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

[uneng]

Honestly, between being under the supremacy of Dollar, Yuan or any other currency launched by third world countries under the surveillance of China, which one would you prefer? Better to continue using Dollar as parameter and I guess even the businessmen from BRICS' countries would prefer that, because that is the best alternative we have so far, since it's bringing relative stability to global economies.

If we were using any other currency as parameter, economical crisis would be much worse, while at same time we would be feeding dangerous tyrants like Putin and Chinese Communist Party.

The idea of creating a BRICS' currency is being spread recently by the president of Brazil, who has also already suggested the launchment of a currency for South American countries. But that is bullshit, because they have no credibility to launch anything solid and legit, due to the history of crimes and lies commited.

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[DrBeer]

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.

Gaddafi was killed by his "loving citizens". And not the "gold standard" or something else "fabulous". He was killed with anger, malice and a desire for REVENGE! For hundreds of thousands of killed relatives, for tens of thousands of tortured ones! For his totalitarianism and the arbitrariness that he arranged in the country, whose citizens could live in a free, happy world ... But he decided that he was a "god", and had the right to control destinies and lives! The "fairy tale" about his supposedly "gold standards", "irrigation of all Africa", "immeasurable love for the importance of the entire people of Libya and the entire continent" - from year to year "pumped" by his manual media, propaganda and other supporters of the totalitarian, anti-human regime. That is why it was destroyed by the citizens of Libya, and not, for example, by the "Americans" ... The Americans wanted to judge him, by an open international court, for crimes against people. I see you have not gone beyond the age when you believe in fairy tales and deny reality!


Everything else is an attempt to "pull an owl on the globe"
I understand it is difficult for you to understand reality when you have only conspiracies in your head, reptilians, persuasion to trade oil only in tetrapak containers and only liquid and only fat and only for a dollar ...
The essence of the dollar is a unified, convenient, stable system of mutual settlements for all, for countries with different currencies. Including countries with unstable currencies, which is very important, of course, if you are familiar with the economy.
It's like the whole world uses non-cash accounts and interbank transactions, and you say - nooo, cowrie shells and barter is freedom, and cashless payments are a conspiracy of the world, but it was very convenient to change apples for tires and gasoline ... or on the skins and quills of a porcupine! ))


PS Tell me, why is it that the "great USSR" and the same "great Russia" do not trade everything and with everyone for "strong and secure rubles, and not candy wrappers of the US Federal Reserve"? The answer, of course, is on the surface - who adequately needs these worthless candy wrappers of the USSR / Russia!
But out of respect for you, as an interesting opponent, in the past, I will listen with genuine interest to your "original" theory!

[be.open]

PS Tell me, why is it that the "great USSR" and the same "great Russia" do not trade everything and with everyone for "strong and secure rubles, and not candy wrappers of the US Federal Reserve"? The answer, of course, is on the surface - who adequately needs these worthless candy wrappers of the USSR / Russia!
But out of respect for you, as an interesting opponent, in the past, I will listen with genuine interest to your "original" theory!

Well, why doesn’t it trade, have you already forgotten how much noise Putin’s statement made in Europe last spring that gas for buyers from unfriendly countries will now be sold for rubles? True, there is a more complex scheme with the automatic exchange of euros for rubles, but it still works today, thanks to this scheme, Gazprombank is not under Western sanctions.

With each BRICS country, Russia has a bilateral swap in national currencies, and one side of this swap is the Russian ruble.

The problem with switching to trading in rubles is that the ruble is not a freely convertible currency, like the Chinese yuan and the Indian rupee. Another problem is Russia's trade surplus; it is unprofitable for net-exporting countries to trade in their national currency, because it helps to strengthen it. Russia benefits from a weak ruble, while China benefits from a weak yuan. Therefore, your phantom fears that China is trying to replace the dollar with the yuan are absolutely groundless - this is tritely unprofitable for China. But you seem to be too keen on politics or too little versed in economics, although one does not exclude the other.

ps I'm not a big fan of conspiracy theories, but this story about "dollar recycling" and how important for US hegemony the exclusivity of the dollar in any oil deals is not a conspiracy theory, but an open secret.

