cooperation.

Everything can happen beyond the predictions or observations made by experts, but as far as I know the strength of the United States in building cooperation with other countries in the field of global trade is very difficult to break, they really control several important sectors now and decades of their dominance no one has been able to match. The strength of the countries that are members of the BRICS will also determine how far this project can go, while in it we see that only Russia and China have the capability, while the economic strength of countries that have the possibility to join is unclear.

The problem of the "BRICS dollar fighters" is that they do not quite understand why their "union" will not change anything, except for the deterioration of their economies
1. Between themselves, they can even for kakuri shells and multi-colored glass beads. But the dollar has no problems with this. They will sell those goods and services that are not sold for dollars anyway.
2. But since ALL members of this "powerful" union are dependent on the West (from loans to technology and high-tech goods) - they WILL ALWAYS buy it for dollars ... Which, by the way, they will not have, they also abandoned the dollar "unsecured by anything hegemon." Dollars in the BRICS were, are and will be ONLY IN CHINA, and the volume of their consumption on the world market will not fall, it’s just that now dollars will enter the market not from Brazil, India, and other unfortunate participants, but centrally through China.

Do you feel how subtly China "broke the fools"?

[justdimin]

The dominance of the US dollar will not be reduced by the existence of the BRICS, an alliance of countries that are members of the global trade plan are only included in the category of a few countries. Dependence on the US dollar is also very difficult for other countries to cancel cooperation with the United States, on the other hand there are special agreements that are regulated when carrying out cooperation.

Everything can happen beyond the predictions or observations made by experts, but as far as I know the strength of the United States in building cooperation with other countries in the field of global trade is very difficult to break, they really control several important sectors now and decades of their dominance no one has been able to match. The strength of the countries that are members of the BRICS will also determine how far this project can go, while in it we see that only Russia and China have the capability, while the economic strength of countries that have the possibility to join is unclear.

This is the "dream" of BRICS nations, but the reality is very different. They are rich because of their resources, it can be gas, it can be oil, it can be even humans, it can be whatever that is cheap for them and make a lot of money for others.

However, if you talk about the big nations like America, then dollar is strong because of what they do with those resources, if you have oil that's great, they put that oil into planes and make multiple times people fly, or they put it on jet fighters and attack another nation, or they put it on cars and drive to work at google or apple that everyone uses. So, all in all it is not about what you have, but what you can make with what you have and those big nations are great at that which will not stop.

[348Judah]

Such system is only onna decentralized network like bitcoin in cryptocurrency, we have several attempts from many people who have worked on doing something related to this before now but there's no tangible results that others have succeeded having thqn creating alternate cryptocurrencies which most of them turn a project people fear, vut bitcoin is the only reliable cryptocurrency that is available for use and in future time to come, ut may outsmart the role of fiat since the world is revolving round the digital technology.

[worldofcoins]

Yes, it's true that while BRICS nations have been taking measures to reduce their dependency on the U.S. dollar-dominated financial system, it is unlikely that the U.S. dollar will be eliminated anytime soon. The U.S. dollar remains the world's dominant reserve currency, widely used in international trade and financial transactions. As a result, it will take significant effort and time for BRICS nations to establish a new currency that can rival the U.S. dollar regarding global acceptance and stability.

[letteredhub]

No doubt US dollar is one of the world most used currency but that doesn't mean it can't lose such status in the future especially we are to use the very current conditions that are taking place among different countries of the world diverting interest to the use of other currencies like the Chinese Yuan for their international financial transacts and trades. It may not be that easily to silence the weight of the dollar in the international market as most of these nations have their debts owed in dollars and  it's only to be paid in dollars. Paying back their back log debts in dollars will only give strength to the dollar the more and that's why I said it wouldn't be easily to silence the dollarization strength but some how it's possible.

[19Nov16]

It must be admitted that the influence of the USD is the strongest and determines global economic conditions, when there is a change with the USD it will have a global impact, because it is still the leader of the world economy, it seems that there is no system that can get out of the USD.

[noorman0]

-snip-
For example, just as some country stopped bitcoin mining it only affects the bitcoin price for just that month or so, and after which it bounces back to normal price and i believe such scenario would likely happened to the Dollar as well.

Impact of the bitcoin mining ban:
- reduce global hash power, supply of mined btc does not decrease;
- does not reduce the number of uses and needs;
- those involved in dumping the bitcoin price are just speculators.

The de-dollarization by the BRICS countries will have a bigger impact than you can imagine, because after all this is an economic war. If the USD cannot find an equivalent replacement country, then what are the alternatives?

[ancafe]

-Snip- Do you feel how subtly China "broke the fools"?

Instead they try to fool people who are already stupid. Let's look at one case in the field of trade in Chinese products. What do they offer consumers? nothing more than cheap goods that do not have the quality to be used in the long term and what is their background wanting to leave the US dollar and trying to influence other countries to join them, of course we already know the answer, although we are not trying to find out.

There are many irregularities about the BRICS and as far as I know it will not be able to destroy the dominance of the US Dollar, because global trade agreements with the United States are bound by regulations and not by nonsense.

