People keep talking how weak dollar and how bad usa economy getting

[Gyfts]

The BRICS gold backed currency hasn't yet come to fruition, it's a mere proposal: https://cointelegraph.com/news/gold-backed-brics-currency-very-hard-to-deliver-lyn-alden

And essentially the problem is that the world relies on fractional reserve banking and future GDP growth is entirely based on debt, so it makes it logistically difficult. Even absent of a gold backed currency, USD is still on a decline. There are other attractive options if countries are seeking a stable asset.

[pooya87]

It's really funny to see the type of weird views some people have of the world and the things that are happening in it. OP basically says that "because US supposedly owns a lot of gold, creation of an alternative payment system is impossible". It is even funnier when you look at the name of this forum and realize that it is a Bitcoin forum, a place where we discuss "an alternative payment system" called Bitcoin that is not backed by anything like gold and it was created and it is successful and every day it is growing
By the way United States doesn't like Bitcoin either.

In any case, dedollarisation is happening whether some people or even US itself accepts it or not. It didn't start last year and it won't mature soon but it is happening.

[Etranger]

In any case, dedollarisation is happening whether some people or even US itself accepts it or not. It didn't start last year and it won't mature soon but it is happening.

And after covid times dedollarisation became even stronger and faster, I think. The very idea of the dollar as a world leader rested on globalization, the blurring of borders between countries, especially the Western type of development states. The pandemic has contributed to a return to closed structures, both public and private. Localization is back again. Countries were forced to adjust their economies within themselves, often without the support of export. And because of this, they were forced to rely on their own tools. I think this trend will only continue, because the globalization of the world shows its inability.

[coupable]

In any case, dedollarisation is happening whether some people or even US itself accepts it or not. It didn't start last year and it won't mature soon but it is happening.

Unfortunately, most do not know that the largest wave of dedollarization was in the sixties of the last century after what is known as the "Nixon shock", which led to the emergence of the euro and its rise as a unified currency for the European Union alliance, which in turn appeared as an indirect result of that wave. And even the emergence of Bitcoin as a new payment system can also be considered within that wave, but with more expansion because Bitcoin represents a currency and a payment system at the same time. Bitcoin is also distinguished by the fact that it is not linked to gold reserves, and this is what makes it real wealth compared to any other currency linked to metals in the entire history.

[Bananington]

Anyone saying the USD is weak or the USA economy getting bad doesn't really understand what's going on.
This is more of a political and economic involvement of other nations to reduce the reliance on the dollar for trade and commerce across borders.
Perhaps, when there are options available as what the BRICS countries is presenting, the dollar and the American influence will reduce.
Modern warfare is more about economic dominance than good old war.

[Etranger]

Modern warfare is more about economic dominance than good old war.

I'd say it is more about the way people think and the way this thinking can be manipulated. We live in an era of consumer society, the image of which was created by Western life itself, in particular in the USA. Regardless of the economy in different countries, people want almost the same things: an apartment, a car, branded clothes, etc. Although the conditions and opportunities for achieving this differ greatly in different countries. Therefore, it is not some separate economy of a specific country that dominates, but a way of life imposed as the one to strive for.

[Doan9269]

People need to understand its not about the power of the currency but the power of the nation at play here. In a nation with hundreds of thousands of drug addicts and homeless people, I really do not think that USA could still say that they are doing a good job, its obvious that they may look strong financially but that's mainly because their rich are richer than any other nations rich, but their poor are equally poor as any other nation. Like the guy that is staying at the beach of san Francisco or something, that dude is as poor as any other person, maybe has a "potential" that is higher, but must die due to drug overdose anyway. This will financially ruin USA in the near future, they are losing it big time.

When we are talking about the reality with eat the people are facing then it's very important that we shouldn't politicized the discussion, we should rather take the matter from where everyone is been involved or affected by the government and individuals decisions, being poor is what is common to almost every countries of the world, there are poor and rich citizens altogether, in USA you will discover this and same in China, UK or any other countries, eho should these people blame for their predicament or situation for being poor, no matter how worst USA economy is getting, it is still far better preferred than most economics because it's still stable than others.

[el kaka22]

Quite interesting to see an American troll, doesn't mean he is American because by the looks of his English he doesn't look American but more like a supporter of USA against brics. By the way it is not bricks, it is brics, the name of the nations, Brazil, India, Russia, china, etc etc, there are 11 of them. So all in all, if you think that USA will keep on doing fine, then let it do fine, why would you need to talk about Brics in that case?

There is no reason to fear them since USA will stay strong, there is no reason to keep on working with them neither, just take your business out of them and focus on the west, that way you will not be able to make them richer as well. I think it should be important to realize it.

