De-dollarization

Second Russia-Africa Summit Ends With Commitments Towards Cooperation

August 1, 2023 Tanupriya Singh, People's Dispatch. Organize! Africa, African Union, BRICS, De-dollarization, New Development Bank (NDB), Russia, Russia-Africa Summit, Ukraine, Vladimir Putin

The second Russia-Africa Summit For Peace, Security, and Development concluded in the Russian city of St. Petersburg on July 28. The two-day meet was attended by official delegations from 49 African countries and included 17 heads of state. The summit yielded various agreements and a joint declaration for cooperation on issues including security, trade, energy, and climate change. “All our states confirmed their commitment to the formation of a fair and democratic multipolar world order based on the universally recognized principles of international law and the UN Charter,” Russian President Vladimir Putin said in a press statement after the conclusion of the summit.

Lula And Xi Jinping Pave The Way For Trade De-Dollarization

July 24, 2023 Mauricio Becerra Rebolledo, Orinoco Tribune. Educate! Brazil, BRICS, China, De-dollarization, Trade, US Dollar, Western Hegemony

In September 2006, at the UN General Assembly, the foreign ministers of Brazil, China, Russia and India began to outline what would become a major trade and monetary support agreement. In 2010, during a meeting of the presidents of these countries in Brasilia and a year later in China, what is now known as the BRICS was ratified and began to take shape, with South Africa joining the group. Initially the BRICS countries showed their willingness to engage in closer dialogue with each other, but over the years the agenda began to include broader international cooperation and, above all, economic and financial partnerships in strategic sectors such as energy, agriculture, and scientific and technological development.

The Inevitable De-dollarization

July 17, 2023 By Sergio Rodríguez Gelfenstein, Orinoco Tribune. Educate! Alternative Currency, BRICS, De-dollarization, Trade

Last week, we embarked on a journey along the de-dollarization process that was characterized as inevitable. Today we will continue the analysis, trying to reach some conclusions while considering that it is still unclear which currency will be the alternative to the US dollar as the main exchange currency. Several options are being considered. One of the options will come from the decision taken by the BRICS (Brazil, Russia, India, China and South Africa) at their summit meeting to be held in South Africa in August. The governor of the South African Reserve Bank, Lesetja Kganyago, said that any discussion aimed at establishing a common currency will inevitably lead to another debate around the creation and location of a central bank.

BRICS New Development Bank De-Dollarizing

June 8, 2023 Ben Norton, Geopolitical Economy. Create! BRICS Bank, De-dollarization, neo-colonialism, World Bank

The BRICS bloc of Brazil, Russia, India, China, and South Africa is expanding, and building a new economic architecture to challenge the dominance of the US dollar. One of the most important institutions created by the BRICS is the New Development Bank (NDB). This is a Global South-oriented alternative to the World Bank, which is located in and essentially controlled by the United States. In March 2023, the NDB inaugurated its new chief: Dilma Rousseff, the former president of Brazil, from the South American nation’s leftist Workers’ Party. Rousseff has stressed that the NDB’s goals are financing “infrastructure investments” and “helping our members combat poverty, create jobs, and promote environmentally sustainable development”.

BRICS Bloc; Adding Members, Planning New Currency To Challenge US Dollar

June 6, 2023 Ben Norton, Geopolitical Economy. Resistance Report Brazil, BRICS, De-dollarization, India, Multipolar World, South Africa, Venezuela

The BRICS bloc of Brazil, Russia, India, China, and South Africa is expanding, as its members grow in economic and political influence. Together, the five BRICS members represent more than 40% of the global population, and their share of the world economy (when measured in purchasing power parity) is larger than that of the G7. The foreign ministers of the BRICS states met in South Africa on June 1 and 2. There, they discussed a series of issues, including plans to create a new global reserve currency to challenge the dominance of the US dollar. Also present at the meeting in South Africa was a group of top diplomats from countries described as “friends of BRICS”, including Egypt, Iran, Kazakhstan, Saudi Arabia, and the United Arab Emirates.

