Will the world soon become tired of the US dollar?

[stompix]

The problem is that BRICS is too diverse and honestly not really backed by anything right now other than themselves its like a huge puzzle that has been scattered across a table and not put together right now lol. Taking tons of countries to combat one for the global reserve status is no easy task.

I can't wait till Lula invites the Iranian or Saudi delegations in Brazil and makes them join the Rio festival.
Or when Brazilian fans (specially female) try to attend a match in Iran the same way they do around the world!
I've seen enough warnings in South East Asia about "No indian men" allowed and how the ones that allowed them asked every time for payment upfront before their drink was served, that would work wonders!!!!!

The problem with Brics is that no matter how much they hate the US at the end of it they hate each other more than that, China and India is just the tip of the iceberg of problems cooperation between them faces, wait till they realize they have absolutely nothing in common other than hate and you can't build anything on that other than sand castles.

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[Latviand]

The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.

What you're talking about is nearly impossible to happen and even if BRICS were to band together because the influence that US have on other countries is just too deeply rooted that it's hard to get them out even if a lot of big countries are going to try because we're so used to USD as a means of exchange, it's difficult for us to let it go, to me that's the simple answer why the world won't get tired of using USD.

[moneystery]

perhaps more precisely "only some countries in the world" are fed up with the dollar, especially developing countries which until now have not gained any benefit from using the dollar in their transactions. let's look at two countries carrying out transactions, these transactions have nothing to do with the us, but in these transactions they use dollars, isn't that funny? just because the bretton woods agreement actually only benefited america.

especially with the emergence of new powers such as brics, the economic development of developing countries, and the increasing gap between the economies of developing and developed countries. this forces many countries to abandon dollars in their transactions and use the currency of super economic countries such as china/their own country's currency in their trade to increase added value to their economy.

[sana54210]

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

I think there has been talks about creating their own currency, its public knowledge, I have seen it in newspapers of my nation as well, I do not have exact quote on who said it first or if there are any national stuff about it, but in my nation the newspapers wrote it and on twitter all the news channels are tweeting about it.

There must be some truth to it if they are all saying it, no idea if its just at rumor stage but all through 90's we have talked about Euro, and eventually it happened, we do not need something exact for right now, it may not happen who knows maybe for another decade, we need to establish this BRIC alliance first, then maybe one day it may happen. Not sure what that would mean for bitcoin or dollar, we need to live to see it.

[kryptqnick]

BRICS does have a significant combined GDP, but what they lack is enough unity and enough opposition to the US (in some member countries) for their de-dollarization to actually work. Russia, for sure, is anti-US, pissed by Western sanctions, and wants an alternative to the USD for international trade. But China has a very strong co-dependent relationship with the US, so I don't think they will actually abandon the USD and all their trade with the US because of being a BRICS member. India also seems to be a country that focuses on its own interests and trades, so its biggest trading partners are the EU and the US, but also China and UAE. I don't think it will commit to abandoning the Western part of its trade.
So no, I don't think the world will before tired of the USD or will become significantly challenged by some sort of BRICS currency.

[uchegod-21]

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

The forum would definitely grow tired of such topics like this, just as people will not grow tired of the US dollar. While the forum members will always post on threads as this, some are sincerely posting to learn and share knowledge, while some are just posting to complete their campaign quota.

In the other hand, as people are preparing to quit the US dollar, US is strategizing how to make their fiat to continue to dominate. In as much as the world politics is concerned, their must be a leading power and leading currency, US will be this for so long.

[aylabadia05]

<snip>
Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

BRICS is full of political value in it. The countries involved have goals in international trade politics. Before getting bored with the US Dollar currency, people will get bored with all fiat currencies if they want to dig deeper into how fiat currencies work.

The easiest concept for people to get bored with fiat currencies even in the countries involved in BRICS is the decline in the value of fiat currencies. If $1 can buy 1 glass of energy drink in the UK, it can buy 1 liter of oil in Indonesia. In the next two years, $1 will no longer be able to buy that item because it has increased.

All systems and concepts in banking are games.

[icalical]

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

I think there has been talks about creating their own currency, its public knowledge, I have seen it in newspapers of my nation as well, I do not have exact quote on who said it first or if there are any national stuff about it, but in my nation the newspapers wrote it and on twitter all the news channels are tweeting about it.

There must be some truth to it if they are all saying it, no idea if its just at rumor stage but all through 90's we have talked about Euro, and eventually it happened, we do not need something exact for right now, it may not happen who knows maybe for another decade, we need to establish this BRIC alliance first, then maybe one day it may happen. Not sure what that would mean for bitcoin or dollar, we need to live to see it.