[Ayers]

It's really funny to see the type of weird views some people have of the world and the things that are happening in it. OP basically says that "because US supposedly owns a lot of gold, creation of an alternative payment system is impossible". It is even funnier when you look at the name of this forum and realize that it is a Bitcoin forum, a place where we discuss "an alternative payment system" called Bitcoin that is not backed by anything like gold and it was created and it is successful and every day it is growing
By the way United States doesn't like Bitcoin either.

In any case, dedollarisation is happening whether some people or even US itself accepts it or not. It didn't start last year and it won't mature soon but it is happening.

Indeed, it's no longer a rumor and it's getting stronger than ever but it's hard to understand why so many people still haven't accepted that fact.
They always say they don't care, don't believe that de-dollarization will succeed, USD will always be the currency of the world. But they refuse to accept the fact that de-dollarization is happening pretty fast and they always spread fake news about BRICS. This just makes me think that they're scared of this de-dollarization, and they don't want people to know the truth, not that they really don't care.

I admit I'm not a fan of the US, but I'm not a fan of China or Russia either. But I prefer a multipolar and fairer world, in which all countries can develop and compete fairly, rather than being controlled and oppressed by a single power.

[Inwestour]

Anyone saying the USD is weak or the USA economy getting bad doesn't really understand what's going on.
This is more of a political and economic involvement of other nations to reduce the reliance on the dollar for trade and commerce across borders.
Perhaps, when there are options available as what the BRICS countries is presenting, the dollar and the American influence will reduce.
Modern warfare is more about economic dominance than good old war.

In fact, not a single dominance in history has lasted forever, hence we can conclude that the dollar is waiting for the same fate, but this may take more than one decade and will also depend on many factors.

I don't see who could at the moment show significantly better development dynamics on the world stage to take the place of the United States. Yes, the US economy is not in the best condition now, but this applies not only to the United States, now the entire world economy is going through difficult times, but due to the fact that the United States printed a lot of dollars to stimulate the economy, this provoked a significant increase in inflation and this weakened the position of the dollar on the world arena.

[Blowon]

well, I think the US is too busy with things other than their dollar, I understand that they are a strong country, but don't forget how China is even No. 2 in the world in terms of the economy, plus the conflict with Russia, I think the focus of the US will be divided so much that it pays less attention to this, well, if the US Dollar weakens, it is likely that the number 1 will be taken over by the Chinese currency.

[Unbunplease]

Personally, I don't see any signs of a serious weakening of the dollar. If we take the dollar and the Russian ruble, the dollar has again reached over 90 rubles per dollar. And they talk about some kind of dedollarization, although so far everything is happening the other way around. A similar situation is observed in other countries

[Yamane_Keto]

You confuse the weak dollar with replacing the dollar as a reserve currency No. 1. The weak dollar is that countries always bear the debts of the United States, so whenever the United States needs cash, it will print more and the whole world will bear these debts, and it is different from replacing the dollar with local currencies or a new currency, as replacing The dollar is a process that has already started from some countries, but it will need years to succeed because many basic things, such as oil, are priced in dollars, with a high demand for US Treasury bonds, and there is no better than the US market for investment and capital guarantee.


Without a world war, it is difficult to remove the dollar as the No. 1 reserve currency.

[usekevin]

You confuse the weak dollar with replacing the dollar as a reserve currency No. 1. The weak dollar is that countries always bear the debts of the United States, so whenever the United States needs cash, it will print more and the whole world will bear these debts, and it is different from replacing the dollar with local currencies or a new currency, as replacing The dollar is a process that has already started from some countries, but it will need years to succeed because many basic things, such as oil, are priced in dollars, with a high demand for US Treasury bonds, and there is no better than the US market for investment and capital guarantee.


Without a world war, it is difficult to remove the dollar as the No. 1 reserve currency.

The dollar is the strongest currency,the most of the developing and underdeveloped countries had dollar as an reserve.The reason behind this was to cask out to  their fiat at the time of recession.The dollar value depends on the US government bond, the most demanded oil also had an impact on the dollar.Only the Arabic based country was free from the dollar value, The European Nations had their won currency.Most of the country depends on the dollar except the European Union and Arabian currency.

[Silberman]

You confuse the weak dollar with replacing the dollar as a reserve currency No. 1. The weak dollar is that countries always bear the debts of the United States, so whenever the United States needs cash, it will print more and the whole world will bear these debts, and it is different from replacing the dollar with local currencies or a new currency, as replacing The dollar is a process that has already started from some countries, but it will need years to succeed because many basic things, such as oil, are priced in dollars, with a high demand for US Treasury bonds, and there is no better than the US market for investment and capital guarantee.


Without a world war, it is difficult to remove the dollar as the No. 1 reserve currency.

