I have zero faith in any of the money printers not to completely print the dollar into oblivion. Countries get tired of holding devaluing dollars the same way that Americans do.
I 100% agree with you on point #2...However, for point #1 I'm not on board.
I'm American, but travel and now live in Yucatan Mexico.
I can tell you that Europe has ZERO faith in us and I was just in several Nordic countries last month and they are not Pro-US...AT ALL...They're waiting for us to sink.
In Mexico, I have seen my currency exchange drop almost 16% in less than a year.
I used to get about 19.8 pesos per dollar and now only get between 16.2-16.8 pesos.
That's a loss of about $150 dollars per $1000 difference and it's speeding down.
No one with any intelligence wants the Dollar and they are looking at other currencies such as the Russian Ruble, which people never mention, but is the hottest currency going on 2 years.
They have almost zero inflation and their currency went from I believe 126.5 rubles to the dollar to 90.1...That's a rise of 40.1%.
Our garbage script is worthless, as the federal reserve keeps our valuable T-Bills and gives us paper or electronic credit for which they have no collateral.
90%+ of dollars don't exist...It's just blips on a screen.
Might want to see who is manipulating the currency and charging us interest for absolutely nothing...I'll call them "The Bagel Boyz."
BRICS may not overtake the dollar, but the dollar appears to be on a path of planned self-destruction.
Perfectly timed, of course, for CBDC's, as soon as digital id's are worked out.
This will be the enforcement mechanism of remaining populations after mass poisonings/pandemics by the centrally organized world government that the UN, WHO, the European Union, and the likes of Bill Gates and Larry Fink dream of.
Are you really that stupid or did you just happen to drink too much of the FED's cool-aid. Maybe you can tell us why then are many of the some 30 other countries wanting to belong to the BRICS conglomerate are also sending their dollars back and demanding gold in return.
Every nation which is using the corrupt "Fractional Reserve Currency" back by nothing are showing signs of major economic problems. There is now no such thing as the "U.S. dollars being backed by the “full faith and credit” of the U.S. government." It now doesn't mean squat because our dollars are back by nothing, as Biden and his cronies are trying to destroy that Good Faith with very stupid policies.
The BRICS will assuredly usurp the dollars dominance which will make transparent all the criminality the FED has invoked around the world forcing the use of our fiat currency. You see, Fiat Currency is not Money and since Nixon in 1971 took us off the gold standard it has allowed the banking cabal to play fast and loose with our economics, and when those outstanding dollar come flooding back in the FED will have nothing to stave off the collapse, including that disgusting CBDCs. line of BS !!!
Disagree, petrodollar is dead. US continues and will continue to print money into oblivion. The fact that 40+ countries expressed interest in signing up with BRICS speaks volumes.
The world is tired of the USA weaponizing the dollar. We need our house in order before we inflate the dollar into the stratosphere. Balance the damn budget!
Bitcoin is highly susceptible to the 51% attack, and central banks can print money and deploy this attack. There was already an instance of this years ago.
Sorry, the USA blew point number 1 of trust when we use the fiat dollar over other countries. The Fed, who are private bankers, just inflated the dollar by printing trillions. The Bank of International Settlement and IMF are looking to set up the digital currency enslavement. None of these systems appeal.
As commenter Tanto Minchiata mentioned, BRICS doesn’t need to replace the dollar to do damage it only needs to erode some demand and it seems impossible that it will not. That’s bad news for anyone holding dollars or dollar based assets. China had a lot of those btw. They could easily create a flash crash in an instant.
I don’t see BRICS totally replacing the dollar and you didn’t mention the most important reason imo. If some of these smaller countries move to BRICS we will either coup whoever is running the country or bomb the shit out of them. A lot of countries are afraid of us, and it’s going to take a lot of trannies joining the military to change that...it’ll be a while.
There are enough countries to eliminate the petrodollar now. Over 80% of the world’s population consist of BRICS.
The petrodollar is toast. Period.
The idea of a dollar's demise is propagated by the gold bugs who always believe gold is a buy. They push it constantly, so you'll buy more gold. This Brics's explanation being pushed that the dollar is failing is wrong and is more of the same, don't fall for it. They are using the new Bric system as a means to sell gold. This does not mean I hate gold; I own it. But it has its times when it shines and does not, like any other asset. Gold is NOT money, and it's an investment or asset.
Now, the Bics. What is most of the Bric nation's income or their larger share? The US consumer. No other country has a more extensive consumer base than the US. China is trying to build its consumer base, they are making progress, but still, they rely on the US. So to sell to the largest market in the world, what must a country do first? They must turn their currency into dollars. No US institution will buy bric products and pay in bric cash. Buyers pay in dollars, and bric sellers must accept them. This means the dollar is king, for now, at least. Furthermore, the US sells a considerable quantity of goods and services worldwide, and what do they demand in payment? Dollars. The real reason these bric nations are forming their settling currency is because of the imbecilic Neocons who are bent on starting ww3.
Because of the manufactured crises in Ukraine, the sanctions against Russia, and the removal of Russia from the SWIFT settling system to punish them. The neocons have destroyed the world's global economy; they have split it in two. The Bric nation will now settle transactions in their settlement system with a currency other than dollars. China sees the handwriting on the wall; they know they are next after Russia, so they are preparing now before sanctions. India and other countries see America trying to take over the world with their neocons militarily. This is what is causing the BRIC nation to go on their own; it's not problems with the dollar; it is the idiots that have taken over the US administration and ruined the world economy because of their hatred for Russia and the continued belief of world domination of the US.
There will come a day when the world moves away from dollars.
It's not today.
Until the black swan floats into view.
This is a good article and it’s mostly right. It’s going to be very difficult if not impossible for this particular group to somehow unseat the dollar for the reasons mentioned. But they don’t have to dethrone the dollar to hurt its status. I’d they can settle big cross border transactions without requiring dollars then the demand for the currency will go down and that will impact the strength of the currency. If fewer countries want dollars, the dollar gets devalued further than the morons at the Fed and Treasury are already doing . Who’s gonna buy our bonds when we want to recklessly overspend a few trillion on some totally unnecessary fake crisis or two? That’s where the trouble is. It’s just another big crack in a cracking facade. It’s true that England or Germany aren’t going to want to hold into a bunch of rubles or whatever basket the BRICS creates. But the appetite for dollars will go down. And that will have a negative effect.
Bitcoin, bitches.Bitcoin. HODL.😏
Jord, you’re crushing it bro. Say more. Don’t stop.
Maybe all the drama is just the oligarchs tiffs they’re literally play fighting each other using humans as pieces. Our only hope is mass awakening or ... oh shit... We’re already in a vice grip it’s really hard to visualise just how the fuck we’re going to get out of this one. I try to just enjoy the days when things are fairly normal.
As long as the American consumer remains the key economic engine that powers the world's economy, everyone will be required to own dollars to do business here. Only when that changes will another currency be able to threaten the dollar.