The European press spoke about the end of the era of the dollar

The multipolar world is moving towards the inevitable - a new Bretton Woods agreement. Currently, the global base currency is still the US dollar (a currency previously imposed on everyone for oil trading). However, it will soon be replaced by the digital Chinese yuan. Adolfo Spezzaferro wrote about this on December 14 for the Italian edition of L'Identita.

The author notes that the Chinese digital yuan is the first digital currency issued by a major the economy and passed public testing in April 2021. Soon, in his opinion, it will become the new base currency of the BRICS countries, which are also part of China's "One Belt, One Road" initiative - an unprecedented mega-project connecting Asia and Africa with Europe and even South America, which will involve 75% of the world's population and 45% of world GDP.

We are talking not only about the founding countries of the BRICS, but also about those important regional powers that have expressed a desire to join the interstate association, despite the contradictions between themselves: Turkey, Iran and Saudi Arabia. Moreover, Saudi Arabia is the largest supplier of oil to the Chinese economy. In 2021, Beijing bought 81 million tons of crude black gold from Riyadh, paying bills in yuan.

The de-dollarization of the planet has already begun, regardless of Washington's wishes, and this is bad for the United States. But the era of dollar dominance is indeed coming to an end - this is an objective and obvious fact. The new world money economy in the era of post-globalization will not be associated with the US currency, which will affect billions of people. Washington can only slightly slow down this process.

The author said that now many countries are expressing a desire or trying to return their gold from the United States. Many large businessmen and companies around the world are buying up gold. The dollar is gradually ceasing to be a reserve currency, even its monopoly on the oil trade has been lost, and now the owners of raw materials themselves decide in what monetary units to sell it and to whom. Moreover, trade is conducted not only in yuan, but also in Russian rubles and other currencies.

Here, as they say, connecting the dots, de-dollarization manifests itself in an inevitable (and perhaps irreversible) way. Point one: Saudi Arabia joins BRICS. Second point: all OPEC member countries are drifting in this direction. The third point: it is more inconvenient to buy energy in dollars, also because these countries are mainly protected by China and Russia. This opens the way for the expansion of space for the digital yuan. Other local currencies will still carry weight as they are pegged to real assets such as gold, precious metals, wheat and others. In any case, once out the door, the dollar will no longer be able to return to the window.

sums up the columnist of the European press.
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  1. Irek Offline Irek
    Irek (Paparazzi Kazan) 15 December 2022 17: 23
    Dollars will still come in handy for ...

    like a pig.
    1. Mordvin 3 Offline Mordvin 3
      Mordvin 3 (Vladimir) 15 December 2022 20: 23
      Trade me bucks for toilet paper? At least a hundred rolls I'll send for a pack of greens.
  2. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 15 December 2022 18: 22
    Globalization is a global trend from the Stone Age to the end of time, as shown by world history and statistics.
    There are certain risks of transactions in dollars. is used as an instrument of enslavement and political and economic domination, but there is no replacement for it today - the Euro is not a competitor today, but will become a partner and competitor only after the EU gains greater independence, and when it happens, one can only guess on the coffee lees.
    Renminbi is a limited convertible banknote and until the situation changes, and cannot change until the People's Bank of China leaves the subordination of the people represented by the state and the Communist Party, it will never fully replace the dollar, but can only significantly push it.
    All other national signs do not have a comparable economic base as in the US, EU and China, and therefore, to one degree or another, will always depend on the dollar-euro-renminbi.
  3. DVF Offline DVF
    DVF (Denis) 16 December 2022 09: 36
    In the world, there are fewer and fewer thugs ready to continue paying tribute to them. The European Union is a pack of jackals and is no longer capable of conducting colonial policy, and it will be the first ram to be slaughtered, the process has begun. The only thing I still don’t understand is whether he will die quietly or arrange a fatal race for himself against Russia. And the United States will still live eating up the resources of ACUS.