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De-dollarization

International Conference On Perspectives For Building Sovereign, Socialist Economic Policies

March 29, 2025 Zoe Alexandra, People's Dispatch. , , , ,
Renowned economists, sociologists, and movement leaders from Mexico, Russia, Benin, China, Brazil, Sri Lanka, Argentina, and more, will come together in São Paulo, Brazil from April 7-11 to participate in the IV International Dilemmas of Humanity Conference: Perspectives for Social Transformation. The conference is being organized by the Landless Rural Workers’ Movement (MST), the Tricontinental: Institute for Social Research, and the International Peoples’ Assembly (IPA). It follows the III International Dilemmas of Humanity Conference which was held in Johannesburg, South Africa in October 2023.

Elite US Economist Warns: Dollar System Is Weakening As Gold BRICS Rise

October 23, 2024 Ben Norton, Geopolitical Economy. , , , ,
More and more countries around the world, particularly in the Global South, are seeking alternatives to the US dollar-dominated financial system, as part of an international drive known as de-dollarization. Many Western media outlets and pundits, however, have argued that de-dollarization is overblown. One of such naysayers is New York Times columnist Paul Krugman, a centrist economist who was awarded the so-called “Nobel Prize” in economics (which in reality is issued by Sweden’s conservative central bank). In a 2023 article, Krugman claimed to “debunk” the critics of the dollar system, asserting that “the hype about de-dollarization is much ado about almost nothing”.

BRICS Plans ‘Multi-Currency System’ To Challenge US Dollar Dominance

October 20, 2024 Ben Norton, Geopolitical Economy. , , , , ,
The Global South-oriented organization BRICS has released plans to transform the international monetary and financial system and challenge the dominance of the US dollar. As the chair of BRICS for 2024, Russia proposed the creation of a BRICS Cross-Border Payment Initiative (BCBPI), in which members of the organization will use their national currencies to trade. BRICS will likewise establish an alternative messaging infrastructure to circumvent the SWIFT system of interbank communication, which is overseen by the United States and subject to Western unilateral sanctions. This “multi-currency system” will also include new mechanisms not only to de-dollarize trade, but also to encourage investment in BRICS members and other emerging markets and developing economies, including a BRICS Clear platform, a “new system of securities accounting and settlement”, and financial instruments denominated in national currencies.

BRICS, The Dollar, And The End Of US Empire, With Ben Norton

September 27, 2024 Mnar Adley, MintPress News. , , , ,
The United States is socially, politically and economically in crisis. As an increasingly large number of people are priced out of the economy, fewer and fewer buy into the sham of electoral politics. On the world stage, too, the U.S. is suffering. Countries everywhere are beginning to drop the dollar as the standard unit of exchange, and Washington’s prestige has been severely shaken due to its relentless, unequivocal support for Israel’s genocide in Gaza. Ben Norton joins MintCast host Mnar Adley to discuss all this and more. Norton is an investigative journalist and founder of Geopolitical Economy Report, a news source dedicated to looking at the world and seeing the big picture. He is currently pursuing a PhD in Beijing, China.

Trump Threatens To Punish De-Dollarization

September 14, 2024 Ben Norton, Geopolitical Economy. , , , , , , , , , , ,
Countries across the planet are seeking alternatives to the US-dominated financial system. However, former President Donald Trump has pledged that, if he returns to the White House, he will punish nations that de-dollarize. “We will keep the US dollar as the world’s reserve currency”, Trump promised at a campaign rally in Mosinee, Wisconsin on September 7, 2024. “It is currently under major siege. Many countries are leaving the dollar”, the Republican presidential candidate lamented. “They’re not going to leave the dollar with me”, Trump insisted. “I’ll say, ‘You leave the dollar, you’re not doing business with the United States, because we’re going to put 100% tariff on your goods'”.

Is The Reign Of The Dollar Coming To An End?

June 21, 2024 Vijay Prashad, Tricontinental: Institute for Social Research. , , ,
In early June, a rumour began to circulate – which was widely reported in the Indian press as true – that the government of Saudi Arabia had allowed its petrodollar agreement with the United States to lapse. This agreement, made in 1974, is quite straight-forward and fulfils various needs of the US government: the US purchases oil from Saudi Arabia, and Saudi Arabia uses that money to buy military equipment from US arms manufacturers while holding the income from the oil sales in US Treasury Bills and in the Western financial system. This arrangement to recycle oil profits into the US economy and the Western banking world is known as the petrodollar system.

Will BRICS Launch A New World In 2024?

March 17, 2024 Pepe Escobar, The Cradle. , , , ,
Across the Global South, countries are lining up to join the multipolar BRICS and the Hegemon-free future it promises. The onslaught of interest has become an unavoidable theme of discussion during this crucial year of the Russian presidency of what, for the moment, is BRICS-10. Indonesia and Nigeria are among the top tiers of candidates likely to join. The same applies to Pakistan and Vietnam. Mexico is in a very complex bind: how to join without summoning the ire of the Hegemon. And then there's the new candidacy on a roll: Yemen, which enjoys plenty of support from Russia, China, and Iran.