De-Dollarisation Clashes With India-China Border Dispute

May 27, 2023 Saheli Chowdhury, Orinoco Tribune. Educate! BRICS, China, De-dollarization, India, Russia, US Dollar, Yuan

The global de-dollarisation trend is not totally a bed of roses, or at least there are thorns in the roses that have to be taken into account. While de-dollarisation seems to be an irreversible trend on the global scale, at regional levels it is running into bilateral or regional political tensions. In this regard, one of the most prominent cases is in Asia: the India-China border dispute. In April 2023, the Chinese national currency, yuan, ranked third in international trade settlements made through the US-dominated SWIFT system. According to data from the system itself, yuan’s share in April was “record high,” although that share was only 4.72%, after euro’s 6.54%.

Argentina Adopting US Dollar To Fight Inflation Would Be ‘Insane’

May 26, 2023 Ben Norton, Geopolitical Economy. Educate! Argentina, Brazil, China, De-dollarization, Finance and the Economy, IMF, Latin America, Neocolonialism, US Dollar

The South American nation sometimes suffers from a current account deficit, and relies heavily on imports of oil, technology, and medical equipment. Low revenue from its mostly agricultural exports means that Argentina faces a chronic shortage of foreign currency – and most of the dollars it gets end up flowing out of the country to paying interest on the unsustainable external debt, draining the country’s foreign-exchange reserves and making it difficult to stabilize the national currency, the peso. National elections are approaching in October, and among the presidential hopefuls is far-right politician Javier Milei.

NY Times Is Wrong On Dedollarization

May 12, 2023 Ben Norton, Geopolitical Economy. Resistance Report De-dollarization, Finance and the Economy, Media, New York Times (NYT)

oday we’re going to be talking about de-dollarization. Michael and Radhika just did a series on the decline in the US dollar system and the move by countries around the world to seek alternatives to the dominance of the US dollar. Specifically, I wanted to bring on Michael today to respond to articles that were published in the New York Times by the economist Paul Krugman, arguing against de-dollarization, arguing in defense of the US dollar system. We’re going to look at two articles that Krugman wrote, one in April and the other in May. Michael, I’m going to start with the article that Paul Krugman published in April, called “International Money Madness Strikes Again“.

Can The US Adjust Sensibly To A Multipolar World?

May 5, 2023 Medea Benjamin and Nicolas J. S. Davies, World Beyond War. Educate! De-dollarization, Global South, Multipolar World, US Empire

In his 1987 book The Rise and Fall of the Great Powers, historian Paul Kennedy reassured Americans that the decline the United States was facing after a century of international dominance was “relative and not absolute, and is therefore perfectly natural; and that the only serious threat to the real interests of the United States can come from a failure to adjust sensibly to the newer world order.” Since Kennedy wrote those words, we have seen the end of the Cold War, the peaceful emergence of China as a leading world power, and the rise of a formidable Global South. But the United States has indeed failed to “adjust sensibly to the newer world order,” using military force and coercion in flagrant violation of the UN Charter in a failed quest for longer lasting global hegemony.

Western Hegemony Declining, Admits European Central Bank

April 21, 2023 Ben Norton, Geopolitical Economy. Resistance Report De-dollarization, Global Economy, Inflation, Wages

The president of the European Central Bank, Christine Lagarde, gave a speech acknowledging that “the tectonic plates of geopolitics are shifting faster” and “we may see the world becoming more multipolar”, with the decline of US dollar hegemony, war in Ukraine, and rise of China. “We could see more multipolarity as geopolitical tensions continue to mount”, Lagarde added. Geopolitical Economy Report editor-in-chief Ben Norton analyzed Lagarde’s speech with Radhika Desai, professor in the Department of Political Studies at the University of Manitoba and director of the Geopolitical Economy Research Group.

