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Can Russia and China succeed in dethroning the dollar? | Counting the Cost
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- Published on May 30, 2023 veröffentlicht
- Since being shut out of much of the global financial system, Russia has sought alternatives to soften the effects of Western sanctions.
It has turned to China for an economic lifeline and has been increasingly embracing the yuan.
Trade between the two countries hit a record of $190bn last year, with much of those payments made in Chinese and Russian currencies.
The two biggest geopolitical rivals of the United States want to counterbalance the dominance of the dollar worldwide.
Elsewhere, Ukraine has won the IMF's first loan to a country at war.
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Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Keep this in the back of your mind. There are good days and bad days. It's a zero-sum game, but keep this advice in mind: spend wisely, invest wisely, and diversify your holdings so that when one performs poorly, the others do as well. This can be accomplished by hiring a knowledgeable specialist whose platform provides a wide range of investment options. By doing so, you leave little room for regrets and may even gain more.
With the assistance of an investment advisor, I was able to diversify my $401k portfolio across multiple markets, earning over $980k in net profit from high dividend yielding stocks, ETFs, and bonds in just a few short months.
@Darnell Capriccioso Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
@Maia Danziger My Financial adviser is Laurel Dell Sroufe, she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues.. well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60. I need suggestions on what investments to make..
I'll suggest you find a mentor or someone with experience guide you especially in this recession.
Mark Lofgren I just started few months back, my grandson helps me but I'm going for long term, I'm still trying to figure it out honestly.. Which advisor do you work with?
Mark Lofgren I'm new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I'ld really love to put it to good use seeing how inflation is at an all time high, who is the coach that guides you, mind I look him/her up?
Mark Lofgren Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume
thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
@Lloyd Bernard It's important you remember that there are good and bad days. It's a zero-sum game, but always remember this advice: Spend carefully, invest intelligently, and diversify your holdings so that when one performs poorly, the others will. You can do this by hiring a knowledgeable specialist whose platform offers a variety of investment options. You leave little space for regrets by doing this, and you might even gain more.
@Bastian Russo I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
What happened to SVB is really scary, and goes to show that no corporation, however big, is immune to collapse. I have always had a deep-seated mistrust for corporations. I have plans to pull out most of my money, but don't know what to do with $ 350k sitting idly. I'd like to go into the stock market, maybe. Any ideas?
All big corps are just a cohort of centralised system working together, and any damage to one can have a dangerous rip-ple effect on every other one. I learned a long time ago to not trust corporations. Most of my money is in the sto-ck market and my businesses. I keep only what I need to spend in my checking account.
Iron-ically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Vola-tility goes both ways. The banks are in a big crisis. The ma=rket looks very shaky. The bigger the red candles, the bigger the green ones. I have made over 280k in the last 4 months by invest=ing through my FA.
Mind if I ask you to recommend how to reach this particular FA you using their service? Seems you've figured it all out unlike the rest of us.
There are many you could potentially find online. I personally work with 'Deborah sue Bohn'' , and she's been spectacular. But there are also many others you could check out yourself.
Found her webpage, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
It's the West's decision to block Russia to use Dollar & Euro Dollar rather, that leaves Russia no choice but to use Yuan instead. However, Russia opens up the Pandora's box, Brazil, Saudi Arabia, India follow suit. It will damage Dollar hegemony eventually.
nahhh .. maybe 100 yrs more for yuan to be atleat 10 to 15 percent used world wide
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
There is no such thing as "Euro Dollar". Get your facts straight.
@Alastor 3D they have hypersonic, us still need to create it
Not just Russia and China, the whole world is moving away from using the dollar. Many are moving to regional direct settlement or bilateral settlement. So the dollar will see smaller and smaller usage, hence the value will drop.
As all those dollars bought by foreign countries to trade make their way back to the US as they are no longer required, hyperinflation will set in at crazy levels never seen before. Imagine paying $100 for a loaf of bread 🤯
Nah the only currency that matters are dollars and euros. Everywhere else in the world has f all to sell. Get over it!
Countries may be dumping US treasuries as we speak... if US dollars flows back to the US, im afraid we will see hyperinflation in the US. Is the Fed controlling inflation currently?🤔
@Daniel Dos Santos prob next year I can hire us people as my maid
us already have inflation problem, can keep dreaming no problem, but does't mean it's not there, we have enough with us dollar bullshit
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $589k in months. You have to seek for help in the right places.
I think it's not always about fear. Sometimes realistic factors discourage people from reaching their goals in life. For example, I have tried to invest in the stock market several times, but have always been put off by fluctuations in the value of shares.
@ZACH HAG Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $1Million in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@Theo Alex That's amazing! My portfolio has taken a severe hit, so I could really use their knowledge. Who is the one directing you?
@MargaretNICOLE DESIREE SIMON is her name. I initially came across her on a CNBC report then on an investment newsletter and at once searched her on the internet, best decision I've made to stay afloat these crazy times. She has been exemplary.
