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

[SirLancelot]

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.

Do you really think that governments around the world will allow a cryptocurrency like Bitcoin which is totally decentralized to take over the economy and become the main financial system? That will mean that they will have no access at all to their people's finances and financial activities, and everyone will be free to do whatever they want whenever they want with their money without having to prove anything to anyone.

They will never accept that, they won't let Bitcoin be the next financial system to replace fiat, banks will be out of business, politicians who are superior right now and ruling over everyone won't have this much power and governments and authorities won't have any access to everyone's privacy.

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[karabiber]

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.

The only currency in the world today is the US dollar. Hegemony was established at the Bretton Woods conference. In order to get rid of the hegemony and influence of the dollar, the first choice should be to consume the domestic products of the countries and to trade between them in national currency. But it would be absurd to think that the Dollar's dominance would disappear immediately after doing so. The globalization scam of multinational corporations is actually colonizing countries.

Especially energy exporting countries should be more sensitive in this regard. Saudi Arabia and Russia are required to trade gas and oil in their national currencies in world trade. If they succeed in this in the first place the dollar hegemony that has been going on for years in world trade will be hit. With the integration of cryptocurrencies into our lives we can finish the functionality of the dollar. For example if Saudi Arabia traded with its own coin in oil trade, wouldn't the dominance of the dollar decrease? The most important thing is that a heavy price will be paid for doing so. If we are ready to pay the price, we must begin.

[jaberwock]

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.

No need man because we already have cryptos. USD is only the primary currency that are being used to measure their value but other currencies can work too. Then there are other precious metals which can also be used in exchange for something because they have their own value.

The local currency that we use except from USD are also independent. Barter is old school but it looks kinda cool too. Lots of us might want to experience it. In some buying and selling groups that I see in Facebook. They have a barter like system where your gadget for example can be traded to the another gadget. Sometimes you are require to add cash if that gadget you are trading has a better specs than yours.

[Kakmakr]

Well, the US are doing all they can to tarnish the reputation of the South African government... even fabricating stories that a Russian ship is being used to ship weapons and ammunition to Russia from South Africa. (without any proof) 

We saw the same thing when the European nations wanted to join together to create the Euro. Everyone was fighting over that and people were skeptical from the start... now the Euro is one of the strongest currencies.

The difference is... the Euro was created by first world countries and it was done by people from the "West"..... now people from third world countries wants their own reserve currency...and suddenly people from the West is criticizing it from all side. 

[be.open]

Well, the US are doing all they can to tarnish the reputation of the South African government... even fabricating stories that a Russian ship is being used to ship weapons and ammunition to Russia from South Africa. (without any proof) 

We saw the same thing when the European nations wanted to join together to create the Euro. Everyone was fighting over that and people were skeptical from the start... now the Euro is one of the strongest currencies.

The difference is... the Euro was created by first world countries and it was done by people from the "West"..... now people from third world countries wants their own reserve currency...and suddenly people from the West is criticizing it from all side. 

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

[Alpha Marine]

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,

I don't see how taking the power out of the central bank will make things fair (not like it's even possible). The rich will still have Bitcoin the way they have money. Nothing will change. The rich will still keep getting richer. That way they will even find ways to manipulate Bitcoin to suit them.
The world wasn't designed to be fair. However we try to spin it, the world will still be unfair.

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

[Sayeds56]

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

Yes, it is possible and there are discussions going on in many parts of the world about it to create a multi-currency system that is not solely dependent on pre-dominated US dollar-based system, and digital currencies such as Bitcoin is also an option. The major economic powers such as China and Russia are already using their national currencies to trade goods and services. However, completely moving away from US dollar poses significant challenges due to complexities involved and need for agreements among nations to establish and accept a new system.

[be.open]

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

Who are "we" and what kind of narrative do you need to stop pushing?

Gaddafi had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar by proposing the creation of a single African currency backed by gold. Saddam Hussein also had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar, saying that Iraq would sell oil for the euro. Iran started billing oil in euros in 2003, and Hugo Chavez planned to do so in 2005, and Iran and Venezuela also had some shit.

