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

[Captain Corporate]

I am not sure about USD but I am looking for one that is not depending on fiat at all, that would be the best version. I get it, communism didn't work, and when anyone even mentions helping out the poor and the disadvantaged, its labeled left and terrible and communist propaganda and all that, that's what you westerners think. However, maybe its time to build a system where its a bit more fair? How? Well first up, maybe we should take the power out of central banks because they help rich get richer while causing poor to become poorer, if we had set limit currency like bitcoins 21 million limit, there wouldn't be any, and they would have to pay us salary to work for them and we won't have to spend our money on them, so it would be more fair. This way, they pay us money, and if we don't spend our money on the rich, they just get bailed out by banks, that' should stop.

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[Hamza2424]

Interesting and important query and everyone can relate to it. In my view, we really don't need to change the whole system and it's not even possible at least for now, we need to debug our system and make some improvements. The prominent mistake in this system which is done by us was Dollarization considering USD as a Universal currency. I think Internation trade should be based on Gold or any other asset you can take my indication towards as BTC if somebody doesn't agree then the solution is Gold or finding a new way.

We are already getting some glimpses that now USD will not be used as a trading asset, Saudi Arabia, Russia, and some other resourceful countries are heading up to trade locally or product to product. If someone is interested to read some good stuff related to theories proposed as a solution a few keywords which I knew are;

⚫ De-dollarization.
⚫ Bitcoin Era.
⚫ Gold Era.
⚫ Batter System Revival.

[livingfree]

I am not sure about USD but I am looking for one that is not depending on fiat at all, that would be the best version.

We have to get back to the old days where the system of transaction is through barter. That's much better because the value of what you're going to trade or sell depends on the people and there's no standard that's being followed there, it's not organized.

While if we go on these times, we've got a system and the money is backed by gold reserve. Whether it's the CNY or the USD, we'll still be reliant on their markets and value and that's why there is no escape from it.

Also, even if it's Bitcoin, its value is also convertible to USD or any other fiat so that's why it will still depend on the people setting value of goods.

[slapper]

In short , no.Highly doubtful anything will collapse the USD. Europe already uses the Euro thats fine on its own.
We are talking about 2 major nations, China and India. If they would refuse the US$ then it might cause a significant price shift.

But lets be real, China and India cant afford to play that game.Russia might , South Africa sure who cares. But the two behemoths no way.

There are a couple of simple questions here that no one can answer without using populist ideas and slogans:
- why would India and/or China abandon the dollar?
- what economic benefits will India and/or China get by changing the international currency
- and what can the international reserve currency be exchanged for?

Just 2 facts:
- India buys oil from Russia for Indian rupees, and resells it for DOLLARS.
- China is not abandoning the dollar. China is trying to find "donor" countries that will accept the yuan, replacing the dollar with it, which will take over part of the inflationary processes within China.

It's funny, right? Some folks treat the USD like it's untouchable, a currency from the heavens that'll never falter. But the truth? The global economy's a wild maze. China and India might not ditch the dollar now, but don't count out the future.

Switching to a fresh global currency? Perks abound. It'd loosen Uncle Sam's grip, giving others a voice in the money game.

Sure, we can't predict the future with crystal-ball accuracy, but assuming the status quo lasts forever? Absurd. Time to explore alternatives, brace for a world where the USD doesn't rule supreme.

I completely agree with you - "nothing lasts forever under the moon"

But if we talk about the dollar as the world's reserve currency and the currency of international payments, then no matter how "bad" it is, it's the best at the moment. And the problem is that we can't see an alternative!
I am not a "fan of the U.S.", I am a pragmatist who evaluates the world by real factors. For years I have heard some countries "moaning" that the "dollar is evil" (though for some reason they can't prove it ), and that the dollar must be replaced - but they can't, again, point to its "substitute" in a reasoned way.
Whether we like it or not, at this moment, and for decades to come, there is NO alternative to the dollar!
I have said many times that the international currency (currently the dollar), MUST have a mass of indicators. But ... the problem is that even such a strong and secure currency as the EURO, does not have in the right quantity and quality, all the necessary indicators to replace the dollar globally !  Any other currency will lead to a wild fragmentation of the world market, complication of mutual settlements, and a real loss of a single measure of value.
If you really know of a currency that has all the necessary qualities to replace the dollar - let's discuss ?

