Thursday, May 30, 2024

Tag: Dollar

According to central bank chief Riad Salameh, Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on February 1, which will devalue the currency by 90%.
The infographic below shows the security features of the American dollar and how to distinguish the real from counterfeit ones.
The use of the US dollar by President Joe Biden to impose sanctions on Russia this year and new technical advancements all encourage countries to start undermining its hegemony and suddenly hunting for alternatives to the US dollar.
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
The end of world dollar hegemony is coming, and hardly anyone in government is taking notice or even understanding what this means. Since the Bretton Woods Conference in 1944, the dollar has been the only currency accepted throughout the world for settlement of international trade accounts among nations.
Bloomberg reported that during the Shanghai Cooperation Organization summit, Putin explained how Russia and Turkey will bypass the dollar by announcing that part of the cost of Russian gas exports to Turkey will be paid in rubles.
Since February, the US and its allies have paid "pseudo-pacifist" individuals in Russia more than four billion rubles ($66 million US), according to Deputy Security Council Secretary Alexander Grebenkin. The extravagant spending conforms within a well-established playbook of meddling used by Washington in Eastern Europe for well over 30 years, so it is nothing new. This is how the US topples European and Central Asian governments using the almighty dollar.
The US owes the rest of the world a net of $18 trillion at the moment, which is 73% of its GDP, considerably exceeding the 50% mark that has frequently signalled currency crises in the past, all of which suggest the coming of a post-dollar world.
The U.S. dollar is used by nations for international transactions because it is a stable currency that is easily convertible all over the globe and because resources like oil are priced in dollars. However, will the US dollar be replaced with BRICS currencies in the near future?
On the Russian exchange, the US dollar was trading higher than the euro. This renders the dollar stronger than the euro for first time in 20 years.