After the collapse of the Bretton Woods system in the early 1970s, the dollar's post-World War II hegemony began to shake. But fortunately for the United States, Henry Kissinger, during negotiations with Saudi Arabia, developed a simple and ingenious system of "dollar recycling" and in 1975 all OPEC member countries began to sell oil only for the American dollar. And not just sell for dollars, but store them in American banks and buy US Treasury bonds. And the IMF used those dollars to lend money to oil-exporting countries. Bingo! Thanks to this, the reins of government of the world were again in the hands of the United States. And any country that challenges the "dollar recycling" system gets some shit in the form of US troops, sanctions, or a coup d'état. Not because the USA is so bad or evil, it's just that the USA is a very systemic country and this system protects its status quo by all available means, reacting to any threats to its dominant position in the world. Blackmail, bribery, murder - when I say "all available" it means really all available, the system has no moral restrictions inherent in man.
 
A financial system independent of the dollar is possible - but you have to be prepared to get your share of some shit when you try to implement it.

[DrBeer]

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

Who are "we" and what kind of narrative do you need to stop pushing?

Gaddafi had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar by proposing the creation of a single African currency backed by gold. Saddam Hussein also had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar, saying that Iraq would sell oil for the euro. Iran started billing oil in euros in 2003, and Hugo Chavez planned to do so in 2005, and Iran and Venezuela also had some shit.

After the collapse of the Bretton Woods system in the early 1970s, the dollar's post-World War II hegemony began to shake. But fortunately for the United States, Henry Kissinger, during negotiations with Saudi Arabia, developed a simple and ingenious system of "dollar recycling" and in 1975 all OPEC member countries began to sell oil only for the American dollar. And not just sell for dollars, but store them in American banks and buy US Treasury bonds. And the IMF used those dollars to lend money to oil-exporting countries. Bingo! Thanks to this, the reins of government of the world were again in the hands of the United States. And any country that challenges the "dollar recycling" system gets some shit in the form of US troops, sanctions, or a coup d'état. Not because the USA is so bad or evil, it's just that the USA is a very systemic country and this system protects its status quo by all available means, reacting to any threats to its dominant position in the world. Blackmail, bribery, murder - when I say "all available" it means really all available, the system has no moral restrictions inherent in man.
 
A financial system independent of the dollar is possible - but you have to be prepared to get your share of some shit when you try to implement it.

It's time to change the manual It is already worn out, some pages are falling out, others are stained with greasy and dirty hands of fans of this delusional reading, and it smells strongly of mothballs

About Gaddafi - a fairy tale, it was proved a long time ago The only thing he did was support terrorism and beautiful sincere speeches, standing on the mountains of the corpses of the people he killed. The results, or rather the last hours of his life, by the way, perfectly showed "the nationwide love of the people for Gaddafi."

the rest are the same fairy tales.

Oil is sold for dollars to all who find it profitable and convenient. The same Russia, only thanks to dollars for oil, was able to create the appearance of greatness. Now Russia is selling oil for yuan and rupees - and what, did it help Russia? The price of oil is "on the floor", yuan and rupees are in the banks of China and India, which forbid Russia to change them into dollars. Iran and Russia are switching to barter settlements, because there are no dollars, and the money of these two countries is just beautiful pieces of paper
And the rest, including China, India and others, continue to trade comfortably and conveniently on the international market for dollars!

PS A global financial system is also possible on cowrie shells. The only question is why?

[DanWalker]

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

Yes, it is possible and there are discussions going on in many parts of the world about it to create a multi-currency system that is not solely dependent on pre-dominated US dollar-based system, and digital currencies such as Bitcoin is also an option. The major economic powers such as China and Russia are already using their national currencies to trade goods and services. However, completely moving away from US dollar poses significant challenges due to complexities involved and need for agreements among nations to establish and accept a new system.

The idea of a dollar-free financial system is just the beginning, it is difficult to say whether they will succeed or not. And honestly, I doubt the success of these ideas, but that doesn't mean the dollar will rule forever. Maybe this revolution of China and Russia will not succeed soon, but there will certainly be another revolution in the future, and the dollar will be replaced or eliminated it is only a matter of time. Because the history of mankind has proven, there is no powerful empire that has not been replaced over time.

[DrBeer]

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

Yes, it is possible and there are discussions going on in many parts of the world about it to create a multi-currency system that is not solely dependent on pre-dominated US dollar-based system, and digital currencies such as Bitcoin is also an option. The major economic powers such as China and Russia are already using their national currencies to trade goods and services. However, completely moving away from US dollar poses significant challenges due to complexities involved and need for agreements among nations to establish and accept a new system.