If a world war were to happen the dollar would be the last of our problems as it is difficult to imagine civilization as we know it surviving such an event, in order for the US dollar to lose its status as the reserve currency of the world not much has to happen, as the US dollar is already on its way out, but this is a process which will take at least a few decades as if the countries which want for the economic model to change aimed for a quick exit then the system could collapse, and they will lose a massive amount of wealth as their reserves will be worth nothing at that point.

[EFS]

I think it's talked in other places that America's economy is bad, but in our country it's still known how strong the USA is. Nothing will happen easily to the American economy. There was a unipolar world in recent years, but other developed countries are trying to change this. We may revert to a multipolar order in the medium term, but this doesn't mean that America is weak. If a new currency emerges, we may see a hard power clash. This requires being prepared for new wars though, which is bad for whole world but that's the reality and we have to be prepared for that.

[dothebeats]

I think it's talked in other places that America's economy is bad, but in our country it's still known how strong the USA is. Nothing will happen easily to the American economy. There was a unipolar world in recent years, but other developed countries are trying to change this. We may revert to a multipolar order in the medium term, but this doesn't mean that America is weak. If a new currency emerges, we may see a hard power clash. This requires being prepared for new wars though, which is bad for whole world but that's the reality and we have to be prepared for that.

I agree with you. It is probably being discussed in other various places that America's economy is starting to fall and the US dollar isn't doing well but in our country, it is still known to be powerful. Hence, it shows that it is still powerful in a way that various countries have confidence and belief in the strength of America's economy.

[Tony116]

Anyone saying the USD is weak or the USA economy getting bad doesn't really understand what's going on.
This is more of a political and economic involvement of other nations to reduce the reliance on the dollar for trade and commerce across borders.
Perhaps, when there are options available as what the BRICS countries is presenting, the dollar and the American influence will reduce.
Modern warfare is more about economic dominance than good old war.

In fact, not a single dominance in history has lasted forever, hence we can conclude that the dollar is waiting for the same fate, but this may take more than one decade and will also depend on many factors.

I don't see who could at the moment show significantly better development dynamics on the world stage to take the place of the United States. Yes, the US economy is not in the best condition now, but this applies not only to the United States, now the entire world economy is going through difficult times, but due to the fact that the United States printed a lot of dollars to stimulate the economy, this provoked a significant increase in inflation and this weakened the position of the dollar on the world arena.

Those who deny the fact that the USD is weakening and the US economy is struggling are people who have never learned about the history of world money. If I remember correctly, before USD ruled the world we also had 5 currencies of different countries dominating. And you are right, nothing can rule forever, and everything will be replaced at some point. Why do we believe that bitcoin is gradually replacing centralized systems but deny the fact that USD is also gradually weakening? Are we too stubborn because we don't want that to happen? In the near future, the US will still be the largest economy and the dollar will still prevail, but that doesn't mean it will stay forever.

[yhiaali3]

Do not be so confident, it is true that the dollar is very strong and de-dollarization is difficult at the present time, but nothing remains the same forever, everything has a beginning and an end. Look back a bit before the dollar when sterling was the dominant currency in the world, where is it now?

The main reason for the dominance of the dollar was because the United States gained military and economic power after World War II, at a time when Europe and Asia were devastated, the United States was geographically far from the war and had enormous resources, through the Marshall Plan for the reconstruction of Europe, the United States managed to impose the dominance of the dollar And its political hegemony over Europe through the massive aid it provided to Europe.

The summary is that politics and the economy are completely linked, and the United States derives its economic strength from its political and military strength, but circumstances change, and the formation of alliances such as the BRICS alliance will inevitably lead to a change in the international climate and upset the balance of power, so in my opinion, by means of BRICS or others, the end of the dollar will inevitably come in the future.

One last question: What made countries like Saudi Arabia, the UAE and Egypt, which were recently strong allies of the United States, join the hostile BRICS alliance?

[Fiatless]

I think it's talked in other places that America's economy is bad, but in our country it's still known how strong the USA is. Nothing will happen easily to the American economy. There was a unipolar world in recent years, but other developed countries are trying to change this. We may revert to a multipolar order in the medium term, but this doesn't mean that America is weak. If a new currency emerges, we may see a hard power clash. This requires being prepared for new wars though, which is bad for whole world but that's the reality and we have to be prepared for that.

Your position is very correct. It will take a long time for any currency to overtake the dollar because the US economy is not standing alone. It is connected to the strong Anglo-Saxon economy which includes the UK, Canada, Australia, and New Zealand. Changing the world to a multipolar order will also need an alliance of some nations with a fairly strong economy. The hope for the establishment of another dominant currency is on the BRICS and their expansion is a step in the right direction. The dollar will continue to enjoy global dominance until economies like Russia, China, India, Russia and other emerging economies have close partnerships like the Anglo-Saxon world.