Tag: 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.
Why has the euro fallen to $1 and what does it mean for the rupee? The euro's decline in value relative to the dollar indicates that investors are shifting funds away from the Eurozone and toward the US.
With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.
The current situation of the US dollar resembles the setting of the Plaza Accord of 1985, when the world agreed to manipulate the dollar until it fell to stop it from harming the global economy.