Brics Bank De-Dollarizing, New Chief Dilma Rousseff Says

April 16, 2023 Ben Norton, Geopolitical Economy. Educate! Brazil, BRICS, De-dollarization, Dilma Rousseff, Inflation, Lula da Silva

The new president of the BRICS Bank has revealed that the Global South-led bloc is advancing toward de-dollarization, gradually moving away from use of the US dollar. The New Development Bank plans to give nearly one-third (30%) of its loans in the local currencies of the financial institution’s members. Dilma Rousseff, the left-wing former president of Brazil, took over the leadership of the Shanghai, China-based New Development Bank (NDB) this March. The NDB was created in 2014, by the BRICS bloc of Brazil, Russia, India, China, and South Africa, as a Global South-oriented alternative to the US-dominated World Bank, which is infamous for imposing neoliberal economic reforms on impoverished countries, which hinder their development.

Countries Worldwide Are Dropping The US Dollar

April 8, 2023 Ben Norton, Geopolitical Economy. Resistance Report De-dollarization, Global Economy, Global South, Multipolar World

The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar. China and Russia are trading in their own currencies. Beijing and Brazil have also dropped the dollar in bilateral trade. The UAE is selling China its gas in yuan, through a French company. Southeast Asian nations in ASEAN are de-dollarizing their trade, promoting local payment systems. Kenya is buying Persian Gulf oil with its own currency. Even the Financial Times newspaper has acknowledged that a “multipolar currency world” is emerging.

Chinese Currency Displaces Euro In Brazil’s Foreign Reserves

April 3, 2023 Orinoco Tribune. Educate! Brazil, China, De-dollarization, Yuan

The Chinese currency, referred to as the yuan, surpassed the euro and became the second most important currency of Brazil’s foreign reserves in 2022, according to a report published this Friday by the Central Bank of the South American country. Until 2019, the yuan was virtually absent from Brazil’s foreign exchange reserves. However, by the end of 2022, the Chinese currency came to represent 5.37% of the holdings of the Brazilian Central Bank, surpassing the 4.74% share of the euro. In 2021 the share of the yuan constituted 4.99% and that of the euro 5.04%. Meanwhile, the US dollar continues to dominate, holding 80.42% of total foreign exchange reserves in Brazil’s Central Bank, which is currently being questioned by President Luiz Inácio Lula da Silva.

China And Russia Pledge ‘Changes Not Seen In 100 Years’

March 26, 2023 Ben Norton, Geopolitical Economy. Resistance Report China, De-dollarization, Energy, Gas, Multipolar World, Russia, US Hegemony, Vladimir Putin, Xi Jinping

China’s President Xi Jinping traveled to Russia to meet Vladimir Putin on March 20. While in Moscow, Xi said, “Right now there are changes the likes of which we haven’t seen for 100 years, and we are the ones driving these changes together”. Putin replied, “I agree”. The two leaders discussed plans to deepen economic integration. Both took aim at the hegemony of the US dollar, in particular. “It is important that our national currencies are increasingly used in bilateral trade”, Putin said on March 21. “We should continue promoting settlements in national currencies, and expand the reciprocal presence of financial and banking structures in our countries’ markets”.

Russia Dropping US Dollar For Chinese Yuan – And Fast

December 27, 2022 Ben Norton, Multipolarista. Educate! China, De-dollarization, Finance and the Economy, Global Economy, Russia, Yuan

Russia has spent years trying to decrease its dependency on the US dollar. But especially since the escalation of the proxy war in Ukraine in 2022, Moscow has accelerated its drive toward de-dollarization. Western sanctions have locked Russia out of the US-dominated international financial architecture. Numerous Russian banks were disconnected from the SWIFT inter-bank messaging system. Washington and Brussels even froze a staggering $300 billion of the Russian central bank’s foreign exchange reserves. In response, Russia’s central bank has largely abandoned the US dollar and euro, and instead it plans to buy Chinese yuan on the currency market. In the span of less than a year, the yuan has quickly replaced the dollar as the most sought foreign currency in Moscow.

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