[slapper]

Honestly, between being under the supremacy of Dollar, Yuan or any other currency launched by third world countries under the surveillance of China, which one would you prefer? Better to continue using Dollar as parameter and I guess even the businessmen from BRICS' countries would prefer that, because that is the best alternative we have so far, since it's bringing relative stability to global economies.

If we were using any other currency as parameter, economical crisis would be much worse, while at same time we would be feeding dangerous tyrants like Putin and Chinese Communist Party.

The idea of creating a BRICS' currency is being spread recently by the president of Brazil, who has also already suggested the launchment of a currency for South American countries. But that is bullshit, because they have no credibility to launch anything solid and legit, due to the history of crimes and lies commited.

Certainly, the notion of Dollar's dominance as the international reserve currency holds merit. Its steadiness and worldwide acceptance are key to global growth and trade. Yet, we must consider the uneven impacts it inflicts on various economies.

America's 'exorbitant privilege' from its currency's global status can invite economic instability for other nations, especially the emerging ones. A swift shift in the Dollar's value can profoundly influence these economies, altering their export viability and debt loads.

The idea of a BRICS or South American currency should not be discounted based on past experiences. Success hinges on strong governance, firm financial infrastructure, and trustworthy monetary policies.

[coupable]

The idea of creating a BRICS' currency is being spread recently by the president of Brazil, who has also already suggested the launchment of a currency for South American countries. But that is bullshit, because they have no credibility to launch anything solid and legit, due to the history of crimes and lies commited.

This is not the only reason that limits the success of this ambition, because all BRICS countries cannot isolate themselves internationally after creating a dollar-free system. This is in addition to the savings of those countries in foreign currency, which are in large part in dollars in the form of government bonds. The most that these countries can do within the framework of an economic alliance is to diversify the exchange currencies to include their local currencies, otherwise there is no sense in the first place to abandon the dollar without agreeing on a real alternative. The world seems optimistic about the news about limiting the use of the dollar, but no one thinks that this is not practically possible, at least in our days.

[DrBeer]

PS Tell me, why is it that the "great USSR" and the same "great Russia" do not trade everything and with everyone for "strong and secure rubles, and not candy wrappers of the US Federal Reserve"? The answer, of course, is on the surface - who adequately needs these worthless candy wrappers of the USSR / Russia!
But out of respect for you, as an interesting opponent, in the past, I will listen with genuine interest to your "original" theory!

Well, why doesn’t it trade, have you already forgotten how much noise Putin’s statement made in Europe last spring that gas for buyers from unfriendly countries will now be sold for rubles? True, there is a more complex scheme with the automatic exchange of euros for rubles, but it still works today, thanks to this scheme, Gazprombank is not under Western sanctions.

With each BRICS country, Russia has a bilateral swap in national currencies, and one side of this swap is the Russian ruble.

The problem with switching to trading in rubles is that the ruble is not a freely convertible currency, like the Chinese yuan and the Indian rupee. Another problem is Russia's trade surplus; it is unprofitable for net-exporting countries to trade in their national currency, because it helps to strengthen it. Russia benefits from a weak ruble, while China benefits from a weak yuan. Therefore, your phantom fears that China is trying to replace the dollar with the yuan are absolutely groundless - this is tritely unprofitable for China. But you seem to be too keen on politics or too little versed in economics, although one does not exclude the other.

ps I'm not a big fan of conspiracy theories, but this story about "dollar recycling" and how important for US hegemony the exclusivity of the dollar in any oil deals is not a conspiracy theory, but an open secret.

Noise ? The noise was only in the ears of those who wanted it to be noisy!
What's more - most of them just sent russia on an "erotic long walk".
And let's be HONEST - no one was selling anything for RUR ! They created a scheme that they tried to pass off as "Russia's victory, and the power of Putin's word, but... In fact, and everyone knows this, including YOU, the purchase took place and continued to take place for EUR and DOLLARS. No one from the importing countries has ever bought RUBLES. Dollars and Euros were deposited into special currency accounts in a Russian bank, in amounts according to the prices in EUR/DOLLARS (note - there was not even a price in RUB). And then, the bank sold this currency on the MICEX, for rubles, and these rubles were credited to the oil suppliers. Where is the sale for rubles here? Am I lying ? Let's check it out ?