@Theo Alex I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
I'm really worried about the current bank crisis. If a bank as big as SVB could fail, I fear for a lot more. I know a friend who is running a high-growth startup, and was badly hit by the bank run. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to$250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?
We underestimate the fact that banks are corporate entities also governed by greed. Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply invest through my financial advisor, collect my profits, which I then spend.
Expert Mr Harvey Barrett has brought me out of the wrenches and to a better living through trading option, I encourage newbies to trade with him.
I just looked him up and sent him a mail. Thank you. Any idea if his service includes managing family portfolio?
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
I don't think so, but over time it could be that the geopolitical turn of Russia as a supplier of energy and raw materials to the eastern economies could create a "monetary block " where the yuan could become more prevalent, but other geo-economic turns need to happen too, like how Japan, Korea and India would accommodate themselves to such reality.
American printing.the whole world suffering. that's why American will fall in the end
Russia/Soviet Union have never been stable
@Santiago ---- Not gonna happen in the next 50 years. Russia has no choice but to accept Yuan and of course China needs to import the oil. That part makes sense. However the Yuan is not a market based currency. You can't freely trade Yuan like you can Dollars, Pounds, Euros, Yen etc. China does not allow their own citizens to invest in other currencies. When they've done so they have had massive capital flight. Chinese investors are locked into their own stock market. Without easy convertibility, no investor will touch Yuan as a reserve currency.
If you think India would consider using the Yuan, that is a total fantasy. The Indians want to create manufacturing jobs that are currently being done in China, they are clear rivals. A short time ago China and India had a military skirmishes on the Indian northern border. They dislike each other intensely. Forget that one.
Japan and Korea already have freely convertible currencies with zero need to change what they're doing. Forget them too. So in summary, that leaves no one except the Russians who trashed their own currency and economy. And were banned from using euro and the dollar. On bilateral trade they are forced to accept Yuan.
@Fala Ai well, you didn't get my point at all. You should re-read what I wrote.
@Santiago ----- I read your post several times, perhaps you can summarize what your point is?
It`s not just Russia and China,most countries around the world is just sick and tired and fed up with U.S. arrogance unilateral sanctions coexion and blackmailing tactics..enough is enough!😎
Lol an average peron doesn't care about "sanctions" anywhere.
Well said and there pathetic wars !!
Unlimited printing of USD without even losing its value. Thats pure manipulation going on there
@Jamil Khan You just don't understand how basic economic system works. The united states is the biggest economy in the world and USD is world's reserve currency. This put the US government in a unique position to print USD as needed for its economy wihout loosing much value, as long as US economy continute to grow and people buy USD as reserve currency. If you want to take away the United State's ability to print money, then grow your country's economy larger than the United States or try to convince the world to use your currency as reserve currency. Simple as that!
It took decades for dollars to be dominant. It will take at least a decade for it to stop being dominant. In addition, China has no intention of yuan to be world reserve currency: it just wants to reduce possible sanction risks as well as convinence in trade between non-west countries. Yuan won't replace dollar anytime soon, but regarding dethroning dollar, there is a saying: "Die with a thousand cuts."
i agree
The beginning of the end has already begun for the US Dollar. Inflation is not going away, and will tend to get worse rather than better, as hyperinflation and destruction of the dollar are in the bag.
It will happen very quickly, this isn't the 1800s, the British Pound, and the Dutch Gilders both died off, US Dollar is no different
you have not heard about the new BRICS currency 😂
The discussion presented here focuses on the Yuan dethroning USD as the reserve currency. But the real threat is not so much the Yuan, but the BRICS countries trading in each other’s currencies. In the last 6 months, a dozen countries including Saudi have submitted applications to join BRICS. Meanwhile, countries worldwide are shedding their US treasury bonds and massively increasing their gold holdings. In the next couple of years, dominance of the USD would significantly decline, although not yet replaced. As more and more USD returns to America, it will further aggravate its inflation problem, driving its economy into dangerous territory.
😅
The question is that in order to return the dollar back, they need to buy them back or offer products. Which they don't have. As in other things, I suspect there are no precious metals either.
I think that cash will be canceled in the USA in order to put inflation on the shoulders of dollar holders and all the risks associated with a default.
@Феликс Дзержинский The U.S. still has a card up its sleeves then by dumping a terrible vunerability of debt on the rest of the world
@The_Expidition I honestly don't care. I live in Russia, we have everything. Any fruit from any continent and I can afford everything.
Russia and China can succeed, not by the virtue of their currencies or policies, but by the self-toppling of the dollar, which is also losing status due to abusive weaponization of the dollar, excess printing, excess federal spending, excess debt, along with the surprising success of superior new cryptocurrencies that replace the USD.
Ok CCP bot.
Excellent report, the expert in the interview about de-dollarization was professional and fair-minded. Well done to team!
