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Global Rebellion Underway to Take Down Dollar Empire
Islam Times - Important wars in history have always made many changes to the political and economic arenas, and this time the Ukraine war has introduced such changes to the world geopolitical order due to its wide-ranging aspects, and the world is expected to move into a new era with a new chapter of the history written.
In addition to causing military and political groupings, the war in Ukraine has left its economic and financial effects, with new orders forming in these areas. In a connected move, the Association of Southeast Asian Nations (ASEAN) are mulling removing the US dollar, euro, yen, and British pound from their trade and using national currencies. An official meeting was held on March 21-22 in Indonesia with the presence of ministers of economy and finance and governors of central banks of ASEAN member countries with the aim of developing security and economic cooperation. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are members of this economic bloc and are trying to reduce dependence on currencies such as the US dollar. For some time now, use of national currencies in the trade among the member states was raised and the current negotiations are a sequel to that agenda.

ASEAN is seeking to develop a digital cross-border payment system among the member states to use their currencies in their trade. In November 2022 agreements were made among Indonesia, Malaysia, Singapore, the Philippines, and Thailand. President Joko Widodo of Indonesia said that dropping Western payment systems was necessary to shield trade against geopolitical tensions.

ASEAN members are among Asian economic powers and their currency policies can leave considerable impacts in global trade that work against Western interests. The Asian bloc’s decision to ditch dollar and euro from its trade comes as China and Russia over the past year have seriously followed this project. Over the weekend, China and Brazil signed an agreement to dump dollar for trade and use yuan, China’s official currency. Brazil is one of the world’s great economic powers and one of China’s great partners, and dropping the dollar from bilateral economic interactions and using the yuan can turn the tide in China’s favor.

China has also agreed with Saudi Arabia to put dollar aside from trade. China and Saudi Arabia trade is $100 billion annually, and the removal of the dollar will lead to a decrease in interactions with dollar in the world. Earlier, Bangladesh, Kazakhstan and Laos had also held talks with China to boost the use of the yuan. Also, India announced the internationalization of its national currency rupee and launched a bilateral payment mechanism with Saudi Arabia in its domestic currency.

Russia, which ceased its trade with the US and Europe after Ukraine war, is keenly seeking to ditch dollar and took the initial steps in trade with Iran and also reached agreements with China on de-dollarization, and if implemented, the agreements allow national currencies to rebel against the dollar as dominant global currency.

End to dollar dominance

Dumping the dollar will strengthen national currencies in the world trade and end the 80-year dollar dominance. The dollar hegemony rise dates back to Bretton Woods conference of 1944, when 44 countries of Allied front in the WWII agreed on a new global monetary system. Countries in the conference agreed to set value of their national currencies based on the US dollar, and since then, the world economy has been overshadowed by the American monetary policies.

Using the dollar as the world’s common currency had given Washington a special position in the world economy, and in the last eight decades, this country used the dollar as a political weapon to punish non-compliant countries in order to align them with its global policies. Cruel US sanctions have caused a lot of damage to economies of developing countries, and if the dollar is removed from global exchanges, its domination will automatically disappear, and Washington will no longer be able to punish other countries with the lever of sanctions as before.

Though being the world’s biggest debtor, the US can print dollar and meet its global commitments, without its economy taking damage. But others are deprived of this privilege and have to adjust to the White House monetary policies. Many countries have been hurt by the dollar dominance and are struggling to work out new financial initiatives to get rid of it forever and maintain their national currency value against other currencies.

In the past year, there have been many changes in the world economy leading to a decrease in dollar-based trade, something rendering the US extremely worried. According to the statistics, in February, the use of the US dollar in global transactions dropped by 1.07 percent and the dollar share dropped to 38.85 percent of the total global transactions made through the SWIFT network, indicating that the dollar decline is taking place at a gentle slope. Moreover, given the new decisions of ASEAN and the agreements of China and Russia with their allies, in the coming months, dollar value will observer sharper decline. Actually, Bretton Woods structure has already begun to tremble.

Pieces of evidence show that transactions with other world currencies are growing, undermining the US capability to weaponize dollar in geopolitical conflicts, like what is happening in Ukraine. Now many countries have come to the notion that they can directly pay with their currency in their foreign trade and this can introduce more balanced payment systems to the world trade while setting off the alarm bells to the White House officials. If currencies of all countries develop the same level of value, no country can instrumentalize sanctions to punish others.

China position boost

The lower the dollar dominance in the world economy, the bigger chance for rivals to improve their position against the US. China is now the world’s biggest exporter and the second largest economy that according to the figures will unseat the US as biggest economy in 2030. Transactions of such influential countries as Brazil and Saudi Arabia with Chinese currency will upgrade the global position of this emerging power. In its national security strategy, the US has identified China as the main threat to its global hegemony, and if the yuan beats the dollar, China will surpass the US and end Washington’s eight-decade power monopoly in the world.