The idea of a dollar-free financial system is just the beginning, it is difficult to say whether they will succeed or not. And honestly, I doubt the success of these ideas, but that doesn't mean the dollar will rule forever. Maybe this revolution of China and Russia will not succeed soon, but there will certainly be another revolution in the future, and the dollar will be replaced or eliminated it is only a matter of time. Because the history of mankind has proven, there is no powerful empire that has not been replaced over time.

Regarding the part of the dialogue about China and Russia - Russia for China is a raw materials appendage, and "a toy to intimidate the West." Game over...

"The United States does not support Taiwan independence and does not intend to enter into conflict with China
This was announced by US Secretary of State Anthony Blinken during a meeting with Chinese leader Xi Jinping in Beijing.
The PRC leader added that the United States should respect China's position and not harm the legitimate rights and interests of the country. Xi Jinping expressed hope that the United States will take a rational and pragmatic stance towards China."

This means that now the fate of Russia, if it is of interest, is only as a new territory of China or a raw material appendage with a short lifespan.

Regarding the "non-dollar international financial system" - now you can easily prove to yourself, without wanting it, that this is not interesting to anyone. Not China. Neither India. It is beneficial only as a populist slogan in the hands of those who have neither dollars, nor a normal economy, nor any weight in the world economy.

And so the question is - explain the real purpose, benefits, security and convenience of avoiding the dollar, as an inter-border settlement system? Just do not use "slogans", but a pragmatic, reasoned explanation?

[be.open]

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

Who are "we" and what kind of narrative do you need to stop pushing?

Gaddafi had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar by proposing the creation of a single African currency backed by gold. Saddam Hussein also had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar, saying that Iraq would sell oil for the euro. Iran started billing oil in euros in 2003, and Hugo Chavez planned to do so in 2005, and Iran and Venezuela also had some shit.

After the collapse of the Bretton Woods system in the early 1970s, the dollar's post-World War II hegemony began to shake. But fortunately for the United States, Henry Kissinger, during negotiations with Saudi Arabia, developed a simple and ingenious system of "dollar recycling" and in 1975 all OPEC member countries began to sell oil only for the American dollar. And not just sell for dollars, but store them in American banks and buy US Treasury bonds. And the IMF used those dollars to lend money to oil-exporting countries. Bingo! Thanks to this, the reins of government of the world were again in the hands of the United States. And any country that challenges the "dollar recycling" system gets some shit in the form of US troops, sanctions, or a coup d'état. Not because the USA is so bad or evil, it's just that the USA is a very systemic country and this system protects its status quo by all available means, reacting to any threats to its dominant position in the world. Blackmail, bribery, murder - when I say "all available" it means really all available, the system has no moral restrictions inherent in man.
 
A financial system independent of the dollar is possible - but you have to be prepared to get your share of some shit when you try to implement it.

It's time to change the manual It is already worn out, some pages are falling out, others are stained with greasy and dirty hands of fans of this delusional reading, and it smells strongly of mothballs

About Gaddafi - a fairy tale, it was proved a long time ago The only thing he did was support terrorism and beautiful sincere speeches, standing on the mountains of the corpses of the people he killed. The results, or rather the last hours of his life, by the way, perfectly showed "the nationwide love of the people for Gaddafi."

the rest are the same fairy tales.

Oil is sold for dollars to all who find it profitable and convenient. The same Russia, only thanks to dollars for oil, was able to create the appearance of greatness. Now Russia is selling oil for yuan and rupees - and what, did it help Russia? The price of oil is "on the floor", yuan and rupees are in the banks of China and India, which forbid Russia to change them into dollars. Iran and Russia are switching to barter settlements, because there are no dollars, and the money of these two countries is just beautiful pieces of paper
And the rest, including China, India and others, continue to trade comfortably and conveniently on the international market for dollars!

PS A global financial system is also possible on cowrie shells. The only question is why?

Rather, Henry Kissinger's system has become outdated over the 50 years of its existence and has begun to falter. Discord in relations between the US and Saudi Arabia has become a rough crack in the foundation of this system, which is why now there is a good chance to dismantle and destroy it completely.

An even deeper rift in relations between the US and the UAE, hence the problems in the effectiveness of the I2U2 alliance, which was created to counter the threat of China's economic expansion into the Middle East and seems to be doing a poor job of this task. The United States now has very serious problems with influence in the Middle East. Arabs do not like being deceived.

[CarnagexD]

Source: Tutwa Consulting Group

BRICS nations are advancing at a fast pace to eliminate the U.S. dollar-dominated financial system. The first step is to bypass the U.S. dollar and the second step is to create a new currency to settle international trades. While the first step is already in practice, the second step could be put in place after the BRICS summit in August 2023.