The frequent use of dollars and swift financial transfer system as a political tool by USA and it's friends is making many countries for searching for alternative currencies and financial transfer system.
The world is fed up of the I S A. Dollar is doomed. Way faster than expected. Bye bye U S D. The world is finally free without the U S D
and printing money so property speculators could get rich.....
nothing much they can do. US dollar is the most dominant currency in the World and ditching of US dollar by china and Russia is nothing but all Air.
Yes, a weaponization a major detriment, one of many. Most have not realized the the dollar is also being knocked down, not only by overprinting and overspending, but also by new cryptocurrencies that tend replace, thus destroy the dollar.
@I Love The Way U lie once upon a time british ruled large parts of the world, now they are nowhere to be found, this hegonomy, arrogance that nothing can shake us goes before the fall.
If Saudi Arabia drops the dollar or allow other currencies to purchase oil other than the dollar, many countries will significantly reduce the dollars in their reserves as it is no longer needed to purchase oil. NOPEC, price cap and the weaponization of the US dollar are among the reason why Saudi Arabia feel threatened and insecure about relying on the US dollar for future oil sales and OPEC will follow Saudi's lead to drop the dollar or diversify.
Predicting< a reversal of a trend is risky, and even worse, I believe there is more to this market than we understand currently. When people are losing, they don't aim to increase their average, but that can only change if you have a personal trade guide and signal provider like that of Grayson Miles which has made me almost 9.5 on a 2 btc Trade capital over the last 3 months. Make the wise decision. Markets fluctuate in cycles that can last anywhere from a few days to several years. In the case of B -TC, it's difficult to make a bullish case simply from looking at the charts.
@{ Graysonm19 } THAT IS HIS USER NAME...
Grayson Miles was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Grayson Miles. He is my number one source when it comes to crypto and TA.
The crypto market is highly profitable with an expert broker just like Mr Grayson Miles . I got recommended to him and since then my financial life has been a success.
To be honest I invested as low as $1,500 because I was skeptical initially. Receiving my profit gave me more confidence to reinvest higher.
Nice content! Few years back i was assistant to a wealthy pen artist and within the short period i worked with him i observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this i learned that the rich stay rich by investing.
i agree with this but the problem now is getting to make the right investments, Lots of people tend to lose their money while investing thereby making them lose interest and also end up discouraging other individuals around them.
How can I get across to her?
i've come across her on a news broadcast
©Fxbrusher "
Over the long term, there's been no better way to grow your wealth than investing in the stock market. The government has failed in its economic responsibilities
Weaponizing the dollar was a massive mistake that caused so much suffering for poor innocent people that were under the US government sanctions, some people couldn't even buy medication, so alternative currency is vital for the peace and security of the world. India, China, Brazil, Russia, and many other big nations should use their own currencies.
How… their currency’s are awful and the markets hate them as the state doesn’t allow them to be free flowing.
@Will maybe in west they dislike those currencies but not in developing nations😅
@Willhmm maybe west don't like it because they can't bully anyone anymore, the rest of developing countries like being less dependent though
@Willthey dislike the $ much more than each other, the reason is constant sanctions imposed😅
The value of RMB is still tied to US$ and China does not allow RMB to be freely exchanged. US$ is depreciating quickly, so is RMB. What we really need is a currency that is based on gold and silver, which cannot be printed easily.
Economy used to be based on the work of our forefathers, gold digged out from the ground, seeds in the fields etc. When US took the dollar of the gold standard, they created an economy based on the dreams of future work by our children = giving a horrible debt burden to children all around the world. People all around the world now say : No !
The whole point is a new system other than SWIFT.
china will peg its currency to gold after sold all its usa bonds. as based on analysis real gold china > 30k ton.
@shaanz then it can demand payments from usa in yuan
Saudi just did it's oil trade in Chinese yuan
Previously, soldiers, members of the Ukrainian Territorial Defense forces and police got an extra Hr 100,000 ($2,700) per month if they served in a designated active combat zone - a significant bonus in a country where the official average salary is just under Hr 15,000 ($400). Those who served outside active combat areas got an extra Hr 30,000 ($800) per month.
The most traded currencies daily from April 2022, the Sterling, Yen and Euro would have a better shot at replacing the $ dollar than the Yuan. And it's back up since then. The Canadian and Australian dollar were just behind the Yuan. Just think about those things, that even with all of the exports out of China globally and this is where it is. Of which will likely steadily decline in the years to come. The reality is that whether anyone likes it or not, the Chinese rise economically needed the West as a market. There is no replacement.
Also as of right now, the AUD, CAD and Swiss Franc now are being traded more than the Yuan.