Just unlike the US that uses political and financial pressures to advance its policies, China has never intervened in other countries’ affairs and tries to act respectfully in its global interactions. This is the secret other countries have welcomed China as partners with open arms, something preparing the ground for yuan rise and dollar decline. China and Russia are now busy designing a new world order in which the West does not have the last word and there would be a multipolar system in which Eastern powers take a center stage. In his recent meeting with Russian President Vladimir Putin, Chinese President Xi Jinping said: “Change is coming that hasn’t happened in 100 years. And we are driving this change together.”

In general, it can be said that the global rebellion against the dollar empire has already begun and all actors are seeking to use other currencies and strengthen their national currency against the dollar, and in the emerging new order, there would be no American mastership and dollar dominance, as emerging powers like China in association with their allies and under a coherent alliance draw a new financial system.

KanwuliaExtra:




https://www.youtube.com/watch?v=zMXJsZHla6Q

BidenDTrounced:

Biden went to beg the Saudi prince and he literally got fist bumped
The Saudi prince basically ridiculed Biden and whatever he represents
God bless Saudi.

BidenDTrounced:

Biden went to beg the Saudi prince and he literally got fist bumped
The Saudi prince basically ridiculed Biden and whatever he represents
God bless Saudi.

KanwuliaExtra:
Countries in the plot. . .

https://www.islamtimes.org/en/article/1050448/global-rebellion-underway-to-take-down-dollar-empire

Hotice085:


Very nonsensical jargons, if Islamtimes think in the next hundred years any currency can outdoor the dollar you guys must be smoking cheap weed from Saudi Arabia

You think controlling the world is by political and economic policies alone, if you bunch understand what is called SOFT POWER you load of noisemakers will sit up in one dark corner of any room and shut d 4k up

After the Dollar comes the Euro, same with the Eurozone coming next in soft power after the almighty US of A, what does the Chinese offer aside trade?
Is the country open to the World, how many tourist visits there, how many Chinese music,films and sport games have penetrated the world?
What does Chima bring to the global community in terms of soft power, only Coca cola sold America to the world and when Macdonald first landed in Russia the queue in Moscow was and still a record by any franchise

The simple fact is this China and Russia can NEVER overtake America in the next 100years if they think by remaining a communist state

While in America and many western nations, the political parties in these countries stand as check to themselves that can't be said in China Russia where just one man, one party pulls the shot

KanwuliaExtra:


The US will always reap what they sowed.
Saudi Arabia will reap their own too. So glad Qatar showed them serious PEPPER!
Imagine paying homage to a cold-blooded murderer all because of oil?
No wonder TIFFNUBU has guts!

BidenDTrounced:

Khashoggi must be rolling in the grave.
The lesson I learnt is, never be loyal to a country (US) that attempted to use you do destabilize another country (Saudi). It comes with consequences. Khashoggi paid the price and what happened? He was discarded by the US.
He'll be rolling in his grave if he gets to find out that the pedophile US president responsible for the thousands of deaths of children and other war crimes is begging Saudi.
An inference of hypocrisy could also be drawn from that action. How? Despite the rhetorics and sentiments, Biden went begging for his own selfish interests.
Meanwhile, countries that do not abandon thier national interests by refusing to jump on the isolation/sanction bandwagon of the West gets a lecture. Sermons that the West itself doesn't practice..

By the way, how's it going with Shireen Abu Akleh? She was a journalist murdered by Israel.

KanwuliaExtra:


No body said anything about over taking America.
It is an economic war.

Kingabia1998:
You guys are making me laugh in this era, how are you guys coming up with this type of topics, especially those ones saying that dollar is not backed by gold or crude oil,I de laugh at your naivety.dollar is heavily backed up by suphiscated technology and real time AGI operating systems.even one of the most influential people in china wouldn't even think twice if they get the chance to escape to land of opportunities not to think of the likes of north Korea,not even to mention Africa. there are many things I read here on nairaland I just shake my head that we need total rehabilitation not just in our academics section both in our ways of reasoning.

Hotice085:


Economic wetin!
Boy it is dead on arrival..have you asked the Chinese which currency do they hold most of their reserves in?
Switzerland and Luxembourg economy puts together will make Russia economy Chicken feed go ask yourself why?
Lemme tell you something IMF and World bank can kill the Chinese economy if it comes to the grind, not to talk of America and the EU
Take your time and research on SOFT POWER and understand how powerful it is when it comes to Economic matters
Even the legal system of a country is a pointer for economic development

BRICS Currency Launch Confirmed - (Dedollarization & Silver)

BRICS currency replace the US currency for trade?


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
FP Explainers April 04, 2023 13:35:58 IST

Massive U.S. dollar dump? BRICS to launch new currency causing tsunami of inflation - Andy Schectman

KanwuliaExtra:


It is extremely complicated.
Biden had to cave in when gas prices shot up because Saudi Arabia witheld production during COVID.
It was HELL.
After Biden came back from meeting MBS . . relief came to America.
As for Khashoggi, extremely unfortunate.