You’re standing up for the dollar like it's an old pal. Sure, the dollar's been a shelter in the financial storm. But let's not live in the past, right?

"the only thing that is constant is change."

Right now, there's no rival to the dollar. But who can predict tomorrow?

We’re in an era of constant evolution, with tech being the prime player. Perhaps a new currency is about to steal the dollar’s thunder. Let's salute the dollar, but keep an eye out for the new kid on the block. Keep the doors open. And perhaps in my wildest dream people will soon all use Doge as the main currency. You know, money after all is just a symbol

[flyingcarpet]

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.

We were born and raised in an era where USD dominates the world, so it is a myth to hear about getting rid of USD and not depending on it. But if we learn about the history of world currency, before the USD dominated the world, we also had the currencies of England and France...that once dominated the world. That means that the USD weakening or being replaced is not impossible, anything will happen, but the question is when it will happen. I believe everything has a lifespan, nothing lasts forever, and higher mountains will have higher mountains.

Yes, everything has a lifespan. The dollar does not expire, but it may lose its popularity. You gave examples from previous events. As in these examples, the dollar may experience the same situation. The only question is, are there any countries that would dare to do so? What will be the reaction of the dollar in such a situation? We cannot see them without experiencing them. I doubt if we can live in the near future, but I cannot ignore the possibility that one day the dollar's dominance will end. Power has always changed hands. There are many examples in history.

[axxo]

Yes it is possible for a new financial system to emerge that is not dependent on the USD. There are already efforts underway to create alternative currencies and payment systems that are not tied to any particular national currency. One example of this is the rise of crypto currencies such as Bitcoin, which operate independently of any any government or central bank. While they are still relatively new and untested, crypto currencies have the potential to offer a more decentralized and secure financial system that is not subject to the whims of any particular government or institution. While USD currently dominates the global financial system, there are many potential alternatives that could merge in the coming years.

[DrBeer]

You’re standing up for the dollar like it's an old pal. Sure, the dollar's been a shelter in the financial storm. But let's not live in the past, right?

"the only thing that is constant is change."

Right now, there's no rival to the dollar. But who can predict tomorrow?

We’re in an era of constant evolution, with tech being the prime player. Perhaps a new currency is about to steal the dollar’s thunder. Let's salute the dollar, but keep an eye out for the new kid on the block. Keep the doors open. And perhaps in my wildest dream people will soon all use Doge as the main currency. You know, money after all is just a symbol

I absolutely agree - the world is constantly changing. In history, entire empires have come and gone, let alone currencies...

But there is also a nuance here - the world is going into the era of high technology, and it is logical to assume that the fiat dollar will be replaced by something more "modern".And technological. But here again there is a nuance - the U.S. today are the technological leaders in most areas. And judging by all their solutions, including as a digital currency, will be most qualitatively implemented.

PS Money is not a symbol, money is a universal measure of value. It's like time - on the one hand it seems impossible to measure it with a ruler, scales or something else, but physically. It can only be counted with a stopwatch, which we have invented for ourselves as a measure of time. On the other hand, everything around us is directly or indirectly related to time, and there is no escaping it... But that's philosophy :)it... But that's philosophy

[BenCodie]

My prediction is that there will be an eventual division of currency into the eastern and western sectors, with the bridge being cryptocurrency (whether this be a CBDC or Bitcoin/something government sponsored that is similar). BRICS will cater for most of the eat, while UM (universal money) will cater for the west, and probably Europe too. They will attain instant liquidity, incorporate social credits to heavily enforce existing/new law on people, and replace the U.S dollars reign over the globe. I don't think it will ultimately be for the better, but rather the beginning of the imminent end for fiat money. Supply will exponentially grow the moment that these currencies are 100% digital and cash is no longer a factor. I doubt that either of these currencies will have notes/bills.

[DrBeer]

My prediction is that there will be an eventual division of currency into the eastern and western sectors, with the bridge being cryptocurrency (whether this be a CBDC or Bitcoin/something government sponsored that is similar). BRICS will cater for most of the eat, while UM (universal money) will cater for the west, and probably Europe too. They will attain instant liquidity, incorporate social credits to heavily enforce existing/new law on people, and replace the U.S dollars reign over the globe. I don't think it will ultimately be for the better, but rather the beginning of the imminent end for fiat money. Supply will exponentially grow the moment that these currencies are 100% digital and cash is no longer a factor. I doubt that either of these currencies will have notes/bills.