This is the "dream" of BRICS nations, but the reality is very different. They are rich because of their resources, it can be gas, it can be oil, it can be even humans, it can be whatever that is cheap for them and make a lot of money for others.

However, if you talk about the big nations like America, then dollar is strong because of what they do with those resources, if you have oil that's great, they put that oil into planes and make multiple times people fly, or they put it on jet fighters and attack another nation, or they put it on cars and drive to work at google or apple that everyone uses. So, all in all it is not about what you have, but what you can make with what you have and those big nations are great at that which will not stop.

All countries must have dreams of mastering natural resources in other countries by creating a new binding system, for example creating a new currency for global trade as the BRICS union has done. The next question is to what extent their power can affect many countries, while the dominance of the US dollar has lasted decades?

The quality of products created by America has advantages in the long run and this is only talking about one sector, not to mention the US dollar's strength, which is why they are very strong in maintaining dominance. The unions established by the countries that joined the BRICS are legitimate and not against world rules, but I am not very optimistic about the projects they develop.

[hyudien]

Yes, it's true that while BRICS nations have been taking measures to reduce their dependency on the U.S. dollar-dominated financial system, it is unlikely that the U.S. dollar will be eliminated anytime soon. The U.S. dollar remains the world's dominant reserve currency, widely used in international trade and financial transactions. As a result, it will take significant effort and time for BRICS nations to establish a new currency that can rival the U.S. dollar regarding global acceptance and stability.

Not only are countries that have joined the BRICS, but it also turns out that countries in Asia and the Middle Eastern countries will be interested in the ideas made by the BRICS to reduce their dependence on the US Dollar. For the US, this action is a big threat if it is formed and succeeds in creating transactions. In any case, I think the new currency will get more and more popular. Although it takes quite a long time for it to be said to be a stable new currency, it will certainly be driven by the good relations of the BRICS countries with other countries. So that it can shorten adoption on a faster scale.

[DrBeer]

Yes, it's true that while BRICS nations have been taking measures to reduce their dependency on the U.S. dollar-dominated financial system, it is unlikely that the U.S. dollar will be eliminated anytime soon. The U.S. dollar remains the world's dominant reserve currency, widely used in international trade and financial transactions. As a result, it will take significant effort and time for BRICS nations to establish a new currency that can rival the U.S. dollar regarding global acceptance and stability.

Not only are countries that have joined the BRICS, but it also turns out that countries in Asia and the Middle Eastern countries will be interested in the ideas made by the BRICS to reduce their dependence on the US Dollar. For the US, this action is a big threat if it is formed and succeeds in creating transactions. In any case, I think the new currency will get more and more popular. Although it takes quite a long time for it to be said to be a stable new currency, it will certainly be driven by the good relations of the BRICS countries with other countries. So that it can shorten adoption on a faster scale.

The question is - what are the benefits for countries to switch from a dollar secured and recognized by the world economy to a falling and unsecured yuan?
There is only one beneficiary here - this is China, who helps their "not very smart friends" to "get rid of dollars." At the same time, he slips his yuan to them, thus exporting his inflation. And in the future, it will simply make the economies of countries that will be "up to the throat" filled with yuan totally dependent. At the same time, the United States will not feel much discomfort, because. China will, on the contrary, try to accumulate more dollars, which you are now observing. That is, China is shouting into a mouthpiece "give up the dollar, switch to the yuan", and at this time, with their own hands, dollars are pouring into their gold and foreign exchange reserves

In one word - explain the benefits, and how is dependence on the yuan better than dependence on an international currency, on a global scale?

[kryptqnick]

China has a big economy and a strong currency, to yes, some countries can figure out a way of bypassing the USD and undermining it. If BRICS threw support over Yuan, that could make a big difference, but I don't think they're going to do that. Russia likes their own currency, India might feel strong about their currency as well, and while they want to undermine the USA and the USD, they don't want to simply try to replace it with China either. As for agreeing on a whole new other common currency, it will be hard to figure out who will regulate it, be responsible to ensure its stability etc. So for now, I'd say China has the best chances of growing influence of its currency in the world, but it's still not close to making a new financial system, and I don't think a world heavily reliant on China is a better world than the one heavily relying on the USA, to be honest.

[DrBeer]

China has a big economy and a strong currency, to yes, some countries can figure out a way of bypassing the USD and undermining it. If BRICS threw support over Yuan, that could make a big difference, but I don't think they're going to do that. Russia likes their own currency, India might feel strong about their currency as well, and while they want to undermine the USA and the USD, they don't want to simply try to replace it with China either. As for agreeing on a whole new other common currency, it will be hard to figure out who will regulate it, be responsible to ensure its stability etc. So for now, I'd say China has the best chances of growing influence of its currency in the world, but it's still not close to making a new financial system, and I don't think a world heavily reliant on China is a better world than the one heavily relying on the USA, to be honest.