Yes actually some media said that, this topic has been made several time on this board so I have done some research previously. These are some official statement saying that BRIC doesn't have the agenda to make their own common currency.

https://www.bloomberg.com/news/articles/2023-07-05/brics-has-no-immediate-plan-for-a-currency-cfo-of-its-bank-says
https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/

In my opinion some media take a statement on BRIC summit by Brazilian president that said no country should be forced to used USD for transaction if they don't (want to) use it, and then those media jump into conclusion that BRIC is going to make their own currency. But then when the media ask about the matters directly to Brazil President the clearly denies that.

[Mame89]

The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.

What you're talking about is nearly impossible to happen and even if BRICS were to band together because the influence that US have on other countries is just too deeply rooted that it's hard to get them out even if a lot of big countries are going to try because we're so used to USD as a means of exchange, it's difficult for us to let it go, to me that's the simple answer why the world won't get tired of using USD.

For a long time, many countries have realized that only the USD cannot be separated from its attachment to the USD being too strong. Indeed, it is an independent country, but the dollar is the country's global benchmark in global transactions. Perhaps only a small number of people know why global transactions require dollars even though all countries have their own currencies. The solution should be for countries to carry out international transactions using gold or bitcoin.

But what is happening now is against the dollar. Countries that oppose the US make BRICS the eyes of the world. That the US and its Allies have made their currency a weapon. Storing state assets in US and allied banks can be frozen at any time if a country does not comply. The countries that are members of the BRICS are starting to get bored and want to abandon transactions using Dollars or Euros, a big move to save this country from pressure from America and its allies. Even though it will take a long time, I think there will come a time when the dollar will be abandoned and will no longer be a currency for international transactions.

[boyptc]

It has became the standard of many countries and with BRICS, I think that it's going to take time with the Chinese Yuan being their main standard and flag bearer of this alliance.

I am for any change that's going to be beneficial for most people but as much as I can see, there's no clear winner here if the concern is all about the people.

These interests are just for their superpowers, economical boasts and status although citizens are affected but it's not all about the people.

[harapan]

I don't buy the idea of BRICS countries creating a decentralized currency to replace the US dollar,their aim is to reduce the dependency and reliance of citizens on the usage of the US dollar.

The US dollar is still by far the most used currency and remains capable for conducting international businesses.My question is which better alternative can be reliable as the US dollar because If the new currency is not seen as being as stable or as liquid as the dollar, it could lead to economic instability and hinder financial transactions.Therefore it can lead to a big global economical crash which will make some countries find it difficult to regain their financial/economical stability.

[ndutndut]

It has became the standard of many countries and with BRICS, I think that it's going to take time with the Chinese Yuan being their main standard and flag bearer of this alliance.

I am for any change that's going to be beneficial for most people but as much as I can see, there's no clear winner here if the concern is all about the people.

These interests are just for their superpowers, economical boasts and status although citizens are affected but it's not all about the people.

Indeed, to replace the Dollar takes a very long time. But even if the US USD is no longer a global currency. As a non-American, I don't see any problem at all, in fact I think this is a good breakthrough for the freedom of a country that no longer depends on the dollar, can use its own currency. BRISC is here to destroy the dollar monopoly system, because the dollar is one of the biggest reasons America has become a global superpower. Simply put, if the US dollar is no longer the most desired currency in the world, then the US will no longer be able to print money for free and suddenly its grip on global trade and politics loosens.

[Fara Chan]

Indeed, to replace the Dollar takes a very long time. But even if the US USD is no longer a global currency. As a non-American, I don't see any problem at all, in fact I think this is a good breakthrough for the freedom of a country that no longer depends on the dollar, can use its own currency. BRISC is here to destroy the dollar monopoly system, because the dollar is one of the biggest reasons America has become a global superpower. Simply put, if the US dollar is no longer the most desired currency in the world, then the US will no longer be able to print money for free and suddenly its grip on global trade and politics loosens.

I also don't have a problem if BRICS is able to displace the US dollar in the world trade and political arena so that almost all countries in the world will also see how this new condition occurs and the benefits will be felt by many people. But because the US dollar is firmly entrenched in the global trade and political sectors, of course the BRICS need time to fight to be able to shift the US dollar to all global sectors that have existed so far.

[justdimin]

perhaps more precisely "only some countries in the world" are fed up with the dollar, especially developing countries which until now have not gained any benefit from using the dollar in their transactions. let's look at two countries carrying out transactions, these transactions have nothing to do with the us, but in these transactions they use dollars, isn't that funny? just because the bretton woods agreement actually only benefited america.

especially with the emergence of new powers such as brics, the economic development of developing countries, and the increasing gap between the economies of developing and developed countries. this forces many countries to abandon dollars in their transactions and use the currency of super economic countries such as china/their own country's currency in their trade to increase added value to their economy.