The idea is interesting... BUT the problem is that it is based on the erroneous assumption that "BRICS will serve most of the food." the problem is that India and china are the biggest CONSUMER. Plus - let's not forget agro-technology (from equipment to seed and fertilizer) - globally the western countries are the leaders in this sector. The prospects of russia, as one of the largest suppliers of grain, are also vague - the situation has now changed and is not developing in favor of russia and its future with a positive outlook. There are many reasons - global degradation of the economy, degradation of the population, technological backwardness, and global sanctions and subsequent reparations are not excluded...
Brazil is a major agricultural producer on the world market, but not unique. The other BRICS countries do not have global influence on the food market.

[be.open]

My prediction is that there will be an eventual division of currency into the eastern and western sectors, with the bridge being cryptocurrency (whether this be a CBDC or Bitcoin/something government sponsored that is similar). BRICS will cater for most of the eat, while UM (universal money) will cater for the west, and probably Europe too. They will attain instant liquidity, incorporate social credits to heavily enforce existing/new law on people, and replace the U.S dollars reign over the globe. I don't think it will ultimately be for the better, but rather the beginning of the imminent end for fiat money. Supply will exponentially grow the moment that these currencies are 100% digital and cash is no longer a factor. I doubt that either of these currencies will have notes/bills.

The idea is interesting... BUT the problem is that it is based on the erroneous assumption that "BRICS will serve most of the food." the problem is that India and china are the biggest CONSUMER. Plus - let's not forget agro-technology (from equipment to seed and fertilizer) - globally the western countries are the leaders in this sector. The prospects of russia, as one of the largest suppliers of grain, are also vague - the situation has now changed and is not developing in favor of russia and its future with a positive outlook. There are many reasons - global degradation of the economy, degradation of the population, technological backwardness, and global sanctions and subsequent reparations are not excluded...
Brazil is a major agricultural producer on the world market, but not unique. The other BRICS countries do not have global influence on the food market.

You say that like it's a bad thing. The domestic markets of India and China are not only the largest, but also have the greatest growth potential. If in the West they are talking more and more about "conscious consumption" in the context that it is necessary to stop mindless consumption, and learn to limit oneself, buy not everything in a row, but only what is really necessary, then in China and India three billion people often only the most necessary and buy. The BRICS countries have huge growth potential, while the G7 countries have almost completely exhausted their growth potential. But closer to the topic, the era of dollar dominance can be characterized by the phrase "it was forever until it ended."

[Sayeds56]

I have less information about abroad but i must say something that we have to reason collectively,
Out of 195 countries in the world i know too well that most of the population (country's) are solely depending on USD, EURO, POUNDS, YUAN for major trade. I mean before anyone could trade among these 195 you need any of those currency to be able to travel across, and if only 6 countries decides to breakout from USD how do you think it will affect the US dollar?
There will be no much effects

The significance of impact would indeed depend on the size and economic strengths of the countries deciding to move away from US dollar. For example if China, Saudi Arabia, Russia and India collectively deciding to trade bilaterally using their national currencies, it can potentially affect the value of dollar as they represent top 20 economies with substantial trading volumes.

[SamReomo]

That news is true and BRICS countries are trying their best to reduce dependence on dollar and move up with a new currency that will be acceptable for trade in all of the countries who join BRICS team. If that becomes a reality then dollar will lose so many countries from its list which only trade using Dollar and IMF forces them to increase rates if they have taken loan from them. The dependence on dollar will be greatly reduced and the new currency will create a new era where dollar will be accepted just like other fiat currencies and will lose its status as the international currency.

The new system of payment for trades will be very helpful for Asian countries and if the influence of the new currency gets huge then in future western world will also have to reserve that new currency in order to trade with the countries that are members of the BRICS system. The new currency will drastically impact the price of dollar and the dollar will most probably lose some value in the initial stages of the BRICS. The trade deals when settled with other currencies than dollar will impact the use of it and many countries might totally give up on dollar based system.

[ringgo96]

Of course this will not be impossible to happen, and this will require the approval of countries involved with the USD, such as China they are designing a new currency that will kill the USD and they certainly have very big goals in this matter, and countries like China do want to dominate the world and do not want dependence on the US country, So it will be a big problem if the new currency system is going to work, and it will have to have the approval of the community.

