Why So Many Countries Are Abandoning the Dollar

Why are so many countries abandoning the US dollar? What was once the top global currency has fallen on hard times, and could spell major problems for the US if the dollar's value continues to decline. Check out today's epic new video that analyzes the economic implications of the failing dollar and what has led to such a rapid decline for US currency across the globe.

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[Hannahbenowitz]

Trying to run a business is tough enough without inflation throwing curveballs. Costs are up, prices are tricky, and who knows what tomorrow will bring? Planning for the future feels like gazing into a crystal ball.

[rajarshichakrabarti]

"India and China can barely agree on anything" is the most important statement.

[ivangfn]

Brazilian here. One important reason that Brazil won't side with the US against Russia is that our economy is mostly based on agribusiness, and we are extremely dependent on fertilizers imported from Russia. Without Russia's fertilizers, our economy would be in a (more) difficult situation.

[rohitbhosale]

India's position on the conflict to not choose sides has encouraged other smaller countries to stand on their ground which would have been put under pressure by US EUROPE to choose their side .

[diegomorata]

It is madness to invest in one currency. This would give that country leverage and control over the global financial system

[MVRiCkU]

The problem is not the US$ is a reserve currency. The problem is how is created ! Money out of thin air !

[APRP]

Funny thing is that no one outside western countries or media talk about getting rid of the dollar. What they do talk about is having another option and not just rely on the dollar.. or getting sanctions from the US.

[Ajuntapall]

The same exact thing was said when the EU launched the Euro 💶
It’s about trust and access.
Here is what BRICS has to compete with as far as dependability, access and trustworthiness…
1. US Dollar
2. Euro
3. British Pound
4. Yen
5. Canadian
6. Australian
7. Swiss Frank
These last two aren’t used but would be before the Yuan or BRICS currencies. 100% joke but not a joke.
8. Deutschmark
9. South Korean Won
Only then is it Hong Kong even…
Before The Chinese Yuan.
BRICS is tantamount to the Special Olympics getting together to take down the dream team.

[jonpaul]

Printing money without backing it is the main problem, it just too many dollars out there.

[Bahamut_Mega]

Started buying Silver last year when the fed was doing massive rate hikes. Whole I don't think the economy is going to collapse. I also think it's a good idea to have some of your savings in metals.

[roberw]

The pound sterling was still the most traded currency until the 1960s, it was not just after the 1st World War. It was the devaluation in the 1950s and 1960s that caused the pound's demise.

[molnarriki]

Dolar is just a paper.all currencies must show economic strength of their own country

[XxHaythamKenwayxX]

The only currency that could compete with the USD is the EURO. Hard to manipulate or be used as a weapon because it's the currency of many countries. While I DO believe the USD will eventually no longer have reserve status, it's really hard to say when that could happen, currently. It could be decades or a whole century before it becomes possible, however these days we don't know what a single decade will hold. Everything happens so fast and so suddenly, that for all we know this time next year something has completely flipped the script and caused the USD to be at risk.

[Caesar_Americanus]

The missing point is that their not trying to create a single reserve currency to replace the dollar but a multi one

[rideordie]

People need to know that anything is possible and we shouldn’t think that we are untouchable. Underestimating situations never work out in our favor.
A popular saying is something to live by, “pray for peace but prepare for war”. Treat everything by that saying. Take it all seriously. And let’s get rid of these corrupt politicians that keep sabotaging this nation.

[stevenschwartz-vflg]

India is having second thoughts. When you consider that India has fought wars with china before and will probably fight more in the future, it makes sense. And the United States, India, Australia, Japan and South Korea are probably going to create a pacific “NATO” to counter China. So having a currency with china being the heavy weight doesn’t make much sense for India.

[sajan_paul]

11:15 The main reason India relay on Russian/Soviet weapons was that they are forced to do.
The West had sold advanced weapons to their unstable ally and India's mortal enemy, Pakistan. Meanwhile, the West refused to sell weapons to India, which forced India to acquire weapons from the Soviet Union, and later Russia.

The West, including the USA, lacks the right to criticize India for maintaining neutrality towards Russian inventions. This is because the West has yet to establish itself as a reliable partner to India but Russia is.

Even today, the USA and India are part of the Quad, an alliance aimed at promoting security against Chinese aggression. However, it is worth noting that the USA is still providing fighter jets to Pakistan, which may seem contradictory given the historical conflicts between India and Pakistan. (India and Pakistan have fought three wars in 50 years).

[SeRoShadow]

Tbh, trading internationally should be done in a currency that is not bound to any political group(s) or entity to avoid any form of monopolization.

[gustavokupcevich]

A note on Argentina using Yuan to pay imports from china:
It's a move out of desperation due to lack of any sort of reserves, not something out of the population wanting said change or some idiological goal.
Those Yuan that are being used where obtained in 2009 due to dolar reserves starting to wane. it was later supplemented (which costed a "scientific" base in the territory) and now the government in it's last year, with almost no other way to pay, asked China to allow them to use those Yuan.

[rayoflight]

Russia and China are going around telling the dollar is done.
But no-one, including Russians and Chineses, go and buy rubles or yuans when they need to store their capital, or conduct a transaction with a third party.
As things stand, the dollar will safely hold for decades as reserve currency...