The reason countries wish to be independent from the US$

[ancafe]

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.

I never said that the dominance of something strong cannot be defeated, but what we are debating is that the dominance is still strong enough for now. It takes time to break the dominance of the dollar and if that is something that is to be achieved, then countries that intend to get out of dollar dominance must be economically independent.

How many countries are able to do that and the dollar hegemony is still quite strong, indeed the control and the countries you mentioned clearly have the ability because they are economically strong. But if we talk about developing countries, the pressure is not as easy as imagined because geopolitics cannot be separated from the management of a country and most countries will lose when faced with geopolitical pressure. I believe that the transition is being attempted by the countries that join BRICS, but we must remember how strong their economic strength is to continue and if they do not have good competitiveness it will be much more difficult.

[pooya87]

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. 

It is not hope, it is raw data that shows US dollar is losing its place slowly but surely. And of course the countries that are under US regime's economic terrorism have more incentive to make extra effort to establish alternative payment system(s). The number of such countries has been rising rapidly too...

[el kaka22]

Well in our world, at least in this age, you don't really go to a nation and just slave them, that doesn't exist anymore, colonialism still continues though, just not with weapons, but more like political and economical approach. Too many poor nations end up getting money from bigger nations, for pennies on the dollar, and get line of credit as well, and try to live a better life. Like look at Africa, so many nations with gold, who give that gold for cheaper price, just to get money quickly before they run out.

All in all, USD is a thing that USA uses to enslave other nations with economy, tie them to their finances, and that way, USA keeps its power, because many nations need more and more of it, so they want to get rid of that addiction.

[WillyAp]

Well in our world, at least in this age, you don't really go to a nation and just slave them, that doesn't exist anymore,

In modern times if someone is manipulated it means slavery to many.
Especially the left doctrine is full with words which see most as an extreme, let it be the nazi who are all who disagree with their retorical output.
Just say to someone radical left you need more justice and you will be hardcore right. 

[shinratensei_]

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.

BRICS will still standing, but there will be more effort for peace I think that's a good news, regardless BRICS still gonna continue on its effort to reduce the dollar dominance.
but whether it will succeed or not nobody knows, it's just that right now in the future the economic war will escalate but not the armed war, expect more tariff and similar thing getting imposed here and there.

[Abiky]

It is not hope, it is raw data that shows US dollar is losing its place slowly but surely. And of course the countries that are under US regime's economic terrorism have more incentive to make extra effort to establish alternative payment system(s). The number of such countries has been rising rapidly too...

With Trump's proposed 100% tariffs against countries trying to move away from the USD, de-dollarization will happen sooner than later. It's inevitable at this point. Instead of "weaponizing" the USD, the US government should come up with some sort of incentive that will encourage further use of their currency. Not the other way around.

You can see why many countries are desperate in getting rid of the USD. They don't want to be negatively-impacted by sanctions and shut off from the global economy. Having their own independent currency will allow them to be free from US hegemony. We'll see what happens in the long run.

[pooya87]

With Trump's proposed 100% tariffs against countries trying to move away from the USD, de-dollarization will happen sooner than later. It's inevitable at this point. Instead of "weaponizing" the USD, the US government should come up with some sort of incentive that will encourage further use of their currency. Not the other way around.

I don't think any solution to create an incentive exists anymore. The US government is already knee deep in troubles, for example they have to now pay almost a trillion dollar interest on all the scam bonds they've sold. That means they have to continue the abusive way to be able to keep the system alive.

Apart from that there is the addiction factor! The regime is already severely addicted to this way of existing and despite the show that various US presidents (like the current one) puts on, nothing changes in that regard. For example US regime will never stop its futile war on the world that is costing the American taxpayers trillions of dollars every year.

[landheer]

It is not hope, it is raw data that shows US dollar is losing its place slowly but surely. And of course the countries that are under US regime's economic terrorism have more incentive to make extra effort to establish alternative payment system(s). The number of such countries has been rising rapidly too...

