Anyone else tracking the growing # of countries leaving the US Dollar?

[HonkieKowboy]

The Euro and U.S. dollar are very close in value. I don't think that changes much about the possibility of outcomes when nations agree with one another to do business without/instead of using the U.S. dollar.
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The U.S. dollar compared to the Yuan looks very strong.
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I wonder why the U.S. buys everything (seemingly, practically) from China and not Europe? What if China says, "Hey, U.S. pay us in Yuans."? Or really any other currency other than the dollar. Does that change the equation in your mind? Really the debate isn't about strength of currency currently. The debate is about the strength of our currency when other nations don't use it, buy it (our debt), invest in it or accept it at all. It isn't here yet, completely at least. But the process has begun.

If you thought doing business in the US was bad because of red tape, it's terrible in Europe. There's so many fees, loops and hurdles you have to deal with it's just not worth doing business in Europe. Not to mention the cost of living in europe is absurd even by US standards.

 

[smokingman]

Today 11/30/2023

MSN

UAE officially stops using dollar for oil trades​

 

[DoggyDaddy]

Today 11/30/2023

MSN

UAE officially stops using dollar for oil trades​

I'm sure all of those countries have been more than happy to accept our "foreign aid" dollars, and now they want to bite the hand that feeds them.

 

[Salmonslice]

Think about anyone will accept a bil over holding surplus stock of random goods they were meant to turn to profit in the first place

 

[BehindBlueI's]

How has the Yuan faired against the USD over any given 12 month period over the past decade? Last year? Last 6 months?

Just revisiting this question since we're about a year from the imminent dollar collapse that, somehow, didn't happen yet again. Maybe next doomsday...

 

[gassprint1]

It seems like my alternative news feeds are a constant news update of new countries making agreements to buy & sell outside of the US dollar. It appears we're on the verge of the world deciding that the US dollar is no longer the global reserve currency. I've only heard nightmares of what that looks like when we hit that tipping point and our US dollar effectively becomes worthless.

Is anyone here tracking this? Am I the only one?

Over A year later so i guess that debunks your news feeds of fear mongering.

 

[gassprint1]

Just revisiting this question since we're about a year from the imminent dollar collapse that, somehow, didn't happen yet again. Maybe next doomsday...

I actually got thru 5 posts before my first posted comment and then seen yours. Just too much paranoia spread thru bs news reports.

 

[asevans]

The dollar is collapsing in real time.
Slowly, slowly, then all at once.

 

[Mij]

Just revisiting this question since we're about a year from the imminent dollar collapse that, somehow, didn't happen yet again. Maybe next doomsday...

I’m thinking I’ll really start worrying when I start seeing 1,000-
5,000- 10,000 dollar bills being produced and circulated.

 

[Cameramonkey]

I’m thinking I’ll really start worrying when I start seeing 1,000-
5,000- 10,000 dollar bills being produced and circulated.

Wont happen. They'd switch to the E-dollar or whatever the official .gov "crypto" they are testing first.

 

[Mij]

Wont happen. They'd switch to the E-dollar or whatever the official .gov "crypto" they are testing first.

OK, that is also worrisome. Guess I’m so far removed from anything “E” that it never crossed my mind.

 

[Magyars]

I cannot speak to the veracity of the video statement about the 50 year agreement on the petro dollar.

 

[manifest destiny]

I make no prediction about a collapsed dollar. But there is zero doubt that more countries are moving away from the dollar. I suspect the push for digital currencies is at least partially in response to this trend. Oh, and of course digital currencies make control much easier, so bonus-bonus!

 

[teddy12b]

Over A year later so i guess that debunks your news feeds of fear mongering.

I'm not sure that it does. Certainly shows the time table I was concerned about of an immediate crash was completely incorrect, but with the petrodollar agreement expiring and the Saudis no longer trading in the US dollar I think it's one more step toward that direction. For many the petrodollar was the last thing propping up the US fiat dollar.

I don't have a crystal ball, but from everything I've read on economics I still think we're solidly on a path to a different currency or even worse problems here in the US.

 

[racegunz]

Can’t blame the other nations to not want to hold us dollars as reserve currency. We have not been good stewards of that position.
Been a good ride though!

