The reason countries wish to be independent from the US$

[tabas]

With Trump's leadership showing interest in cooperating with China to solve world problems and stop the wars, what might happen to BRICS then? Is he going to convince XI to stop or delay it at least and there's no need to compete with the US since there are countries that have shown their interest in going on with the BRICS? This is an interesting thing to watch for on how things will be because Trump is so much vocal to cooperate with China in many aspects and not just with economic related matters.

[WillyAp]

With Trump's leadership showing interest in cooperating with China to solve world problems and stop the wars, what might happen to BRICS then? Is he going to convince XI to stop or delay it at least and there's no need to compete with the US since there are countries that have shown their interest in going on with the BRICS?

Do you believe that China gives up on BRICS?

BRICS is an uphill battle from all perspectives. And the best solution is also the hardest, fix local currencies. Collect and release data, make it public. South Korea is a good example. Better than India in that regard.

[GPVibes]

America want to make dependent to every country of the World but every country want freedom

Proof do you have some? Only that they are dominant does not automatically make the subdue other countries.
America depends om japan, over Treasury Bonds, America depends on China for consumer Goods, and on Arabian countries for Oil, not much but still.

I think one of the reason is that America is one of the biggest economy and she gives aid more to countries than other countries and so those countries have to exchange what they have or want to buy in American $. America is the biggest economy that speak English and so it sounds convincing that their currency stands out to be used as medium of exchange and transaction in global market. Euro is just a recent currency and the euro nations are still divided about euro and pounds, so that still gives $ an edge. Yan is not popular globally unlike $ whose owners (America) have subjugated and subdue smaller financially dependent countries.

[ancafe]

Most people don't know the reasoning behind BRICS and the refusal to use the $
It's pretty simple, the US $ is not stronger but the local currencies are getting weaker.

The weakening of the local currency is caused by several conditions that occur and vice versa with the strengthening of the dollar is also influenced by several events so that this is slightly more detrimental to some countries. But the problem is how strong BRICS can provide certainty for the journey of the local currency who joined them and it feels difficult to beat the dominance of the dollar if the strength of BRICS itself is not that strong.

America has created dependency for several countries and it is difficult to break away from the dominance they have done. Most countries do expect the freedom to determine the direction of their own currency and each country also wants the growth of the local currency to continue to strengthen so that it can be stronger but that is difficult to implement.

[Zoomic]

Most people don't know the reasoning behind BRICS and the refusal to use the $
It's pretty simple, the US $ is not stronger but the local currencies are getting weaker.

The weakening of the local currency is caused by several conditions that occur and vice versa with the strengthening of the dollar is also influenced by several events so that this is slightly more detrimental to some countries. But the problem is how strong BRICS can provide certainty for the journey of the local currency who joined them and it feels difficult to beat the dominance of the dollar if the strength of BRICS itself is not that strong.

You are right. This will definitely not be easy to achieve. Dollar dominance will be hard to defeat if the member countries are not economically strong enough to push their agenda. One major challenge BRICS is going to face is the economic and political strength of its member countries. The economic and political strength of these member countries will determine its global acceptance and long-term adoption. If these member countries are weak, it will be difficult for them to align with the policies made and form a unified force, and this does not encourage transparency. The dollar already has a strong force backing it up; BRICS has a lot to do.

[sana54210]

I mean this isn't really that shocking to be fair. The more you use USD, the more USD gets stronger, and also that means that you are using your own money less, making it weaker as well. I am not saying that we should all stop using USD, but we should at least be aware what that does. There are many nations where USD is much stronger than their currency, probably majority, if not all. So that means, if majority of the world stopped using USD, that means the demand for it will go down, when the demand goes down while supply stays the same, then your currency will gain value against USD.

This doesn't mean it will be a success, doesn't mean BRICS will take down USA, that's not going to happen, not possible, but at the very least, they are trying to hurt it a bit. The goal is not to make USD not be at the top, it can stay at the top, we all know it will, the goal is to keep the gap lower, instead of letting it grow, don't know if they can do it, but that's more realistic.