The alliance countries have already taken measures to bypass the US-dominated global financial system. The aim is to move away from the dependency on the U.S. dollar and provide an alternative global financial option. BRICS is an alliance of Brazil, Russia, India, China, and South Africa.






BRICS: The Next Step To Eliminate The U.S. dollar
currency

Source: Unsplash

Just recently, BRICS nations overtook G7 countries in global GDP while taking purchasing power parity into account. Russia announced that it would pay with the Chinese Yuan to settle trade with Asian, African, and Latin American countries. China and France completed the LNG gas trade using Yuan, ending the dollar’s reliance on energy trades.

Therefore, BRICS are currently successful in their plans to eliminate the U.S. dollar to settle global trades in native currencies. However, if the alliance countries agree to a mutual currency to settle global trade in the upcoming summit in August, the dollar may face a significant drop in demand.
The U.S. dollar might lack potency if the BRICS countries fully eliminate it for global settlements. Over time, many other countries could join the bandwagon and distance themselves from the USD.

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

https://watcher.guru/news/brics-advancing-to-eliminate-u-s-dollar-financial-system

for me it not actually about assets being dependent on the US Dollar. It just happened that dollar is more dominant among other currency which makes it relevant to every transactions and investment. I see it in a way that is all about market correlation. That how forex transactions was affected by inflation, which is affected by bonds, which is affected by companies then stocks, come to indices, then to metals, commodities then other risk assets like real state and BTC. 

Well yes, it's important to have this kind of insight because in tackles about global finance but for me keeping it simple works better expeciallt on analyzing an asset. I commend OP and thread contributors of information for their research.

[Bananington]

The USD has more dominance in any section of economy, trades, stocks, investment, just name it. It is going to be hard for the Yuen as an adopted new currency to outperform and replace the dollar. We talking about world dominance ya all.
It is not a bad idea for BRICS nation and G7 nations to think up an alternative to the dollar because of its current rate, but the thoughts of how the world economy would be affected should be considered. There will of course be a thussle for balance and am sure the U.S financial regulators wouldn't just sit around and let this happen.

So yes, there could be a financial system not dependent on the USD, but not in the next 10years.

[Franctoshi]

We are currently in a currency war between China and the United state and is likely that the new financial system is around the corner, China is not relenting in its agenda to overshadow the United state and its US dollar hegemony, to have the Chinese currency (The digital Yuen backed by digital SDR) become the world reserve currency. This is the reason why the Bricks nation is recently making News headlines and other countries are joining them in this agenda.

[trendcoin]

FED's reaction to the 2008 mortgage crisis pushed everyone to be more cautious about the dollar. After this economic collapse, we cannot deny that the whole world is in search of a new path. However, I don't know if the alternative created by Brazil, Russia, India, China and South Africa is the right alternative. Recently, this economic cooperation includes other countries and is growing. However, I still have doubts about it being the right alternative.

The dollar is the global reserve currency and most importantly a government currency. I think the BRICS is no different from the dollar and is under the influence of governments. I think we should talk about ways to make a mass revolution in cryptocurrencies and Bitcoin.

[Casdinyard]

Yes, it’s quite possible but there’s going to be “repercussions” from the UN and the rest of its allies if a country were to decide they wanna cut ties with the USD moving forward. They can use Gold and Oil like Saudi Arabia and the rest of the Middle East, or other forms of stores of value like other countries not affiliated with the US but it will all hoil down to them finding an alternative store of value/reserve currency to make up for the absence of USD. Plus they also have to ready themselves in the military sector to make sure that they’d be ready should retaliations from the west commence cause we all know how the US works when things don’t go their way.

In the end it is possible but it requires resources and balls of lead to actually carry it out.

[slapper]

Gaddafi was simply killed for his "golden initiative" of the concept of the gold dinar as an alternative to the petrodollar. So the unfounded empty accusations of South Africa and the threat of sanctions are not yet too harsh a reaction from the United States.

We really need to stop pushing this narrative around. The US and NATO may have had ulterior motives for killing Gaddafi but let's not be out here painting him like a saint. Gaddafi was a ruthless dictator. In no world should a person like Gaddafi be celebrated. Just because he had a few ideas that would have been good for his people doesn't justify the things he did.
Based on the kind of person Gaddafi was, I really doubt that he wanted the "golden initiative" for the good of his people and not for his own personal interest. They all have ulterior motives.