1 U.S. dollar USD $ 88.5%
2 Euro EUR € 30.5%
3 Japanese yen JPY ¥ / 円 16.7%
4 Sterling GBP £ 12.9%
5 Renminbi CNY ¥ / 元 4 7.0%
I remember travelling in Peru in 1990 when there was hyper inflation. The people of Peru wanted U.S. dollars, not their own currency which was losing up to 50% per day. My friend and I had U.S. and Canadian dollar traveller's cheques, so we were completely insulated from the inflation. It was then that I learned that there was more U.S. currency in circulation outside of the United States than inside. I have no idea what the ratio is now, but I'd bet it's comparable.
Russia is nowhere near a peer to the U.S. economically (or in any other way), while China has caught up economically but is still not a peer. I know the U.S. is printing huge amounts of dollars, as well as borrowing huge amounts creating massive debt, however I would be surprised if any Chinese/Russian currency usurps the U.S. dollar any time soon. In 10 or 20 years maybe but my gut feeling is not any time soon.
I especially liked the part where the Ukrainian guy said the IMF helped them out because they have powerful friends who care about them.
It's not just Russia and China. India also Rupee trade settlement extended nations to 18. Argentina and Brazil also join de-dollarization. Even ASEAN countries decided not to settle in USD.
You have the correct name
These countries are nothing compared to America
@sky♡ on what metric?
LMAO Ruppee as global currency. World is not Bombay or Bangalore .
Since the collapse of the Soviet Union in 1992, the United States has been the only, and unchallenged superpower, accustomed to hegemonic aggressions; the indiscriminate and unconsidered exercise of its superior military assets, and its overwhelming global and geopolitical influence. This in turn has given the United States its economic and financial clouts to sustain the greenbacks.
The United States has been exploiting the rest of the world with its indiscriminate borrowings. This is largely made possible because the US dollar is the dominant currency in international trade transactions and settlements. In other words, the United States can continue to print the greenbacks to finance its insatiable appetite for consumption; and to augment the exploitation and hegemony of capital.
Effectively, the cost of capital and labor of other producing countries - to the United States - is no more than the cost of printing the greenbacks.
What I think will happen realistically is that the US dollar will still remain a dominant currency for global trade but it will no longer be the ONLY for such trades, there might be 3 currencies for global trades, the USD, Chinese Yuan and the newly announced BRICS currency (yet to be made or named as of this post). Also, it’s possible that all South American countries will merge their currencies into 1 and the same might happen with African countries. Either way, I live in Canada and inflation here is so out of control. A litre of regular gasoline is $1.60 CAD, a bag of 2kg oranges 🍊 are around $8, a pack of cigarettes are $17, an average burger 🍔 and fries at a normal take out restaurant is $15+, average rent for 2 bedroom apartment in Toronto is $2600/month, minimum wage is I think $16/hour (before tax reduction), 1 way bus 🚌 fare is around $3.25. Current mortgage interest rate is around 5%
Yuan isn't gaining much traction. Still only 2-3% reserve currency worldwide and until the CCP stops controls of the Yuan and much manipulation it isn't going to be anyones first choice. The CCP just isn't ready to lose that kind of control. Look at Russia, they were actually denied the ability to exchange some Yuans so they too are finding out the hard way.
People keep thinking that the heavy credit based dollar is better. It is not, if the credit is used for investment, yes. But if the credit is used for mortgage. It’s a bad asset. It’s more important to look at how much of the dollar is being used in investment that generates more goods and services.
Exactly.
Any country in the world has the right to choose to use any currency instead of being forced to use the US dollar
IMF is Partial...IMF.. and UN have lost confidence
This has been a constant state since their inception. Most people don’t even understand them.
Listening to the guy from UK talk , you can see the hate for Russia in his eyes . I think the media need to start having guest who can genuinely comment without sentiments
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
@Alastor 3Dif the US military is soo powerful why did they leave Afghanistan with their tail between their legs...🤷♂️😂
@Alastor 3DGod bless you fat Americans. Inflation making it hard to eat 😢
@Alastor 3D «How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time.»
----
Russia is currently projecting his asynchronous power at even greater distances. And the cost of projecting it is much lower than the US's projection of its military.
Add to this that your "project as much power" is a too vague concept, and to realize that is is vague ask yourself simple questions such as "project what, for how long, to obtain what, at what cost, etc etc.?". And add to those the simple question how that after 20 years the consequences of the "victory" over Iraq are turning in a a long-term defeat. Your is simplistic, cartoon-like. If those, that you talk about, were victories, nobody would question today the $'s role in the world.
Ok Mr Hocus-Pocus... Keep drinking the Kool-Aid
Here's how you know you're in trouble: when your rival publicly and accurately assesses your strengths and likely continued success while they actively build a competing brand. Very pointedly, and in contrast to the more reactionary tone adopted with other policy areas, China's foreign ministers have repeatedly stated that alternatives to USD are long-haul, slow moving goals. Slow and steady wins the race and the sober, muted tone, matched by continued moves toward parallel currency and finance agreements, are how you know the PRC will succeed in breaking USD hegemony.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
Buy real gold and put it in a safe
tangible assets 1:45
Countries do not want to be dependent on 1 dominant currency, and want to diversify.