I do agree that it is not going to be benefiting other nations when they use the dollar, but also the power of dollar came from the fact that it was a stable currency. In a world with so many nations that had destabilization, dollar was the single currency they knew they could count on.

Now I am not saying dollar is destabilized, because it is still the most powerful currency in the world, but also need to realize that they printed almost 50% of the dollars in the world at the last 5 years or so. That ain't normal for dollar standards, that changes things. This could make the developing or underdeveloped nations look out for BRICS currency, only if they can benefit from it, if they can't, then there is no point in changing teams at this moment.

[jasonjm]

Although BRICS is thinking about launching its currency, the success of this happening is very limited because China is opting for the Yuan to trade, and so are the other main members.
The chances are that at some point in the future, the dollar's monopoly might get challenged, but they will not replace the USD until and unless there is a centralized currency for trade between the member nations.

[Cryptomultiplier]

Although BRICS is thinking about launching its currency, the success of this happening is very limited because China is opting for the Yuan to trade, and so are the other main members.
The chances are that at some point in the future, the dollar's monopoly might get challenged, but they will not replace the USD until and unless there is a centralized currency for trade between the member nations.

This is where I think China has more than just an agenda in making the Yuan the BRICS currency for now. It makes sense still, but targeting it at the dollar so as to destroy any monopolistic plan behind the worlds dependence on the use of dollar for transactions, is one good way to combat its economic control over the world countries.

Shouldn't a new currency be created instead to be used as BRICS currency?

[EarnOnVictor]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

Sorry to say, I see no valid point here. You are the one who says that the global economy is being affected, are the BRICS not affected too? How can they now be the Messiah? You also said that cryptocurrency fees are high, even though it is that of BTC and Ethereum I can point to at the moment, so how is it saving the world again? Well, there is no miracle the BRICS would do, and mind you, many countries in the organization are also with the US alliance organizations, so there is nothing special about BRICS. It was only formed as to weaken the world power of the US and the Western allys which I believe seems to be working but it will not work since most of the countries there will only do double standard and some would be in core alliance with BRICS over time while others will be for the US organizationd of old.

But for the cryptocurrency, I think it is not as easy as you say, it has been used by many of the countries that are sanctionrd by the US and the Western allys but no country can entirely try cryptocurrency if they want their economy to grow. And if they create their own digital currency on a blockchain, it can't be as trustworthy for other countries since they will centralize it. That makes cryptocurrency to be problematic for them on its own.

[qwertyup23]

There is a possibility but I doubt that it will happen anytime soon.

Remember that USA is a hegemonic country- it has complete and absolute power over the value of its Dollar from all over the world. If you consider all other currencies, Dollar is the most dominant and consistent as its value retains or increases on some countries.

The only way that I think that can weaken the dollar is when countries will prohibit its transaction and circulation. Another thing, if you close its trade markets with international countries and companies, this will severely weaken its value, thereby another currency will take over.

While this situations may happen, I doubt that it will happen in the near future given that USA is still the dominant country in the whole world. They have access to at least everything when it comes to economic crisis, political wars, etc.

[panganib999]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

Probably. I can see the whole world gravitating towards other currencies on the market now that the US Dollar's showing signs of weakness but at the same time, it will take an enormous amount of time and power for the whole planet to actually be influenced into switching to another currency, and even then the topic of what currency they're going to replace the USD with is going to be up there, which I also suspect is the very reason why they haven't gone so far as to implement such strategies yet.

The Chinese Yuan is a good candidate for this, but the fact that they keep only to themselves and artificially deflate their economy by not allowing their 1% to cash out on their Chinese Yuan earnings would make it moot. Ruble is out of the discussion, and so is the British Pound. Dinar and Saudi's national currency could be great candidates for all I know but further research is needed to back this statement.

[Hispo]

There is a possibility but I doubt that it will happen anytime soon.

Remember that USA is a hegemonic country- it has complete and absolute power over the value of its Dollar from all over the world. If you consider all other currencies, Dollar is the most dominant and consistent as its value retains or increases on some countries.

Actually, you would be surprised on how much of control the United States has lost over the value of their currency, Thurs why they have tried to regain some of that control through the use of increasing interest rates.
Though, I agree with you that a complete replacement of the USD as a global currency is very unlikely to happen any time soon. Countries around the world have no intention or reason to ban the use of USd and exclude themselves off International Trading and commerce.

Even if BRICS decides to issue their own currency, they would have a long path ahead before accumulating the same degree of confidence and widespread use the USD has nowadays.
I don't know why so many people has been suggesting the end is near for the USA dollar, when it has managed to survive prior economical and political crises.