[Unbunplease]

Of course this will not be impossible to happen, and this will require the approval of countries involved with the USD, such as China they are designing a new currency that will kill the USD and they certainly have very big goals in this matter, and countries like China do want to dominate the world and do not want dependence on the US country, So it will be a big problem if the new currency system is going to work, and it will have to have the approval of the community.

On the other hand, we can constantly talk about independence while remaining extremely dependent. It is just the master's permission, so to speak. It is just strange how it is possible to form an independent financial system without the participation of the United States, which is still pulling the strings. And the BRICS countries are also partly dependent on the U.S.

[Bushdark]

I am not sure about USD but I am looking for one that is not depending on fiat at all, that would be the best version.

We have to get back to the old days where the system of transaction is through barter. That's much better because the value of what you're going to trade or sell depends on the people and there's no standard that's being followed there, it's not organized.

While if we go on these times, we've got a system and the money is backed by gold reserve. Whether it's the CNY or the USD, we'll still be reliant on their markets and value and that's why there is no escape from it.

Also, even if it's Bitcoin, its value is also convertible to USD or any other fiat so that's why it will still depend on the people setting value of goods.

This going back to the old days to continue with the trade by bartter is not going to make sense at all and we can't even live by that looking for people that you are going to exchange your products with to get what you want or another product. Since the USD is the dominant currency now, we have not choice than to continue using it until there is a counter currency that will shift the USD to one corner.
It is going to take sometimes for the dominant currency that is the USD to be replaced by another currency that would reduce the muscles and crazy sanctioning of the United States on countries that do not support her agenda.

[Mario Yamasaki]

Of course there are many financial and financial systems that are not dependent on USD, as we know that the influence of USD is very strong but now many countries want to leave USD and use other currencies, even China is increasingly aggressive to use Yuan and proven effective.

[DrBeer]

My prediction is that there will be an eventual division of currency into the eastern and western sectors, with the bridge being cryptocurrency (whether this be a CBDC or Bitcoin/something government sponsored that is similar). BRICS will cater for most of the eat, while UM (universal money) will cater for the west, and probably Europe too. They will attain instant liquidity, incorporate social credits to heavily enforce existing/new law on people, and replace the U.S dollars reign over the globe. I don't think it will ultimately be for the better, but rather the beginning of the imminent end for fiat money. Supply will exponentially grow the moment that these currencies are 100% digital and cash is no longer a factor. I doubt that either of these currencies will have notes/bills.

The idea is interesting... BUT the problem is that it is based on the erroneous assumption that "BRICS will serve most of the food." the problem is that India and china are the biggest CONSUMER. Plus - let's not forget agro-technology (from equipment to seed and fertilizer) - globally the western countries are the leaders in this sector. The prospects of russia, as one of the largest suppliers of grain, are also vague - the situation has now changed and is not developing in favor of russia and its future with a positive outlook. There are many reasons - global degradation of the economy, degradation of the population, technological backwardness, and global sanctions and subsequent reparations are not excluded...
Brazil is a major agricultural producer on the world market, but not unique. The other BRICS countries do not have global influence on the food market.

You say that like it's a bad thing. The domestic markets of India and China are not only the largest, but also have the greatest growth potential. If in the West they are talking more and more about "conscious consumption" in the context that it is necessary to stop mindless consumption, and learn to limit oneself, buy not everything in a row, but only what is really necessary, then in China and India three billion people often only the most necessary and buy. The BRICS countries have huge growth potential, while the G7 countries have almost completely exhausted their growth potential. But closer to the topic, the era of dollar dominance can be characterized by the phrase "it was forever until it ended."