You can do that, by adding Euro, GBP, Canadian and Australian Dollars, Swiss Francs, Japanese Yen, and SK Won.
It’s not going to be easy to replace the dollar, even here in China as a foreigner you cannot transact more than 500dollars per day even your own money
You just need to do what the locals do. Learn to beat the system LOL. Never stop Chinese for transferring a ton to go on vacations etc...
It is alternative for USD, not to replace USD. Since china still need USD stronger than Yuan to keep the manufacturing rolling in china soil.
It is clear that something starts at some point at a value. Then may grow up slowly and steadily or could grow alarmingly or may fail as well. The basic thing is undermining the growing trend of the new world order & the current currency attempt is immature really.
Not in immediate threat??😅😅 So many countries already used their own currency for international trades (currency swap) and no more USD needed. The point is Not the Yuan as global currency reserve But the many currencies replacing USD all at once
what countries are that and how much trade volume of that countries compare to the countries who use dollar? chinese yuan is the most risky currency cause the value is not stable so u still need to wait 50 to 100 yrs more for yuan to reach atleast 15 percent usage
@bradley cooper bilateral deals. India has 18 countries, and counting China with the Middle East is starting using the Yuan, China with Brazil, and of course Russia. These are just a few on top of my head.
@k lee ok all that 2 percent of global trade volume not to mention india are dependent to US investments china is dependent to export to west so 50 more yrs maybe dont be stress out as you notice USD is still steady increasing even those countries are trading already its just means its not working
@bradley cooper than why banks going down in u. S???
I am looking forward to all countries retaining their own culture and being able to trade freely in a global market, many forms of trade are possible w/o monetary exchange... education exchanges amid all nations that are interested in participating. No more "this is the way" mentality. There are many ways. PEACE ❣️
Yes after all everyone is safe, not fighting endless wars, their country in good state of economy, not defending people endlessly saying they should learn how to be peaceful while their attackers literally send waves of attacks, their country being sanctioned to no end, their people attempting to flee the place, no place giving them refugee status, even western nations give them no care, no country to have as their own. Their families scattered in more countries than they know, and their suffering with end in sight. The refuge seeking life like nomads is something we are biologically programmed to do like sheep's that graze all day we can't seem to find a better thing to do.
But yeah why are we still doing this to ourselves is something absurd, some people tell us why can we be kind and not fight around when our land is the one where the fighting goes along. We seem to be inviting many people inside and trying to fight everyday and even attacking our own people because we are not educated as in the west.
Some people say we have a liking to go and do some hiking in the west because it is so hot in our country. And that we go as refugees because we just like more money and love being called from western land. Our place is very not photo genic and we also live taking pictures too much and picnic would fix any illness of our own.
They say we need to learn how to be more peaceful because it is something we have an issue understanding because like small boys all we know is to fight around and be mischievous. Our suffering is not a good enough lesson others might even go to say. A few piano lessons is a good medicine others wish for us to do more.
In the end we are our own problem as being stubborn is only thing we do right all day long.
If someone just said peace with ❤ after it out loud we would have been saved of all the trouble we went through.
But you know it's not bad that some still are around, we can happily live in company of the ones that are still around.
YES YES YES YES YES YES YES
@Bamboo Boobamb Yes, we can go back to pre-WW2 conditions. Oh wait, pre-WW2 was even worse. A time when the seas were dangerous, countries constantly attacked eachother for resources, globalization was a dream, and everyone works separate for regional supremacy. That time? You seem to have a warped idea of what human history looks like. You also do not seem to understand we have lived in the most peaceful time in history for decades. Try looking up what the world was like before the world order was established. It may surprise you, but not me, humans have very short memories.
It depends on you my friend OPEC countries, countries think that they will need to buy energy anyway with keeping USD, that's why these new emerging energy is also confusing.
You can choose to downplay this dedolarization anyhow you want but you can’t change the fact that it will eventually be unattractive and a lot of countries will ditch it
Would love to have heard from Chinese economist to find out the long term plan. As an African this is pertinent
Nobody want Chinese currency
The world 🌎 is moving away from one currency and one system
You seems to be the only one who has understood. Moving away from the dollar doesn't mean choosing the yuan.
@Ka Michaels we do not expect everybody using yuan. you miss the point caused by mentality
We are going back to seashells and rocks for currency here.😊
During this.. The Reserve Bank of India and the Indian Government have asked Indian banks to open special Rupee Vostro accounts..
with banks in Russia, UAE, Sri Lanka, Mauritius etc.
Indian Rupee is now going global as 18 countries have agreed to trade in Rupee.
Amidst the global economic slowdown, the world is trying to de-dollarize the international market and India is turning this into an opportunity.
Now the traders will be able to import goods by paying in rupees.