Who are "we" and what kind of narrative do you need to stop pushing?

Gaddafi had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar by proposing the creation of a single African currency backed by gold. Saddam Hussein also had many sins, but the worst of them, for which he paid with his life, was that he challenged the dollar, saying that Iraq would sell oil for the euro. Iran started billing oil in euros in 2003, and Hugo Chavez planned to do so in 2005, and Iran and Venezuela also had some shit.

After the collapse of the Bretton Woods system in the early 1970s, the dollar's post-World War II hegemony began to shake. But fortunately for the United States, Henry Kissinger, during negotiations with Saudi Arabia, developed a simple and ingenious system of "dollar recycling" and in 1975 all OPEC member countries began to sell oil only for the American dollar. And not just sell for dollars, but store them in American banks and buy US Treasury bonds. And the IMF used those dollars to lend money to oil-exporting countries. Bingo! Thanks to this, the reins of government of the world were again in the hands of the United States. And any country that challenges the "dollar recycling" system gets some shit in the form of US troops, sanctions, or a coup d'état. Not because the USA is so bad or evil, it's just that the USA is a very systemic country and this system protects its status quo by all available means, reacting to any threats to its dominant position in the world. Blackmail, bribery, murder - when I say "all available" it means really all available, the system has no moral restrictions inherent in man.
 
A financial system independent of the dollar is possible - but you have to be prepared to get your share of some shit when you try to implement it.

Ah, the good old dollar supremacy narrative. It's as American as apple pie, isn't it? Certainly, Gaddafi and Saddam challenged the dollar, and yes, they met rather unpleasant ends. What a jolly coincidence, no? Yet, isn't it fascinating how you've painted a panorama where the U.S. is this all-seeing, all-knowing puppet master, controlling the strings of the world economy? Sure, the "dollar recycling" system did give the U.S. quite a stranglehold on the global economic scenario. But claiming that any attempt to break free from the dollar equals a date with destiny in the form of U.S. troops or sanctions is, shall we say, a touch melodramatic?

As for countries like Iran and Venezuela, their economic woes can't simply be reduced to their dollar-defying ambitions. A cocktail of domestic mismanagement, corruption, and political instability had their hands in the cookie jar too. Developing a dollar-independent financial system? Sure, go ahead. Just keep your boots laced and ready for some 'fun' times.

[be.open]

Ah, the good old dollar supremacy narrative. It's as American as apple pie, isn't it? Certainly, Gaddafi and Saddam challenged the dollar, and yes, they met rather unpleasant ends. What a jolly coincidence, no? Yet, isn't it fascinating how you've painted a panorama where the U.S. is this all-seeing, all-knowing puppet master, controlling the strings of the world economy? Sure, the "dollar recycling" system did give the U.S. quite a stranglehold on the global economic scenario. But claiming that any attempt to break free from the dollar equals a date with destiny in the form of U.S. troops or sanctions is, shall we say, a touch melodramatic?

As for countries like Iran and Venezuela, their economic woes can't simply be reduced to their dollar-defying ambitions. A cocktail of domestic mismanagement, corruption, and political instability had their hands in the cookie jar too. Developing a dollar-independent financial system? Sure, go ahead. Just keep your boots laced and ready for some 'fun' times.

The most ambitious attempt to create a financial system independent of the dollar in recent history is the creation of a single European currency. The euro began to circulate on January 1, 1999, and already in March the Europeans got their portion of some shit in the form of the bombing of Yugoslavia. The current conflict in Ukraine fits into the scheme of the second series of some shit for Europe, because it was actively provoked by the US (and prudently out of the EU UK) organization of the coup in Kiev in 2014. There is no melodrama in this, only business. For the opportunity to continue living with trillions in budget deficits for decades, you can arrange even more shit for your competitors.

[Wend]

...snip...

The dollar is the global reserve currency and most importantly a government currency. I think the BRICS is no different from the dollar and is under the influence of governments. I think we should talk about ways to make a mass revolution in cryptocurrencies and Bitcoin.

BRICS is like Nato, and if they can create a financial system that doesn't depend on USD, their currency will be like USD. But what we need to be more concerned about is that they are creating a more just world, the world's power will be balanced without having to depend on anyone or the domination of a dictator.

It will be very difficult for BRICS to overthrow the USD empire, and it will take a long time. It is difficult to say whether it will succeed or fail, but if we want the world to be just, free from rulers, we have every right to hope that the BRICS will succeed.