About BRICS - yes yes yes 
Some of the rupees and yuan, India and China never transferred, moreover, according to the transferred amount - prohibited to exchange into DOLLARS. And very strongly restrict any transactions in these rupees and yuan ! Maybe I'm lying ? Let's check ?

[inthelongrun]

It is possible of course as long as many nations will agree together not to use it. OP is talking about the Chinese-made BRICS which makes its members trade to pay the Chinese Yuan. So from USD to CNY? What's the difference then? Aside from direct benefits for countries using USD or CNY, generally speaking, there is nothing new since it is just like transferring from one to another currency. And Communist China is nothing special either to those that hate the US and its exploitations. 

I would like to see countries using their own currencies when buying and selling. Or at least free to use their own currencies when trading.

[smile1218]

Yes it is possible for a new financial system to emerge that is not dependent on the USD. The USD has been dominant currency in the global financial system for many years, but there are several factors that could lead to a shift away from this system. One of the main drivers of this shift is the increasing economic power of emerging markets such as China and India. These countries have been working to develop their own financial systems and currencies, which could eventually challenge the dominance of the USD. There are concerns about the stability of the USD as a reserve currency. The US has a large national debt and a trade deficit, which could lead to a decline in the value of the currency  in the long run. There are already alternative currencies and financial systems that are gaining popularity, such as crypto currencies like Bitcoin. These currencies are decentralized and not tied to any government or central bank, which makes them attractive to some investors.

[noormcs5]

It is possible of course as long as many nations will agree together not to use it. OP is talking about the Chinese-made BRICS which makes its members trade to pay the Chinese Yuan. So from USD to CNY? What's the difference then? Aside from direct benefits for countries using USD or CNY, generally speaking, there is nothing new since it is just like transferring from one to another currency. And Communist China is nothing special either to those that hate the US and its exploitations. 

I would like to see countries using their own currencies when buying and selling. Or at least free to use their own currencies when trading.

We have seen some deals of oils being done between  Russia, china and Saudia Arabia and they are willing to accept currency other than the US dollar. If this trend continues, countries will transcat in other currencies and therefore they will also be lowering their US dollar reserves as those who had more US dollar reserves would considered to be the strong nations.

Bitcoin may not replace US dollar instantly because world super powers would like to keep the financial and money printing power in thier hands.

[DrBeer]

It is possible of course as long as many nations will agree together not to use it. OP is talking about the Chinese-made BRICS which makes its members trade to pay the Chinese Yuan. So from USD to CNY? What's the difference then? Aside from direct benefits for countries using USD or CNY, generally speaking, there is nothing new since it is just like transferring from one to another currency. And Communist China is nothing special either to those that hate the US and its exploitations. 

I would like to see countries using their own currencies when buying and selling. Or at least free to use their own currencies when trading.

"It is possible of course as long as many nations will agree together not to use it." - Can you state the real, useful purpose of such a decision? The answer "get rid of the yoke of the dollar" is a simple and empty slogan, behind which there is nothing. So far, no one has been able to explain to me "the well-known principle" how the dollar interferes and "destroys foreign currencies" Seriously. Everyone repeats this slogan - but they CANNOT answer the question "how does this happen"

"I would like to see countries using their own currencies when buying and selling. " - Guess what the whole world did over 50 years ago? I answer - they left just such a very inconvenient, complex and costly scheme in international settlements!

I will simplify the understanding - you go to a large market, and buy food for the whole family at home. You have American turkey, Polish apples, Thai pineapple, Greek olive oil, chocolate, Dominican cigars, a bottle of New Zealand wine, Norwegian salmon fillets, and let's have Argentine langoustines.
You come to the checkout and the cashier says to you: please pay: 5.75 us dollars, 120 zlotys, 60 baht, 200 drachmas, 210 Ghanaian cedis, 78 Dominican pesos, 20 New Zealand dollars, 5 NOK, and 56 Argentine pesos!
Do you like it this way? Comfortable ?

I'm sure you understand why the world REFUSED from the multi-currency world market? And I chose a more universal means of estimating the cost!