Good for India, a little bad for the US!
oh that's actually interesting. India is getting more and more foreign investors lately and I'd really like to see India surpassing China in the upcomming decades.
Dedollarisation mean autonomy to local currencies
@BluuGinger41 your investor from the west is only exporting inflation around the world
It does not have to be wrong if the dollar is replaced with other currencies. Without the dollar as a trading currency, most of the wars the US has caused the world in the last 30 years would probably not have happened. If the wars decrease with other trading currencies, that is a good thing. But if China were to get the same aggressive behavior as the US, it's just as bad.
Putin isn't the only one to have criticized the dollar, but Gaddafi & Saddam decades ago because it is not backed by tangible asset(s). They advocated for the resource- rich countries to trade- principally oil- in currencies backed by gold/oil/diamonds/etc type hard assets, gaining greater leverage/negotiating power using their currency & assets (esp & including vis a vis intl financial institutions like WB, IMF). They are now dead. Ghana just announced that they've backed their currency to gold 1to1.
He is thinking in the past situation. Not just China other countries also wanting to trade in their own currency. The gulf countries and South America and SE Asia are using RMB .
Not as unthinkable as it was even a year ago. Weak US leadership (UK as well) make the stretch easier especially if you add the entire Silk Road of countries in one group. US has massive volume but so does China. US has been at war for decades somewhere or other, not so China. US finally either saw eg Africa as a bottomless pit or was just too distracted with its war efforts while China and Russia focused on relationships and building their war machine. A year of war has affected not only Russia!!! Very few countries today are not debt burdened incl the US.
You have not mentioned 33 trillion DEBT and printing money A24/7 devaluing all currencies.
In our India we need unbiased judicial systems Unbiased police systems Unbiased political systems Unbiased election systems Unbiased media systems Good India future India is the best place to start and
American source of income is nothing but the Service Charge for Dollar deals and Weapons export... give it a thought
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
@Alastor 3D US has lost almost all wars it has engaged in, even Iraq is a victory for Iran. Vietnam, Korea and recently Afghanistan has reminded us that they can not win in jungles and mountain areas.
@pm and China has hypersonics nukez, u. S still need to build them
While the American economy is extremely diverse and strong, it certainly does contain huge unproductive components (entitlement programs, waste, fraud, abuse, wars etc) that are being subsidized by the USD service charge and weapons exports.
I didn't see China currency will lead at that time when I'm reading the book - Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail. And now that's what would be.
Looked up the Foreign Policy Research Institute. It's a minor player in The Blob, the US imperial foreign policy establishment. Mostly neocons and arms industry stans. It would be interesting to see a Russian and Chinese govt-aligned analyst along with usual US/UK contingent. Dare I also suggest an African or Latin American who'd like to slip out from under Uncle Sam's boot?
That already exists. That's why other countries already use their own currency's.
To obtain financial freedom, one needs to be a business owner, an investor, or both, generating passive income, particularly on a monthly basis.
l agree with you and believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way I recommend real estate or crypto and stocks.
Speak to Kiana. She'd help you out
Most top experts are always restricted to the US. can she be of help to people from Asia?
I have also been trading with her, The profits are secured and over a 100% return on investment directly sent to your wallet.
Please how do I start trading with Mrs Kiana Danial Joyce?
some days ago china was no global power but now... today the yuan has only ~3% of world trade but in some days...
It's high time to eradicate USD. After all who is the US..?? Why should we be lenient to one country and currency..?? Let's have a common currency for international transactions. Not Yuan, Ruble. But an international currency. Let it be named as IC. International Currency.
👍
Im guessing it should be a basket of currency for international trade. But locally, each country can use their own one
@Jamil Khan yes
You have to give credit to the Russians for opening up the worlds eyes. They got the ball rolling and now more and more countries are standing up for themselves.
The honour goes to Gadaffi.
The only time that Al Jazeera does not trumpet Washington propaganda is when issues of Palestine are discussed.
Very true
😂
BIAS over INTEGRITY is a standard for most so called "news" outfits today. You are correct.
CGTN is a lot better, is pretty much the same style but without the western bias, I was very surprised to find criticism of China in chinese media, I just com back to Al Jazeera to laugh at westerners panicking because is the end of their age
The only real boundaries we all have is us. Man. We need rules but some have to be strong and some must be able to bend. Like a gate some gates are solid and some just sway open. It all really depends on the qualifications and the qualified. To solve the problem of the world, well we need the world. It is a big world.
For once a sober analyst. IMF is political and they may do as they seem fit
The debate was going one since 2020 ..the world predicted that brics will someday announce new payment system for international trade..but don't know when they'll do
The moment US dollar crashes, US will be done for ever😅
Yes we want this
Sending love and hugs from America 🇺🇸
The goal isn't to dethrone.
It's to cut out the middle man.
