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Global Markets are Ditching USD, using Yuan instead
By oldedude
April 5, 2023 5:34 pm
Category: Business

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The BRICS collective, comprising Brazil, Russia, India, China and South Africa, is working on a common currency in an attempt to ditch the US dollar and push back against America’s dominance. The move comes as Moscow and Beijing call for de-dollarisation in the face of Western sanctions.

The US dollar has been the official currency for international trade for years now. However, in recent times there has been talk of creating a new currency in an attempt to dump the dollar and push back against American hegemony.

The US dollar has been called the king of currency. It became the official reserve currency of the world in 1944. The decision was made by a delegation from 44 Allied countries called the Bretton Woods Agreement.

Since then, the dollar has enjoyed a powerful status in the world. It has given the US a disproportionate amount of influence over other economies. In fact, the US has for long used imposition of sanctions as a tool to achieve foreign policy goals.

If the BRICS nations do go ahead with their plan and come up with a new currency, it could help stabilise their economies. For an investor in BRICS countries, it would mean increased consumer confidence. This would lead to an uptick in spending and economic growth.

But will India accept this new currency? Will it want to be economically aligned with China with whom it is having a standoff at the border? Moreover, some experts say that this new deal might benefit Beijing more than New Delhi.

What happens next is unknown. But the fact that the dollar is losing power is certain. We shall keep an eye on this topic and get you more on this in the future.

CBDCs and The Great Reset

As dollars return to the United States, this “would immediately create a spike in interest rates to compensate for the loss of purchasing power,” said Schectman. This, he claimed, would in turn cause a “crash” in assets like housing, stocks, and bonds, which have gained in value due to loose Federal Reserve monetary policy.

“We’re coming from a period of time where asset prices were blown sky-high, over the last several years, with more money being created in the last three years than in the history of the country preceding it,” said Schectman.

As asset prices crash, the government would introduce Central Bank Digital Currencies (CBDCs), digital tokens issued and controlled by the Federal Reserve, and which act as fiat money. These would be offered, initially, as a way to help those who had lost their wealth.

“That’s when they would come in and roll out their new CBDC,” he forecast. “This gives them cover to roll it in.”

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Comments on "Global Markets are Ditching USD, using Yuan instead":

  1. by HatetheSwamp on April 6, 2023 5:07 am

    I'm a geezer. I'll probably be gone by the time the piper gets his final payment...

    ...but, I predict that the US will never fully recover from the wokeness, weakness and ineptitude of "that feckless dementia-ridden piece of crap's" string pullers.

  2. by oldedude on April 6, 2023 11:35 am
    Actually, it's happening already and China is looking at destroying the USD in the next couple of years. Saudi has already promised to cut 500,000 barrels per day, as has Russia. Don't know if Brazil will follow suit. This is in direct response to pedojoe. He called the "prince" a murderer among other things, so he just laughs at pedojoe and cuts what we need the most. This, of course, is after he made us energy dependent at the behest of China and the CCP. Figuring on $5/gal regular gas for the US fairly quick. Oil companies can ask what they want and they'll get it. The rich? It won't matter to them. The middle class and poor? they're going to get slammed. Brazil has been under trade issues with the us regarding corruption, etc also. China is leveraging its trade advantages to promote the use of its currency with major commerce partners, building up the yuan’s strength to challenge the US dollar’s dominance in the international monetary system, as highlighted by recent progress with the largest country in South America.
    The push for yuan settlements in trade and investment, rather than US dollars as an intermediary, is one of many ways Beijing has set out to reduce its exposure to dollar assets and prevent China from being financially strangled by Washington.
    As a leap forward was reported in its agreements with Brazil – its 10th-largest trading partner and a key supplier of iron ore and soybeans – and analysts expect a bigger use of currency in outbound investment in countries included in China’s Belt and Road Initiative, energy trade with Middle East countries and cross-border payments in digital currency.

    Many other countries are also going to the Yaun as the standard currency for petro and other major commodities, including some of our most steadfast "allies." The 15 include Germany, Canada, Sweden, Indonesia, Australia and Malaysia, countries that have close trading ties with China or have been aggressively promoting yuan business.

  3. by HatetheSwamp on April 6, 2023 12:49 pm

    Clearly. Unquestionably. It's happening already happening. But, it's possible that what "that feckless dementia-ridden piece of crap's" string pullers' wokeness, weakness and ineptitude is causing will pay dividends for our enemies for years to come.

    I keep hoping that a Reagan figure will replace the Flatulent Fool in 024. But, if not, I'm old.


  4. by oldedude on April 6, 2023 8:40 pm
    I responded earlier about me watching several other (actually) important things for the past several months, this was one of them. By the next election, the Chinese will have collapsed the US economically. There are a couple of other players in this, but there have been several things going on in regards to this. The USD will make the DM look like a stable economy in 1933. The Chinese have created that (with the help of pedojoe and his family).

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