In the current rapid development situation, countries are starting to leave their dependence on trade and transactions against the US dollar, although the US dollar still covers part of international trade, but slowly they are starting to replace the country's currency transactions with their own currency, perhaps because of the influence of the current economic shift.

[uneng]

If countries are going to become independent from dollar, it means they are going to become dependent of something else, as a new reserve of value has to replace dollar currency. And what is going to be this? A currency launched by another country or another group of countries which is hostile to USA's dominance? Just keep in mind these people don't wish to free anyone from USA. They simply want to enslave you for themselves.

And by what history shows us, the dominance coming from the east culminates in chaos, bloodthirsty and mass escape.

[lixer]

If countries are going to become independent from dollar, it means they are going to become dependent of something else, as a new reserve of value has to replace dollar currency. And what is going to be this? A currency launched by another country or another group of countries which is hostile to USA's dominance? Just keep in mind these people don't wish to free anyone from USA. They simply want to enslave you for themselves.

And by what history shows us, the dominance coming from the east culminates in chaos, bloodthirsty and mass escape.

Situation is going terrible day by day due to conflicts and personal interest everyone looking for solution but no one have any idea how to manage this which is the biggest problem in long run we need strong regional system which keep things on balance, but many countries are not capable of this.

Dollar is losing grip as clearly indicating how Trump forcefully doing things and also increasing tariff for bringing things under control which is not easy for them. Many countries are ready to go under another enslave after having exit from Dollar and this could be more problematic for many, but they are not looking consequences because currently they are just looking for temporary solution which is never easy.

[WillyAp]

Dollar is losing grip as clearly indicating how Trump forcefully doing things and also increasing tariff for bringing things under control which is not easy for them.

There is no alternative for the hated US$.
Contrary to popular believe the $ is not getting stronger but all the other currencies are getting weaker.
Private use, non governmental,  of the US$ is at ATH. https://www.cbp.gov/newsroom/stats/trade
 

[uneng]

Situation is going terrible day by day due to conflicts and personal interest everyone looking for solution but no one have any idea how to manage this which is the biggest problem in long run we need strong regional system which keep things on balance, but many countries are not capable of this.

Dollar is losing grip as clearly indicating how Trump forcefully doing things and also increasing tariff for bringing things under control which is not easy for them. Many countries are ready to go under another enslave after having exit from Dollar and this could be more problematic for many, but they are not looking consequences because currently they are just looking for temporary solution which is never easy.

We reached to a point, at a global level, that nobody trusts each other anymore. Nations which used to be friendly to each other are already showing signs of hostility among themselves. Regional systems could be a good idea, but there is also a lot of mistrust and conflicts inside regions, as personal interests are speaking louder, while people aren't being ethical to make common interests prevail, so everyone could thrive together, despite each person having their own rhythm.

The world lives between two extremes right now, which in the end will result on the same (bad) consequences, doesn't matter if being led by side A or B. People are desperate for solutions, you are right, and that leads them to make dumb choices and ask for dumb measures from authorities, who are just playing with the masses, like in a game of chess.

[moneystery]

if you look at how dominant the usd is in the international market, you will surely understand why many countries are now trying to reduce their dependence on it. these countries simply want to reduce the use of usd in their trade, and so when brics was launched with one of its goals to reduce the use of usd, there were many countries interested in becoming full members or partners of this organization.

because for a long time america has used the usd as an economic weapon to take advantage of international trade and increase the value of their currency through the demand for their currency in international trade. with the dedollarization movement carried out by many countries, it will clearly weaken the dominance of the usd and provide an opportunity for countries to use their own currencies in international trade.

[WillyAp]

if you look at how dominant the usd is in the international market, you will surely understand why many countries are now trying to reduce their dependence on it.

I think you are a little off here.
All is sweet and cosy, but when the state department opens a case, due to a politician not falling in line, the thought pops up to be free of the US opresión.

