3 ms·
> This luxury is not available for most of the countries. And it's increasingly likely that it won't be available to the US for much longer. The fact that the
by ur-whale 3y ago
> This luxury is not available for most of the countries.
And it's increasingly likely that it won't be available to the US for much longer.
The fact that the US weaponized their currency during the Ukraine / Russia war has not gone unnoticed by most non-western economies.
The first couple of chinks in the US armor are:
- BRICS countries setting up an alternative payment system to SWIFT
- China offering to buy oil directly in yuan and guaranteeing that any excessive yuan balance would be settle in actual gold - a deal that has been accepted by Saudi Arabia.
- China negotiating with ASEAN countries to trade goods directly for yuan, with the same excessive balance guaranteed to be paid in gold.
- Many countries are starting to diversify they foreign exchange reserve away from the USD, incorporating Yuans, Euros, and - yes - rubles (which can be used to purchase all kinds of useful raw materials from Russia, the largest landmass country on earth)
- TMWNN 3y ago>- Many countries are starting to diversify they foreign exchange reserve away from the USD, incorporating Yuans, Euros, and - yes - rubles (which can be used to purchase all kinds of useful raw materials from Russia, the largest landmass country on earth) At 58.4%, the US dollar's share of global currency reserves is comparable to that in 1995 and 1985. It has declined from its 21st-century high, but so has the Euro. The renminbi has more than doubled ... from 1.1 to 2.7%.<https://en.wikipedia.org/wiki/Reserve_currency#Global_currency_reserves https://en.wikipedia.org/wiki/Reserve_currency#Global_curren...>