7 Signs Showing Global De-Dollarization Has Shifted Into Overdrive
Authored by Michael Snyder via The Economic Collapse blog
For decades, the U.S. dollar was the undisputed king of global currencies, but now dramatic changes are happening. China, Russia, India, Brazil, Saudi Arabia and other nations are making really big moves which will enable them to become much less dependent on the U.S. dollar in the years ahead. This is really bad news for us, because having the primary reserve currency of the world has enabled us to enjoy a massively inflated standard of living. Once we lose that status, our lifestyles will be much different than they are today.
Unfortunately, most Americans don’t understand any of this. Even though our leaders have treated the stability of our currency with utter contempt in recent years, most Americans just assume that the dollar will always reign supreme. Meanwhile, much of the planet is preparing for a future in which the U.S. dollar will be far less important than it is right now.
The following are 7 signs that global de-dollarization has just shifted into overdrive-
- The BRICS nations account for over 40 percent of the total global population and close to one-fourth of global GDP. So the fact that they are working to develop a “new currency” should greatly concern all of us.
- Two of the BRICS nations, China and Brazil, have just “reached a deal to trade in their own currencies”.
- During a meeting last week in Indonesia, finance ministers from the ASEAN nations discussed ways “to reduce dependence on the US Dollar, Euro, Yen, and British Pound”.
- In a move that has enormous implications for the “petrodollar”, Saudi Arabia just agreed to become a “dialogue partner in the Shanghai Cooperation Organization”.
- The Chinese just completed their very first trade of liquefied natural gas that was settled in Chinese currency instead of U.S. dollars.
- The government of India is offering their currency as an “alternative” to the U.S. dollar in international trade.
- Saudi Arabia has actually agreed to accept Kenyan shillings as payment for oil shipments to Kenya instead of U.S. dollars.