[crwth]

We will see the results in the upcoming months. A lot has already happened and even in the cryptocurrency space is affected. There are a lot of things to do but for countries to move away from the reliance of USD is just them thinking ahead and we all know how the current administration in the US have bold statements that opposes other nationalities and that affects their countries.

I do hope that it's within crypto that the alternative towards currencies happen.

[sana54210]

Well in our world, at least in this age, you don't really go to a nation and just slave them, that doesn't exist anymore, colonialism still continues though, just not with weapons, but more like political and economical approach. Too many poor nations end up getting money from bigger nations, for pennies on the dollar, and get line of credit as well, and try to live a better life. Like look at Africa, so many nations with gold, who give that gold for cheaper price, just to get money quickly before they run out.

All in all, USD is a thing that USA uses to enslave other nations with economy, tie them to their finances, and that way, USA keeps its power, because many nations need more and more of it, so they want to get rid of that addiction.

This is such a cool approach to what we have right now. China, Russia, USA, and even Europe, are all still "enslaving" other nations, just not with physical abuse and such, but trying to control the economy of those nations, and you are right that some nations want to get rid of it. And more importantly, these big nations want to get rid of each other. The power of USD makes China weaker, and the power of Yuan may make USA weaker too.

We have seen China took about 20-30 years to go from "Chinese products sucks" and so forth, to having a huge market share in almost anything. So, it's of course a very speedy and fast improvement that scares western nations. Whereas, USA could just keep making bigger and bigger debt, and not pay it back on time, and nobody has anything they can do about it. It's true that it's a form of colonialism.

[G_Besar]

In the current rapid development situation, countries are starting to leave their dependence on trade and transactions against the US dollar, although the US dollar still covers part of international trade, but slowly they are starting to replace the country's currency transactions with their own currency, perhaps because of the influence of the current economic shift.

The influence of global economic changes can indeed result in the use of the US dollar decreasing in terms of international trade. Because every developed country can also make agreements in terms of payments through the use of their own currency so that changes can occur when there is an agreement that runs smoothly. But on the other hand we also have to see Because not all countries will agree with this even though it can at least help the value of their own currency globally.

[coupable]

All in all, USD is a thing that USA uses to enslave other nations with economy, tie them to their finances, and that way, USA keeps its power, because many nations need more and more of it, so they want to get rid of that addiction.

It is not an addiction but a state of entanglement similar to someone who has fallen into a quagmire; if he tries to free himself he will sink deeper and if he refrains from resisting he can maintain his position without saving himself completely or drown completely. A harsh equation imposed by America and the colonial powers by establishing a new slavery system in which the masters and slaves are countries and not individuals.
Africa is the most prominent example because the colonial countries imposed the appointment of a corrupt political class loyal to them to ensure the theft of all resources in exchange for enjoying a little security. Some African countries have their fate controlled by exploration companies and colonial agents.

[WillyAp]

It is not an addiction but a state of entanglement similar to someone who has fallen into a quagmire; if he tries to free himself he will sink deeper and if he refrains from resisting he can maintain his position without saving himself completely or drown completely. A harsh equation imposed by America and the colonial powers by establishing a new slavery system in which the masters and slaves are countries and not individuals.

It's not unknown that you cannot channel funds over Swift if your funds are not clean. No one forces any minister, president, state secretary or any front man to channel their embezzled funds to an offshore account (via SWIFT). By defending corrupt crooks the crypto crowd has successfully tainted itself.

As it happens there are not too many people capable of channeling funds unknown to authorities. The services which are used to do that are not among the legal.  

[WillyAp]

We have seen China took about 20-30 years to go from "Chinese products sucks" and so forth, to having a huge market share in almost anything. So, it's of course a very speedy and fast improvement that scares western nations. Whereas, USA could just keep making bigger and bigger debt, and not pay it back on time, and nobody has anything they can do about it. It's true that it's a form of colonialism.

Quiete similar to Japan, Japanese Industry did exactly the same in the 80s last century, Toyota as a forerunner.