Okay, once again, I'll give you a lesson
1. Forget that "largest territory", "largest population", "largest crown", "largest cannon" are anything important, these are all old, primitive, medieval signs of "greatness"!
2.  China is an export-oriented, technologically dependent country, with uncontrolled population growth, and an attempt to pass itself off as the center of the world Which now has problems that they are trying to solve by smearing their problems on less intelligent "friends" by replacing the dollar in their stocks and settlements with the yuan.
3. In terms of food - they can only CUSTOMIZE, but not PRODUCE agricultural products for export. Although... plastic milk, or rather concentrates, supposedly food products they produce. Very well in third world countries and very backward - you can check on the "dairy products" in russia. If "as if you do not know" - google "cottage cheese burning" and "milk powder from China" 
4. There is a migration of industries from China to India right now - high-tech companies are "moving in" and moving their production facilities. Yes, it's good potential, but it was created by Western companies and technology. By the way, this is a degradation of the economy for China.
5. Conservative consumption is quite logical, because in the West, the capacity of people (many times greater than the population of countries like China and India) has led to a really inadequate consumption of goods that are not needed. It all ends up either going into the trash or being stored somewhere in the pantry. High consumption capacity is not synonymous with "have to buy everything.
6. The fact that in the "biggest countries" The fact that 3 billions often consume only the bare necessities - once again proves that in today's world quantity always loses out to quality And it proves that these countries are unable to provide an acceptable standard of living for their people, although "they have high potential" and blablablabla

[BRINIRHA]

Interesting and important query and everyone can relate to it. In my view, we really don't need to change the whole system and it's not even possible at least for now, we need to debug our system and make some improvements. The prominent mistake in this system which is done by us was Dollarization considering USD as a Universal currency. I think Internation trade should be based on Gold or any other asset you can take my indication towards as BTC if somebody doesn't agree then the solution is Gold or finding a new way.

We are already getting some glimpses that now USD will not be used as a trading asset, Saudi Arabia, Russia, and some other resourceful countries are heading up to trade locally or product to product. If someone is interested to read some good stuff related to theories proposed as a solution a few keywords which I knew are;

⚫ De-dollarization.
⚫ Bitcoin Era.
⚫ Gold Era.
⚫ Batter System Revival.

De-dollarization is what I encounter most of the time when reading about global economic news. In fact, there are already several countries outside BRICS members that have also carried out international trade by no longer using Dollars. but the country prefers to use the Chinese Yuan. Even some of the ASEAN countries have also chosen to carry out transactions between countries using their respective local currencies. Gradually Dedollarization will probably become a reality. even if it takes a long time.

In the past, international trade may have used gold and silver as world currency, but that was an old era. And it is possible that we will meet again in this era in the future.

[Synchronice]

The BRICS countries have huge growth potential, while the G7 countries have almost completely exhausted their growth potential. But closer to the topic, the era of dollar dominance can be characterized by the phrase "it was forever until it ended."

G7 countries haven't exhausted their growth potential and to be honest, word limit doesn't exist in this world! In G7 countries, you have Canada which is the second largest country in the world with over 80% of its uninhabited land, over 40% of land of the United States is uninhabited too. The modern world that we have, throughout the history, was created by Greece, Italy, France, Germany and England. And recently, in modern history, the United States of America and G7 countries have made our world more developed and progressive. BRICS countries are not on their level. Yes, their GDP may takeover G7 GDPs (that will be calculated in USD again ) but that means nothing. Higher GDP doesn't automatically mean that individual person's standard of living will improve.

The American Dollar is not that easy to remove and I bet America doesn't spend tons of money on NATO, they won't let it happen. While I personally prefer Dedollarisation, I think that's not gonna end well for all of us.

[greek_hephaestus]

The BRICS countries have huge growth potential, while the G7 countries have almost completely exhausted their growth potential. But closer to the topic, the era of dollar dominance can be characterized by the phrase "it was forever until it ended."

G7 countries haven't exhausted their growth potential and to be honest, word limit doesn't exist in this world! In G7 countries, you have Canada which is the second largest country in the world with over 80% of its uninhabited land, over 40% of land of the United States is uninhabited too. The modern world that we have, throughout the history, was created by Greece, Italy, France, Germany and England. And recently, in modern history, the United States of America and G7 countries have made our world more developed and progressive. BRICS countries are not on their level. Yes, their GDP may takeover G7 GDPs (that will be calculated in USD again ) but that means nothing. Higher GDP doesn't automatically mean that individual person's standard of living will improve.

The American Dollar is not that easy to remove and I bet America doesn't spend tons of money on NATO, they won't let it happen. While I personally prefer Dedollarisation, I think that's not gonna end well for all of us.

A new payment method for your business are very useful for Asian countries and also new coin value is highest and living people do the business and did the  register of the new coin and the coin value will be directly impact and more then the dollar value and  other coins and do the settlement of the business documents and damage the usage  and some based on dollar did the will be abandoned .