America strives for hegemony, China & Russia strives for common prosperity
This is the difference
Not exactly, Russia and China are both on strong nationalist of policy of hegemony at the moment. They simply lack the status and resources to achieve it.
It still has value here that's the main point. The digital dollar will take your choices away
This is not the end of the US dollar but the beginning of the end. From this point the way ahead for the US dollar is only downhill.
Dethroning the dollar? No, Russia and China just provide another option for trade.
Yes, the U.S. deserves credit for toppling its own dollar, plus cryptocurrencies have an ultimate impact much greater than other fiat currencies.
In the west where anti China and anti Russia is the order of the day. For the international community and the rest of the world where Brics countries plus are not using dollar or euro in their trade ,they are doing fine both in terms of growth and development.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year... Investment should always be on any creative man's heart for success in life.
I have loss severally trying to trade on my own. Can someone tell me the best way to win instead of losing more?
I'm honestly surprised that this name is being mentioned here, I stumbled upon one of his clients testimony last two months in CNBC world news and decided to try him out...I'm Expecting my third cashout in 2days
Well, you are saying the fact. I invested $4,000 with fergus Waylen. and earned $12,000 in 7 working days.
I was trading fairly a small account and I got over 200% within one month. We need more traders like him in the space to guide the teeming population of crypto enthusiasts and traders out there
If i have not experienced this I would say it's a lie but I've made withdrawals few days ago and that's one thing I find difficult and impossible with other brokers but manager fergus Waylen makes it possible.
It probably will happen, but not any time soon, or not soon enough to be considered significant in terms of present time discourse. Here are the hard facts: The US is China's largest single-country trading partner. South Korea, Japan and Taiwan are in second, third and fourth place, respectively. When regions are considered, ASEAN (because of the countries already mentioned) is China's number one trading partner, seconded by the EU, then the US in third place. In other words, China's most important trade is carried out with the US and countries that are close allies of the US. This means China may resort to local currencies in bi-lateral trade with some countries on the periphery of its trade portfolio, but the realities of its trade relations mean it needs to use the US dollar most of the time. The most important countries (besides Russia) with which China has bi-lateral agreements based on local currencies are Saudi Arabia, Turkey, and India; other interested parties (reportedly) are Egypt, Brazil, the UAE, and a few others. Yet all these countries also have important trade or security relations with the US, which means for them too, ditching the dollar completely is out of the question.
You have listed the current situation, so the real key to solving the problem is North Korea. As long as China solves the North Korean problem and establishes a China-Japan-Korea free trade zone, CJK+ASIAN, The entire eastern part of Asia will form a unified economic interest body.
Welcome to the world of free trade and hard competition, America.
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
For the sake of the world, hopefully yes.
its a multipolar world. dont focus only on russia and china. its "multipolar"
"It ain't what you do it's the way that you do it". I wish Max was aware of this.
The main issue is not necessarily replacing the dollar but having alternative currencies in international trade. This is going to happen either way because of the US weaponsing the dollar
At least six International currencies, other than the USD, exist now. The Euro, Yen, GBP, AUD, CND and the CHF.
Not only Russia and China even in Africa we will move away from using dollars
That's a great group to be part of..
I’m moving to Africa
The market and the Fed consistently underestimate the sticky nature of inflation. The markets are still unsure if the Federal Reserve will continue to its plan to raise interest rates until inflation is under control, despite the fact that bond yields are rising while stock prices are falling. What is the greatest strategy to take advantage of the current bear market while I'm still deciding whether to sell my $401k worth of stocks?
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine.
I completely agree. I have been consistent with my profit regardless of the market conditions. I got into the market early in 2019 and the constant downtrends and losses discouraged me, so I sold off.
From what I can see, the dethroning has already happened some time ago.
How dare people not use freedom bills!!
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
It will be interesting to revisit this topic with the same commentator on yearly basis
US didn't know what they had, they became too arrogant like previous empires.
America created everything you enjoy including Clip-Share 🇺🇲🤣
Russia: we gonna trade in Yuan.
The West experts: nothing to worry here.
BRICS: we gonna trade in Yuan.
The West experts: nothing to worry here
All African nations trade in Yuan.
The West😢: let’s close our eyes, everything is unchanged.
The EU start trading in Yuan.
The West: no!
LOL.Very funny stuff. The people least prepared for the fall of the dollar is the American people. We don't know how our lives and expectations will change, and as you say it's so painful, we don't want to know. lol
India is also using its transaction for its trade
China and Russia are not out to dethrone the USD.
China and Russia are creating something new.
Sooner or later , a lot of countries would not want to be held hostage by the USD and the kowtow needed.
Alternatives are always good.
In the new order create by China and Russia…..all countries are equal.
No one need to kowtow.
It's like comparing someone who's has billion of paper money backed by nothing but dust and pronounce , and some who has no paper money but has mountains of gold.