[coupable]

With Trump's leadership showing interest in cooperating with China to solve world problems and stop the wars, what might happen to BRICS then? Is he going to convince XI to stop or delay it at least and there's no need to compete with the US since there are countries that have shown their interest in going on with the BRICS? This is an interesting thing to watch for on how things will be because Trump is so much vocal to cooperate with China in many aspects and not just with economic related matters.

I don't see Trump coming to an agreement with China except within the framework of mutual geopolitical interests. China itself is no longer in its interest to establish friendly relations with the United States to maintain a tense global climate that it can benefit from. Trump may start a rapprochement with China in order to end the Ukrainian crisis that is strangling Europe, but China does not seem to have this as one of its priorities because it benefits from its rapprochement with Russia, which is complaining of economic sanctions. Clearly, the United States is in constant need of China, while China does not seek any rapprochement that is not directly beneficial to it and its interests.

[ancafe]

You are right. This will definitely not be easy to achieve. Dollar dominance will be hard to defeat if the member countries are not economically strong enough to push their agenda. One major challenge BRICS is going to face is the economic and political strength of its member countries. The economic and political strength of these member countries will determine its global acceptance and long-term adoption. If these member countries are weak, it will be difficult for them to align with the policies made and form a unified force, and this does not encourage transparency. The dollar already has a strong force backing it up; BRICS has a lot to do.

It is not easy for countries that join BRICS to achieve financial strength if they do not have the resources. The dollar dominates many sectors and perhaps their role is still quite large for now so overcoming their dominance is not something that is easy to achieve. Most countries intend to get out of the dollar’s ​​grip but the question is whether they are able to do so because on the other hand dependence on the dollar is still very large for some countries today.

Economic strength will determine the level of success of countries that join BRICS and we can see how strong the economy is for some of the countries that join them. Moreover, if political relations are closely related to this process, the impact will certainly be much greater on the BRICS journey itself.

[WillyAp]

It is not easy for countries that join BRICS to achieve financial strength if they do not have the resources.

It is pretty much low cost making your economical data available.
Most of the "things" needed is the good will of the respective government.

Accountability is the name of the game and that is what most people are not willing to conceive.

[pooya87]

With Trump's leadership showing interest in cooperating with China to solve world problems and stop the wars,

I don't think so. Trump only wants to do escalation management with China. To put simply he doesn't want his war with China to turn into an armed conflict. The recent negotiations behind the scene with China was just to tell them the "type" of war US regime wants to fight with them which is a cold war.

[DrBeer]

It is simply put not true,
you need to have a better product. BRICS is now in its second decade. So far they have come up with out anything.
Rusia has now yuan and Rupees.  India won't take any of the African currencies.

That is not true. You are already aware of BRICS Pay which is in its early stages but does exist as what they "came out with". Besides, you are forgetting that the New World Order doesn't get established overnight, it is a slow process specially when many actors are involved. In case you've forgotten the previous and short World Order took a cold war (ie. WW3) to be established and it took about 4 decades of war.

BRICS Pay - it's a project launched by russia, which means it's as fake as all their “unparalleled” solutions
The project is purely Russian, which means it is not viable. And an attempt to build a system on the basis of the Russian Bansov system by borrowing ideas from Chinese CIPS and Indian UPI.
It was started in Russia in 2018, and today it does not have any development, clear goals and plans for implementation.
Domain registered in russia, domain bought in 2023
Domain Name: BRICS-PAY.COM
Registry Domain ID: 2750643833_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.nic.ru
Registrar URL: http://nic.ru
Updated Date: 2025-01-02T06:37:31Z
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Registrar Abuse Contact Email: tld-abuse@nic.ru
Registrar Abuse Contact Phone: +74950091333
You can call to find out how the bottom is doing

[Synchronice]

Rusia has now yuan and Rupees.  India won't take any of the African currencies.

