Due to Western sanctions, Russia’s central bank is dropping the US dollar, will buy Chinese yuan on foreign exchange market. Yuan’s share of Moscow’s currency trading increased from 1% to 45% in 2022.
Excellent news for the entire world except for the US and its vassals. The faster de-dollarization occurs, the faster Washington will have to abandon & cancel ALL of its grandiose, murderous, criminal plans.
Then the countries will finally have their sovereignty. The US won't be able to get away with massive budget deficits or military spending either. I wonder what happens to US partisan politics then
At the risk or repeating myself the Empire of Chaos seems unable to understand the law of unintended consequences.
Muammar Gadhafi was murdered for daring to trade oil in a gold backed Dinah. This is a life and death issue for the empire. They will fight to the death of us all to protect US dollar hegemony. Good luck everybody.
I hope Russia and China (and others) stay the course and guide the world out of this wretched century of Anglo-American stranglehold on global finance.
As of today, data on increasing non-dollar trade are good signals for future dedollarization, but let's not conclude they add up to a seismic shift in USD reserve currency dominance.
Here's some metrics to use, for a better idea of US dollar (and its satellite currencies) hegemony:
- USD churn in trade is $5 trillion DAILY
- IMF Special Drawing Rights allocation almost $1 trillion
- US government borrowing USD $29 trillion (of total American borrowing $66 trillion)
- US dollar zone (G7) interest rate contracts in play $420 TRILLION
- Worldwide exposure to the dollar - and therefore the US government's economic power to impose on the world - is almost a QUINTILLION dollars
The nominal economic activity of Chinese, Russian, BRICS, etc finance must be pitted against dollarized activity, to evaluate the reality of dedollarization progress beyond the wishful thinking of anti-US empire dissenters.
Excellent news for the entire world except for the US and its vassals. The faster de-dollarization occurs, the faster Washington will have to abandon & cancel ALL of its grandiose, murderous, criminal plans.
Then the countries will finally have their sovereignty. The US won't be able to get away with massive budget deficits or military spending either. I wonder what happens to US partisan politics then
At the risk or repeating myself the Empire of Chaos seems unable to understand the law of unintended consequences.
Muammar Gadhafi was murdered for daring to trade oil in a gold backed Dinah. This is a life and death issue for the empire. They will fight to the death of us all to protect US dollar hegemony. Good luck everybody.
It is long overdue that this evil genocidal racist warmongering USA and its corrupt gangsters EU/NATO come to an end the sooner the better!
I hope Russia and China (and others) stay the course and guide the world out of this wretched century of Anglo-American stranglehold on global finance.
As of today, data on increasing non-dollar trade are good signals for future dedollarization, but let's not conclude they add up to a seismic shift in USD reserve currency dominance.
Here's some metrics to use, for a better idea of US dollar (and its satellite currencies) hegemony:
- USD churn in trade is $5 trillion DAILY
- IMF Special Drawing Rights allocation almost $1 trillion
- US government borrowing USD $29 trillion (of total American borrowing $66 trillion)
- non-US borrowing exposure to USD $13 trillion
- USD currency derivatives $96 trillion outstanding
- US dollar zone (G7) interest rate contracts in play $420 TRILLION
- Worldwide exposure to the dollar - and therefore the US government's economic power to impose on the world - is almost a QUINTILLION dollars
The nominal economic activity of Chinese, Russian, BRICS, etc finance must be pitted against dollarized activity, to evaluate the reality of dedollarization progress beyond the wishful thinking of anti-US empire dissenters.