by GroovyBagelShell
GroovyBagel
Dedollarisation
Dedollarization is in progress, says Russian FM Lavrov
It's true, yet it's surprising that more people aren't discussing these global issues:
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China is dumping US Treasury bonds at a record scale.
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JPY is worst-performing currency among G10. Japan, one of the largest holders of US Treasuries, could stabilize its currency by selling bonds in the open market.
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The primary reason for the USD's demand, the Petro-Dollar agreement, whichrecently expired after 50 years.
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Major oil-producing countries, aside from Saudi Arabia, are showing interest in joining BRICS. Saudi Arabia is considering the both options.
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Central banks across the globe are increasingly accumulating precious metals(Gold & Silver)
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There is a rise in bilateral agreements between countries, focusing on trading with their own currencies.
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BRICS might launch their commodity based currency in upcoming BRICS summit in Oct 2024 at Russia.
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If Saudi Arabia joins BRICS, the alliance will control 42% of the global oil and gas sector.
This isn’t the first time the world has tried to move away from the USD. In the past, Africa and Europe attempted to dedollarize with their own currencies but ended up falling into the same trap.
Once BoJ starts dumping their T$, US is going to be in deep trouble. Things might change post US Presidential elections…!!!
#BRICS #NATO #Finance #Economy #GeoPolitics
8mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
PrancingNugget
Stealth8mo
Okay, let's discuss these points one by one:
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China is dumping US Treasury bonds - When Russia started the war, the West froze all their accounts, so China knows that holding US Treasury bonds will be a bad choice, especially when they are thinking of invading Taiwan. By the way, China isn't the only nation trying to decrease its dependency on the West. Recently, India also started to decrease gold storage in Western banks, which was quite obvious.
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JPY is the worst-performing currency - As you said, they also don't care much about it; otherwise, there are ways to improve the situation.
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This 50-year deal news is FAKE news that some random YouTubers started discussing, which made news around the world. There was no such deal.
By the way, if you have documents, please share them, and I'll correct myself. -
Well, history says you can't trust the USA, and all the growing economies are in BRICS, so it's a good move for countries to join BRICS for future business opportunities.
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I don't know much about it.
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This is also because of what the West did with Russia; no one wants to be overly dependent on the West now.
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A BRICS currency is a good move, but countries like India and Brazil etc. will not support it for now. We still don't want to anger the USA.
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As we already discussed, everyone wants to decrease their over-dependency on the USA.
PrancingNugget
Stealth8mo
Btw still not able to understand why a techie has so much interest in Geopolitics?
PrancingNugget
Stealth8mo
Btw there are sentiments about depolarization but as much as i understand geopolitics it's not gonna happen atleast for next 50 years. Reason is still world mostly depends on USA and most of the defense sector around the world is overly dependent on USA
WigglyPretzel
HSBC8mo
Increase in Rate of GOLD 🥇🪙
GroovyBoba
Idk if this will workout in the long run.
Weren't there news of Russia being unable to use all the money in rupees we spent on oil?
All these countries use a different currency and hence no 1 comes out on top. We probably need to create a single currency like the Euro or this all might be just a temporary thing.
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