I somehow doubt, despite all the talk about it, that the world's monopoly money will become more powerful than the USD. Particularly when all of the world's largest businesses are essentially based in the US. We shall see.
Both Russia and China? no, with other countries, yes
Russians know very well the Chinese saying "Even the journey of a thousand li begins with the first step" by Lao Tzu from The Book of Tao Te Ching
How I wish Africa WI unite and come up with it's single currency
Khadafi was killed because of that idea
Ninjas will be swimming to Africa if that happens
What goes up must come down
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
@Alastor 3D they are having trouble fulfilling their recruiting goals. They are going to have to raise the debt ceiling to pay salaries, medical, etc. Not the WAR budget though.High interest rates mean DEBT interest costs more. They took in less than they spent last year. That kind of fiscal management combined with sanctions that apparently are broken even by themselves, does not paint an image of power. More like Ukrainian corruption.
It's not really about Russia and China per se. It's the problem of using the US Dollar.
Even without Russia and China, countries have been trying Gold Dinar, African Eco, Sur, ASEAN AMU, crypto, etc.. The needs and intentions are already there. It's just a matter of time.
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
The invited guest Max from London was speaking out of emotions he is angry at the Russians🤣
He couldn’t say a thing
The researcher was very defensive 😮
He is not a researcher but a propagandist
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
@Alastor 3D bro war is the most unpredictable thing. See what happened in afghan
@Alastor 3D I don’t think projecting power is the solution. We can be much smarter and humble as well. Maybe learn few strategies for Chinese. They are the one getting acceptance from right and left while a lot countries are ditching US
Russia and China would not make any public announcements concerning each other without first discussing it privately. So the issue of capital controls would have been discussed already and is in the process of being resolved otherwise Russia would not have released a public statement.
nahhh yuan and rubles are garbage currency the volumes that come in and out from asia to west are huge so rubles and yuan exchange or africa money are just like candy cost
@bradley cooper Those currencies are backed by gold. The US dollar is backed by printing money and exporting their own inflation. Go troll somewhere else.
How powerful is the US military compared to other nations?
Ridiculously powerful. Most people have no idea. There is no other nation that can project as much power across such long distances in so short a time. Not the Russians. Not the Chinese (yet). Of a certain, our capabilities have lessened due to cutbacks in military spending and the sequester in recent years, but still, nothing compares.
I remember when the US had to fly its troops and equipment halfway across the world to stage the invasion.
Despite this, with the Republican Guard having months to prepare the small front of attack, the US managed to completely subdue one of the largest armies in the world, in two weeks, in a nation the size of Poland, with a total of a couple hundred casualties. This with a coalition force of 148,000 facing a dug in force of over 500,000 Iraqis.
To put this into perspective, the German surprise attack on Poland to start WW2 is regarded as a German cake walk in comparison.
@Alastor 3D The US has not faced a near peer adversary since ww2. A near peer adversary would not let the US mass troops on its border without taking them out first. All you fan boys can do is bring up past glories against weak and weakened opposition. Though what this has to do with the original comment I have no idea.
@Hunter zone what back by printing you are saying ? china prints more money than US , and US has the most gold reserve in the world so what u are saying again ?
Wow watching this it looks like all is well and we should just ignore the first sale of LNG from a French company to China with the yuan and Brazil and China's new trade deal that cuts out the dollar to settle trade, Saudi will announce yuan trade by the end of the month and Russia and China did record trade in local currency in 20222 (almost 200 billion) but nothing to worry about, nothing to see here folks
150 trade China with Brazil.
Must be hoping if they ignore it it will go away.
Interview didn’t focus on petro-yuan. India Brazil SA Venezuela Iran using yuan already. Downplaying the significance is laughable 😂
The West always laughed at China's development as it struggled to rise up. But recently, laughter has turned to frowning. Soon, frowning will turn to tears.
India prefer to use dinar than yuan (but same logic)
@Linkme Forfun china always laughed at India's development as it struggled to rise up. But recently, laughter has turned to frowning. Soon, frowning will turn to tears.
he really ignore it
@poli i don't see China laughing at India
Let's think about this from a different perspective:
- If the USA remains the most advanced and credible in the country,
- The USA is discinplined and doesn't print the money as they want,
- The US never uses the dollar as a weapon to sanction coutries that don't go along with it.
I think if all the three conditions are met, no matter what China and Russia (other countries as well) do, they won't succeed in dethroning the dollar.
Global reserve is about acceptance and perceptions. The change can start slowly like an avalanche but quickly (relatively) change.
Does it means, If US wants to import one Asian car, US needs to export one luxury or three cars to make a trade due to the fall on value of its currency? ZDoes it also means country holding US dollar currency would start to dump back and trade their currency in the US in exchange pf valuable goods that US possess ?
So Russia is now the junior partner of China. There is no way the Chinese currency can overtake the dollar given their non transparent economic structure
i agree with you.
Pretty sad they look to diversify currencies for self preservation 😢