BidenDTrounced:


Gas prices dropped during covid (in Canada) why? Movements were restricted, lock downs, fewer cars on the road and therefore less demand for gas. When demand is high, price is high and when demand is low, price is low.
There was low demand and production was reduced.

Biden actually blamed President Putin for the increase in gas prices but you're saying it's Saudi Arabia.
Americans blamed Biden and held him responsible so he had to save his own skin. It falls in the category of selfish interest.



"Meanwhile, countries that do not abandon thier national interests by refusing to jump on the isolation/sanction bandwagon of the West gets a lecture. Sermons that the West itself doesn't practice.."
Why do other countries get a lecture when they have to 'cave in'

KanwuliaExtra:


Let us see how it plays out. This happens every century you know?
THE USD has not always been the global currency.

Do you think the USD will withstand the BRICS currency? I doubt it.





https://www.youtube.com/watch?v=9K11Ku6Uiq4

Hotice085:


Ogbeni you see the BRICS only Russia and China are 5 n 6, do you think the Indians that have a deep control of the American economy will by any means undermine the Americans?

Aside that do you think Indians will accept the Yuan as international settlement, forget about Brazil they can only do business with the Chinese in Yuan just like what France did but any other country it is dollar

Look at football for instance, what do you think the Brazilian generates from it and in what currency? Then tourism, music, entertainment and much more

The BRICS economy put together how many of them rank in the top 20 in the world?
Any country that wants to take over America or the Dollar must offer the world better things that America have offered in terms of SOFT POWER and HARD Power not by economic competition or war

KanwuliaExtra:




Biden wanted to take up the Kasshoggi case against MBS remember?
Biden could not go to Russia, so he went to (SA) to increase supply to the US.

BidenDTrounced:

He attempted to manipulate that case to continue the destabilization of Saudi Arabia.
I hope he went to Saudi Arabia with lectures of religious freedom and democracy?
Do you remember Shireen Abu Akleh?

KanwuliaExtra:


You think the Indians will want to lose out?
Highest they will play both fields.
SA will definitely lean towards Russia and China and against the Petro Dollar.

SA had applied to join the BRICS.
India will be a lone ally.

Hotice085:


India needs no one at all, few years from now they will be number 1 in population. They and China are what matters most in BRICS but both can never see eye to eye on things, the Chinese will tell you INDIA is the only country they fear aside America
Russia is a paper tiger the only noise they make is NUCLEAR this nuclear that, aside Moscow and St Petersburg the rest of Russia is just Africa all thanks to POOtin
Brazil will only do business with China in Yuan but any other country forget, they are too enlightened exposed and westerned to listen to the likes of tyrant POOtin who wants to rule Russia till he dies
Don't mention South Africa, Nigeria with less than 4000MW is still Africas number one you de mention South Africa for world economy

Boy, Small Germany exports more than the Russia alone yet you de mention BRICS.... ogbeni lemme go feed my chickens

BidenDTrounced:

He attempted to manipulate that case to continue his destabilization agenda for Saudi Arabia.
I hope he went to Saudi Arabia with lectures of religious freedom and democracy?
Do you remember Shireen Abu Akleh?

KanwuliaExtra:


Oh yeah. Very familiar. Another sad case.
We are going too far.
Bottom line?
The US can never win against SA.
For Chrissssakes 15 of the 9-11 terrorists were from SA. What did the US do?

KanwuliaExtra:


Even with all this. . . the matter here is that the fact that the dollar will be monetarized will have a lot of ripple effect for the American economy. The question is: Are they prepared?
A lot of dollars will be dumped for sure. . . .and it will cause a lot of inflation.
At best, the dollar will be an alternative currency. . .not THE GLOBAL CURRENCY.
This is the point I am trying to make.

Hotice085:


Nobody is ever prepared like the united states' and forget the Dollar being an alternative
The next 100years it will still remains #1

BidenDTrounced:
"Biden wanted to take up the Kasshoggi case against MBS remember?"
You said you remember Shireen Abu Akleh, the Israeli terrorists that murdered her continues to walk free. Is that fair? Where's the justice?





"The lesson I learnt is, never be loyal to a country (US) that attempted/attempts to use you to destabilize another country (Saudi). It comes with consequences. Khashoggi paid the price and what happened? He was discarded by the US.
He'll be tumbling in his grave if he gets to find out that the pedophile US president responsible for the thousands of deaths of children and other war crimes is begging Saudi."

You already said we're going too far so I'll conclude with this.
Biden attempted to exploit the Khashoggi case to incite the public against the govt of Saudi Arabia, effect a regime change and consequently destabilize the country.
He was unsuccessful.
The relationship between Khashoggi and the US is a daunting tale of betrayal. Khashoggi was a faithful agent/lapdog of the West.
He was used and discarded.
The US didn't even wait until Khashoggi's body was cold (wordplay) before it resumed flirting with Saudi.