The dollar is not grown stronger, the rest of currencies has grown weaker.

Okay, Yuan is probably the most beneficial currency for BRICS but Rupees? Who wants Rupees? Russia traded in Rupees and regretted it.
If the rest of the currency becomes weaker, it means that dollar is getting stronger. I don't understand how it can be otherwise. I've got your point but even if dollar weakens, since other currencies are weakening at even greater speed, it means that dollar is strong.

I'm sorry but I find it a little hard to understand what's your point here. There are lots of reasons why countries wish to be independent from the US dollar, one of them is the fact that US basically takes a loan and other countries pay for it. Doesn't matter if US is getting strong or weak, the rest of the world doesn't benefit from either situation. Americans are true champions in finances.

[Abiky]

It's not the interest rating of the US$ which makes the US Currency so popular. It's the falling currencies of the nations not living under Euro or Dollar domains.

You are kinda wrong about this.
The US dollar is a global currency, because it's convertible everywhere. Almost everywhere around the world, you could buy something with US dollars. Try buying something with rubles or yuan outside of Russia and China.
The USD being a global currency is what benefits the US economy, because the USA could afford to have big trade deficits and a giant national debt without any major problems(such problems might occur in the long term). Just because a certain country uses USD in it's foreign trade, that doesn't mean that this particular country is a US colony or something.
And yes, weaponizing the US dollar and the US financial system was major mistake by the Biden administration.

That's the US Dollar's main "selling point". Its universal acceptance, makes it hard to beat. Even third world countries like Panama, Ecuador, and El Salvador have the USD as their national/official currency. For international trade, nothing comes near close as the US Dollar. It's going to take a couple of decades before the USD loses its position as the world's reserve currency.

I know many countries are willing to move away from the USD. Especially when it's been weaponized a lot. Sanctions and tariffs can severely harm countries depending on the USD to survive. But with an independent Fiat money system (a currency of their own backed by Gold, Oil, or Bitcoin) this is no longer possible. It's what BRICS is trying to achieve lately. I sure hope BTC becomes the dominant currency to truly decentralize our economy. "Fix the money, fix the world". Right?

[retreat]

Countries aren't necessarily trying to be independent from the US dollar, but they do want to cut down on using it in their trade deals, that's the main point to highlight. Take Indonesia and China, for example, both have their own currencies, so why do they still use the US dollar when trading with each other? It's not like the US is part of the deal. This is what's bothering a lot of countries—why rely on the dollar when they could just use their own money instead?

But of course the US isn't too happy about this and has been known to threaten countries with sanctions, like higher taxes, or other sanctions, if they try to move away from the dollar. But it seems like countries aren't too worried by the American threat. Because by using their own currencies in trade, they not only reduce their dependence on the dollar but also help increase the value of their own money. It's a win-win for them.

[ancafe]

It is pretty much low cost making your economical data available.
Most of the "things" needed is the good will of the respective government.

Accountability is the name of the game and that is what most people are not willing to conceive.

I read some articles about BRICS and generally they say to increase economic growth and build cooperation between members who join it and if you look at the purpose of establishing BRICS it is good but we talk about growth after that happens because maybe if the intention is only to accommodate the dominance of the dollar I think it will be difficult. Especially for my country, it is often heard that the benefits of joining BRICS can strengthen the exchange rate but to what extent that continues I am unable to analyze.

The concept of accountability is like only listening to opinions from the results of decisions and if it is associated with the process of developing Accountability I do not think that is the right strategy. Where a country has a view to economic growth and that can be achieved through the power of growth and positioning itself is a strategic step when the country has good financial strength.

[pooya87]

It's going to take a couple of decades before the USD loses its position as the world's reserve currency.

Not so long ago USD dominance in international trades stood at 80%-90% and today it has dumped all the way down to 50% and is dropping rapidly. So I don't think it would take decades for the replacement(s) to come to fruition.