[ammo121810]

Yes it is possible to create a new system that is not dependent on the USD. In fact, there are already alternative systems in place, such as cryptocurrencies and bartering systems. Cryptocurrencies, such as bitcoin and ethereum are decentralized digital currencies that operate independently of governments and traditional financial institutions. They allow for peer to peer transactions without the need for intermediaries such as banks. Bartering system involve exchanging of goods and services directly without the use of money This type of system has been used for centuries and is still used today in some communities. It is important to note that the USD is currently the dominant currency in the global economy and any new system would face significant challenges in gaining widespread adoption.

[DrBeer]

Yes it is possible to create a new system that is not dependent on the USD. In fact, there are already alternative systems in place, such as cryptocurrencies and bartering systems. Cryptocurrencies, such as bitcoin and ethereum are decentralized digital currencies that operate independently of governments and traditional financial institutions. They allow for peer to peer transactions without the need for intermediaries such as banks. Bartering system involve exchanging of goods and services directly without the use of money This type of system has been used for centuries and is still used today in some communities. It is important to note that the USD is currently the dominant currency in the global economy and any new system would face significant challenges in gaining widespread adoption.

You're forgetting a nuance. These are local, limited solutions. When anywhere in the world you can buy milk, gasoline, rent a hotel, buy a flight - for cryptocurrency or barter, then we can talk about substitution, and the examples you gave are a bit larger than barter exchange or valuation for cowrie shells on some islands.

The advantage of the dollar is that it is 100% liquid everywhere and for all purposes. Everywhere and for ANY transaction ! I don't ask the question about cryptocurrencies, as everything is clear there - which half the world considers to be an outrage and the rest of the world looks suspiciously limiting by the legal framework. And tell me how do you see the realization of barter trade, as applied to small business or ordinary citizen? Do you want your favorite network to switch to barter? How would you buy 12 eggs or a kilo of bananas? Describe what you think a barter payment scheme would look like at the cash register ?

[Argoo]

Yes it is possible to create a new system that is not dependent on the USD. In fact, there are already alternative systems in place, such as cryptocurrencies and bartering systems. Cryptocurrencies, such as bitcoin and ethereum are decentralized digital currencies that operate independently of governments and traditional financial institutions. They allow for peer to peer transactions without the need for intermediaries such as banks. Bartering system involve exchanging of goods and services directly without the use of money This type of system has been used for centuries and is still used today in some communities. It is important to note that the USD is currently the dominant currency in the global economy and any new system would face significant challenges in gaining widespread adoption.

Well, in theory, a new financial system not based on the dollar could exist. But the currency of such a financial system must have the same liquidity as the dollar, that is, it must be freely bought, sold and exchanged in almost all countries of the world. It would also be good if such a currency were not the national currency of any state so that such a state would no longer dominate the financial market in the world, like the United States now.
Cryptocurrency will not be suitable for this purpose, at least in the foreseeable future, since most states will not want to take such risks.
Going back to barter also makes no sense. It is not for nothing that the evolution of financial relations, through centuries of practice, has moved to money in its various forms as a more convenient and higher format for the development of financial relations.

[coupable]

Yes it is possible to create a new system that is not dependent on the USD. In fact, there are already alternative systems in place, such as cryptocurrencies and bartering systems. Cryptocurrencies, such as bitcoin and ethereum are decentralized digital currencies that operate independently of governments and traditional financial institutions. They allow for peer to peer transactions without the need for intermediaries such as banks. Bartering system involve exchanging of goods and services directly without the use of money This type of system has been used for centuries and is still used today in some communities. It is important to note that the USD is currently the dominant currency in the global economy and any new system would face significant challenges in gaining widespread adoption.

Well, in theory, a new financial system not based on the dollar could exist. But the currency of such a financial system must have the same liquidity as the dollar, that is, it must be freely bought, sold and exchanged in almost all countries of the world. It would also be good if such a currency were not the national currency of any state so that such a state would no longer dominate the financial market in the world, like the United States now.

Theoretically, this system can be achieved on a small scale. This means that a country can cut off all its economic ties abroad and establish either a financial system that relies for its resources on its own capabilities only, or establish a system that depends on external connections in currencies other than the dollar. The second possibility would assume that this system would never be worth buying products in dollars, which is a little difficult, if not impossible, in a global economy that depends on the dollar.
As for the second hypothesis, which is the establishment of a global system without the dollar, this is theoretically possible, but almost impossible in practice. The dollar did not reach this position overnight, and that required decades of development accompanied by developments in the global economy.