 

[teddy12b]

Can’t blame the other nations to not want to hold us dollars as reserve currency. We have not been good stewards of that position.
Been a good ride though!

The US Dollar has been the most manipulated currency in the world. I don't blame any other nation for getting away from it. It would be incompetent of them to hold onto it.

 

[BehindBlueI's]

I'm not sure that it does. Certainly shows the time table I was concerned about of an immediate crash was completely incorrect, but with the petrodollar agreement expiring and the Saudis no longer trading in the US dollar I think it's one more step toward that direction. For many the petrodollar was the last thing propping up the US fiat dollar.

I don't have a crystal ball, but from everything I've read on economics I still think we're solidly on a path to a different currency or even worse problems here in the US.

Refer back to post #78. USD being the petrodollar isn't the source of the USD's prominence. USD's prominence in the global economy and political stability is why it was selected as the petrodollar. None of that has changed and currency markets haven't fled the USD. The contrary:

https://www.reuters.com/markets/currencies/central-banks-turn-cautious-chinas-yuan-keen-dollars-gold-2024-06-03/

 

[teddy12b]

Refer back to post #78. USD being the petrodollar isn't the source of the USD's prominence. USD's prominence in the global economy and political stability is why it was selected as the petrodollar. None of that has changed and currency markets haven't fled the USD. The contrary:

https://www.reuters.com/markets/currencies/central-banks-turn-cautious-chinas-yuan-keen-dollars-gold-2024-06-03/

Maybe?? None of really know. I know it sure didn't hurt having the petrodollar based off the US dollar. China is certainly having it's own economic issues, as are a lot of other major economies in this world, but ultimately time will tell.

 

[manifest destiny]

The reasons are multi-faceted, the effects TBD, and the U.S. response could be described as a wildcard. But it's happening. An emanant crash, unlikely. A changing of the currency guard, it's happening. If our manipulative CBDC scheme isn't accepted, we'll blow **** up.

MSN

 

[smokingman]

Refer back to post #78. USD being the petrodollar isn't the source of the USD's prominence. USD's prominence in the global economy and political stability is why it was selected as the petrodollar. None of that has changed and currency markets haven't fled the USD. The contrary:

https://www.reuters.com/markets/currencies/central-banks-turn-cautious-chinas-yuan-keen-dollars-gold-2024-06-03/

"Central banks abandon us dollar reserves for gold​

Central banks around the world are increasingly turning to gold as an alternative to the US dollar, which they see as being undermined by America’s aggressive trade policy and geopolitical uncertainty. This shift is driven by a desire to diversify their foreign exchange reserves and reduce their reliance on the US dollar.
Historical Context The gold standard, where currencies were pegged to the value of gold, was abandoned by most countries in the mid-20th century. However, many countries still hold significant gold reserves, with the United States being the largest holder with 8,100 tons, which constitutes 74% of its foreign reserves.
Recent Developments
In recent years, central banks have been increasing their gold holdings, with demand up 42% year on year in the first quarter of 2018 among central banks, according to the World Gold Council (WGC). As of the first half of 2018, central banks increased their gold holdings to $1.36 trillion, around 10% of global foreign exchange reserves.
Reasons for the Shift
The shift away from the US dollar and towards gold is driven by several factors, including:

• Diversification: Central banks are seeking to diversify their foreign exchange reserves to reduce their reliance on a single currency.
• Uncertainty: The US dollar is seen as being undermined by America’s aggressive trade policy and geopolitical uncertainty, making it a less stable store of value.
• Inflation: The value of the US dollar is also being eroded by inflation, making gold a more attractive store of value.

Conclusion

In conclusion, central banks are abandoning US dollar reserves for gold as a way to diversify their foreign exchange reserves and reduce their reliance on a single currency. This shift is driven by a desire to reduce uncertainty and increase the value of their reserves. The implications of this shift are likely to be significant for the global economy, and could lead to a weaker US dollar, increased gold prices, and increased economic uncertainty."

The above is google AI answer to are countries abandoning the US dollar for gold reserves? With links to financial news, central banks reserves by type, and a few other links.

When 70% of all dollars ever created have been created in the last 5 years and already your purchasing power is 2/3rds of what it was then...how can you not see the problem?