With Trump starting war after wars with the rest of the world (from neighbors like Canada, Panama and Mexico all the way to supposed allies like Europe and to enemies like China) more of the world is joining the dedollarisation trend... which will speed things up a lot...

[WillyAp]

Not so long ago USD dominance in international trades stood at 80%-90% and today it has dumped all the way down to 50% and is dropping rapidly. So I don't think it would take decades for the replacement(s) to come to fruition.

I detect a faint hope that the $ loses its role?
There is the hour of the Euro which plays a role and some sanctions, most importantly Iran and Russia.  

[Mame89]

You are right. This will definitely not be easy to achieve. Dollar dominance will be hard to defeat if the member countries are not economically strong enough to push their agenda. One major challenge BRICS is going to face is the economic and political strength of its member countries. The economic and political strength of these member countries will determine its global acceptance and long-term adoption. If these member countries are weak, it will be difficult for them to align with the policies made and form a unified force, and this does not encourage transparency. The dollar already has a strong force backing it up; BRICS has a lot to do.

It is not easy for countries that join BRICS to achieve financial strength if they do not have the resources. The dollar dominates many sectors and perhaps their role is still quite large for now so overcoming their dominance is not something that is easy to achieve. Most countries intend to get out of the dollar’s ​​grip but the question is whether they are able to do so because on the other hand dependence on the dollar is still very large for some countries today.

Economic strength will determine the level of success of countries that join BRICS and we can see how strong the economy is for some of the countries that join them. Moreover, if political relations are closely related to this process, the impact will certainly be much greater on the BRICS journey itself.

But what is clear is that many countries want to get rid of the hegemony of the US dollar, the way to suppress supply is to suppress demand. Indeed, it is currently very strong, you even say it is difficult to drop the dollar, especially with BRISC, but believe me, dominance in this world is always changing, I believe that. Although it takes time, it will happen one day.

And now the UAE has officially stopped using the dollar for oil trading, slowly but surely the dollar is starting to be removed as a global trading tool. China also allows small countries in the world to trade with their national currencies, unlike the US which only accepts dollars.
The current global financial landscape, if witnessed, has also undergone major changes, for example when the UAE boldly switched from the US dollar in its oil trading business. This strategic shift is in line with the broader ambitions of the BRICS economic alliance, of which the UAE is a member. This transition, including the switch to local currencies for oil transactions, marks a significant change from the long-standing dominance of the dollar in the global oil market. This is just one example, maybe in the future there will be other aspects.

[Cookdata]

I think one of the reason is that America is one of the biggest economy and she gives aid more to countries than other countries and so those countries have to exchange what they have or want to buy in American $. America is the biggest economy that speak English and so it sounds convincing that their currency stands out to be used as medium of exchange and transaction in global market. Euro is just a recent currency and the euro nations are still divided about euro and pounds, so that still gives $ an edge. Yan is not popular globally unlike $ whose owners (America) have subjugated and subdue smaller financially dependent countries.

America maybe greedy and obvious with such kind of things but almost all the western countries are doing it with African countries. They will say American is cutting off the benefits they give to other countries, the health care and contribution to word health organization but China, Russia, France, US, and UK are doing that to almost what America is doing to them to other African countries but you people will rather focus and hate on America for trying to minimize their spending.

It mustn't a most any country have to depend on another country for help. If something is not working, try to improvise and work it out. It's even better you don't depend on any one so by the time they don't find you beneficial to them, it doesn't affects you. Trump feels like the United State is wasting money on some of this things, some times this drugs and aid doesn't get to proper place, it's not like they don't do their own research about distribution to avoid corruption and stealing of items for sick people.

[WillyAp]

And now the UAE has officially stopped using the dollar for oil trading, slowly but surely the dollar is starting to be removed as a global trading tool.

It doesn't look that way though: https://oec.world/en/profile/country/are
UAE still deals in $.

in politics it's not too smart just looking on the headlines.