Iraqi Parliament Calling To Ditch US Dollar For Oil Trade

February 1, 2024 News Desk, The Cradle. , , , ,
The Finance Committee in the Iraqi parliament made a statement on 31 January calling for the sale of oil in currencies other than the US dollar, aiming to counter US sanctions on the Iraqi banking system. “The US Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. This requires a national stance to put an end to these arbitrary decisions,” the statement said. “Imposing sanctions on Iraqi banks undermines and obstructs Central Bank efforts to stabilize the dollar exchange rate and reduce the selling gap between official and parallel rates,” it added.

Five New Countries, Including Saudi Arabia And Iran, Formally Join BRICS

January 3, 2024 People's Dispatch. , , , , , ,
Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates formally joined the BRICS group on Monday, January 1, 2024, Russian president Vladimir Putin announced in a statement issued on the occasion of his country taking over the presidency of the group. The five countries and Argentina were invited to join BRICS as full members during its August summit in Johannesburg, South Africa. Argentina however, formally declined the offer last week. Its newly elected ultra right-wing president Javier Milei said that his country would rather align with the countries in the West such as the US and Israel.

Most Important Stories Of 2023: Gaza, Ukraine, China, BRICS, Dedollarization, Bank Crises, Inflation

December 31, 2023 Ben Norton, Geopolitical Economy. , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
These were the most important geopolitical and economic issues of 2023, including the wars in Gaza and Ukraine, US-China tensions, BRICS expansion, growing de-dollarization, inflation crisis, crypto fraud, bank crashes, European de-industrialization, and more.

95% Of Trade Between China And Russia No Longer Done In US Currency

December 19, 2023 Mauro Ramos, People's Dispatch. , , , , , , ,
On a recent visit to China, Russian First Deputy Prime Minister Andrei Belousov stated that this year the use of the Russian ruble and Chinese yuan in trade between the two countries has already reached 95%. At the same time, from January to October, 68% of all Russian trade was carried out in the two countries’ currencies, according to Russian Minister of Economic Development Maksim Reshetnikov. The yuan has also been used by Russia in commercial transactions with Mongolia, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan, and Singapore.

How Could A BRICS+ Bank And Settlement Currency Work?

October 12, 2023 Michael Hudson, Geopolitical Economy. , , , ,
This first week of October has seen U.S. interest rates soar to the 5% level on long-term Treasury bonds. That has made long-term Treasuries one of most attractive investment vehicles in the world, or even the most attractive. One obvious result is that countries aiming to de-dollarize their central-bank reserves would make an untimely decision to move out of the dollar at this point. To avoid holding dollars in the form of US Treasury securities would mean holding foreign reserves denominated in a currency that is declining against the dollar. No other government is willing to make its currency so attractive to international investors (including central banks) by raising interest-rates so high.

The Perilous Path From Western Domination To De-Dollarization

October 3, 2023 Justin Podur, People's Dispatch. , , , , , ,
Two interesting things happened at the BRICS summit in South Africa in August. Several new members were invited to join BRICS in 2024: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. And, at Brazil’s urging, a commission was established to study the possibility of a new currency to replace the dollar in international trade. Currency swap agreements will continue to be the way the process moves forward in the short term, though, because the dollar cannot be replaced in a rush. To escape the shackles of dollarization, Global South countries have a perilous path to walk. The major problems, as described by political economists Michael Hudson and Radhika Desai, are as follows...

1 January 2024, The World’s Centre Of Gravity Will Shift

September 1, 2023 Vijay Prashad, Tricontinental: Institute for Social Research. , , ,
On the last day of the BRICS summit in Johannesburg, South Africa, the five founding states (Brazil, Russia, India, China, and South Africa) welcomed six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). The BRICS partnership now encompasses 47.3 percent of the world’s population, with a combined global Gross Domestic Product (by purchasing power parity, or PPP,) of 36.4 percent. In comparison, though the G7 states (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) account for merely 10 percent of the world’s population, their share of the global GDP (by PPP) is 30.4 percent.

BRICS Calls For Economic Decision Making In The Interest Of The Majority

August 24, 2023 Abdul Rahman, People's Dispatch. , , , , , , , , ,
The first day of the BRICS summit in Johannesburg saw calls for a more democratic global economic order with greater participation of countries from the Global South. South African President Cyril Ramaphosa set the tone by underlining that BRICS stands for inclusiveness and transparency in its development agenda and must continue to do so. Speaking on the second day, Indian Prime Minister Narendra Modi also said that India fully supports the expansion of the bloc, adding that it welcomed “moving forward with consensus on this.” India also reiterated its proposal for the African Union’s membership in the G20.
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