Tag: US Dollar
The country's central bank governor said that Indonesia is following the lead of BRICS countries in de-dollarization as it ditches the dollar in favor of its local currency.
With the national debt of the world's reserve currency soon expected to exceed $32 trillion, some are predicting a potential $20 trillion dollar global financial collapse.
The head of Sonali Bank Limited, Md. Afzal Karim, stated that "Bilateral trade with India in taka and INR will reduce pressure on the US dollar." As Bangladesh dumps US currency and becomes the 19th country to trade with India with rupees, both nations stand to gain from this.
The graphics below show the timeline of de-dollarization and the countries seeking alternatives to the US dollar.
If the dollar falls, it will be catastrophic for the American people on whose backs 80 years of reserve status were built. It will also subject billions of foreigners, for whom the dollar has meant decades of being bullied, to history’s greatest bait and switch.
Treasury Secretary Janet Yellen warned in a quote to CNN that the US dollar may lose its dominance if nations are sanctioned.
During a press conference at the official start of the World Bank and IMF's spring meetings, IMF Chief Kristalina Georgieva warned against a 'Second Cold War' amid the challenge to the USD by BRICS and trade tensions between China and the US.
As a way of breaking US dollar hegemony, BRICS countries have started pushing for greater Bitcoin adoption.