No, this is a deep misunderstanding. The Chinese economy is large, but absolutely dependent on Western buyers and technology. And China has a weak yuan! That is why China plans to surround itself with not very smart "friends" and put them on its yuan. Because The Chinese economy, without "exporting inflation", will not be able to get out of the current situation and save its economy, which is getting closer to collapse. Western investment is leaving China, technology is leaving China, production is being revived in the US and the EU, China is losing markets and could potentially receive more sanctions. China does not want to take risks, so it builds a "security perimeter", which will then be forced to consume all Chinese consumer goods, and China monopolizes the supply of these countries with inexpensive and not very high-quality goods that cannot compete in the Western market. And the humble servants of China will be FORCED to buy it all from China, at the price that China will indicate ... Well, what did you think - these fools refused the dollar, and no one except China will sell them anything for the yuan

[|MINER|]

Snip

I think a new currency was needed to break the monopoly of the dollar. Although I don't know if Brick will succeed in its intended purpose even them I am supporting this step . But I don't think it will be so competitive initially, if some other countries from Europe join this apart from these nations, then I think it will not be far behind in the competition. I think many countries in Asia are going to join here and if they get recognition for this currency business then I think the way forward will be more smooth.

[FanEagle]

Russia would love that, I am sure that after their own ruble got screwed so hard and they are getting crashed in the markets and basically the whole economy of the nation is crashing, along with Chian who wanted to kill muslims in their own nation and attack taiwan, and then got their factories switched for pakistani ones or whatever, and started to have financial troubles because of that, wants to see Dollar have some trouble too.

But you know what? America made that money by selling stuff to others, and they are powerful and even though I dislike them as well, they at least earned it, the hard way, and they will keep being the strongest. Plus we need at least one strongest, so you gotta pick one, I think Euro would have been better but Dollar ain't bad too.

[FUCKBSVFUCK]

In that case, it would be the same as a cash/gold and/or other form of the fiat system. As a country we are in it is a currency thato other countries by other countries. This is a cashless economy because a currency country where they cannot cash or gold in an instant, while it is being exported from another country.

[South Park]

Russia would love that, I am sure that after their own ruble got screwed so hard and they are getting crashed in the markets and basically the whole economy of the nation is crashing, along with Chian who wanted to kill muslims in their own nation and attack taiwan, and then got their factories switched for pakistani ones or whatever, and started to have financial troubles because of that, wants to see Dollar have some trouble too.

But you know what? America made that money by selling stuff to others, and they are powerful and even though I dislike them as well, they at least earned it, the hard way, and they will keep being the strongest. Plus we need at least one strongest, so you gotta pick one, I think Euro would have been better but Dollar ain't bad too.

It is true that nothing was given to them and they have earned the power they got by outmaneuvering their opponents, however the manufacturing sector on the United States is not as powerful as it was decades ago and recently they have printed too much money as well, so it is natural that other countries are looking for alternatives as they are realizing that this gives too much power to the United States and this power can be used against them and thwart their ambitions of expansion.

[be.open]

Russia would love that, I am sure that after their own ruble got screwed so hard and they are getting crashed in the markets and basically the whole economy of the nation is crashing, along with Chian who wanted to kill muslims in their own nation and attack taiwan, and then got their factories switched for pakistani ones or whatever, and started to have financial troubles because of that, wants to see Dollar have some trouble too.

But you know what? America made that money by selling stuff to others, and they are powerful and even though I dislike them as well, they at least earned it, the hard way, and they will keep being the strongest. Plus we need at least one strongest, so you gotta pick one, I think Euro would have been better but Dollar ain't bad too.

It is true that nothing was given to them and they have earned the power they got by outmaneuvering their opponents, however the manufacturing sector on the United States is not as powerful as it was decades ago and recently they have printed too much money as well, so it is natural that other countries are looking for alternatives as they are realizing that this gives too much power to the United States and this power can be used against them and thwart their ambitions of expansion.

Remarks by National Security Advisor Jake Sullivan on Renewing American Economic Leadership at the Brookings Institution

Pretty entertaining speech.

[Pierre 2]

I started to feel like its now to challenge domination of USD in global world. Its obvious economic capacity of BRICS countries except China is nothing. Its all about China's growth. We are truly in a time where world is becoming multipolar. For better or worse, I don't exactly know what we are going to experience. But I think countries should be able to do trade between each other on Yuan, Ruble, Euro, Swiss Franch whatever. Different currencies. USD should lose power.

[Unbunplease]

It is hard to imagine a financial system that is not dependent on the dollar. There is a lot of talk about de-dollarization, but the dollar is not particularly depreciating in different countries, which means that there is still a demand for the dollar.

[blue Snow]

I started to feel like its now to challenge domination of USD in global world. Its obvious economic capacity of BRICS countries except China is nothing. Its all about China's growth. We are truly in a time where world is becoming multipolar. For better or worse, I don't exactly know what we are going to experience. But I think countries should be able to do trade between each other on Yuan, Ruble, Euro, Swiss Franch whatever. Different currencies. USD should lose power.

It could be also, but not suddenly used massively because we still use Dollars for other things. If suddenly move to another currency, that will affect to the country who use it daily since a long time ago. The dollar has been used by many countries for Import and Export transaction, If the country is suddenly move to another currency like BRICS, the domino effect will happen not only for buyer country but the seller countyr which must exchange it, and that must prepare fee which bigger than before.