(All News Pipeline) The U.S. dollar’s stint as the world’s reserve currency is coming to an end. it is not a matter of if, but of when, as no world currency stays that was forever.
The Dollar is no longer backed by gold and it’s value is eroding. Debt, currency devaluation, massive speculation, and government incompetence is a guaranteed recipe for a very bad ending.
A number of events have happened throughout the years which has jeopardized the Dollar’s standing. The Brazil, Russia, India, China, and South Africa (BRICS) collaboration has gained steam in creating pathways for business and they have begun to totally bypass the U.S. Dollar.
As the BRICS nations become more cohesive, cooperating on economic issues that affect food and oil supplies, other countries are taking notice. Argentina, for instance, has shown an interest in joining the BRICS coalition, and it isn’t the only one. Iran has also shown an interest in joining this conglomerate of countries, and China is open to several more joining a ‘BRICS Plus’ cooperation.
Among those mentioned are Kazakhstan, Uzbekistan, Argentina, Egypt, Thailand, Indonesia, Nigeria, Senegal, and Saudi Arabia. Russian President Vladimir Put has also personally invited Iran and Turkey to join the BRICS coalition.
In August 2022, we were warned by multiple reports to not ignore the BRICS, and that it would be a mistake for the U.S. to do so.
On article states: “The US may staunchly want to maintain control as the supreme leader of the western world. Still, the BRICS nations cannot be ignored, and refusing to engage in constructive dialogue with these emerging nations may turn out to be a serious misstep on the world stage for the United States. Only time will tell if the US and the BRICS nations can create the stability the world is seeking.”
CREATION OF ALTERNATIVE TO THE DOLLAR IN THE WORKS
With the gold standard no longer being used by the U.S., and with the continuous printing of money that is losing it’s value as we speak, and only by being the world’s reserve currency are we holding on, the current reports should be a huge red flag for all Americans.
• China And Brazil Strike Deal To Ditch The US Dollar
According to the Brazilian government, China and Brazil have reached a deal to trade in their own currencies, ditching the United States dollar as an intermediary entirely, AFP reported.
The deal, Beijing’s latest salvo against the almighty greenback, will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade which amounts to $150 billion per year, and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the US dollar. In doing so China extends its bilateral, USD-exempting currency arrangements beyond countries such as Russia, Pakistan and Saudi Arabia to now include the Latin American exporting powerhouse.
• India, Malaysia move beyond dollar to settle trade in INR
India and Malaysia have agreed to settle trade in the Indian rupees, the Ministry of External Affairs announced on on April 1, 2023.
The announcement came in the backdrop of ongoing official efforts to Safeguard Indian trade from the impact of Ukraine crisis. The shift away from The U.S. dollar which has been the dominant reserve currency for international trade so far has added significance as it indicates India is willing to take concrete steps towards de-dollarisation of its international trade.
This next one isn’t just about countries deciding to trade with each other using their own currencies, but rather a plan to create a brand news currency for all their trade.
• Ditch the dollar movement grows as Moscow calls for the creation of a common BRICS currency
Following years of abusing its reserve currency status, the United States now faces a growing wave of global de-dollarization as many of the largest and most populous countries on the planet are banding together to launch a U.S. dollar (USD) alternative to be used in global trade.
Read the entire piece to see how resolved they are to kill the dollar.
Related: Why is the US dollar’s reserve currency status no longer privileged?
Without the Dollar being backed by gold, if enough of the global community bypasses the dollar, and we lose world reserve currency status, then U.S. money will be practically worthless.
WHAT HAPPENS WHEN THE U.S. DOLLAR COLLAPSES?
Forbes describes a currency collapse as “when a country’s currency loses all its value and becomes practically worthless in day to day use.”
