https://www.cryptopolitan.com/egypt-india-abandon-dollar-completely/ EGYPT, INDIA ABANDON DOLLAR COMPLETELY November 19, 2023 by Jai Hamid CONTENT 1. Integrating New Strategies in Global Trade 2. A Ripple Effect Across Geopolitical Boundaries Egypt and India are discussing abandoning the US dollar in their trade relations, aligning with BRICS de-dollarization efforts. This move is part of a broader strategy within the BRICS bloc to reduce global dependency on the US dollar. Egypt joined the initiative following its invitation to the BRICS 2023 summit, aiming to settle trade in local currencies. Egypt and India, in a strategic alignment with the BRICS bloc’s de-dollarization efforts, have initiated discussions to eliminate the US dollar from their trade relations. This bold move is a part of a growing trend among BRICS nations to reduce dependence on the US dollar in international trade, and it signifies a significant shift in the global economic landscape. Integrating New Strategies in Global Trade The decision by Egypt and India to bypass the US dollar in their trading activities marks a crucial step in the BRICS bloc’s wider strategy. Egypt’s engagement in this initiative follows its invitation to join the BRICS bloc at its 2023 annual summit. This inclusion is more than just a formal membership; it’s an entry into a collective effort to reshape how global trade is conducted. By settling trade in local currencies, these nations are not just fostering stronger bilateral relations but are also challenging the traditional dominance of the US dollar in international commerce. India’s role in this shift cannot be overstated. As one of the most vocal advocates for reducing reliance on the US dollar within the BRICS bloc, India has been at the forefront of these efforts. The country’s push to abandon the US dollar in its trade relations with Ethiopia and the landmark oil deal settled in local currencies with the United Arab Emirates (UAE) are testaments to its commitment to this cause. A Ripple Effect Across Geopolitical Boundaries The inclusion of six new countries, including Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina, into the BRICS bloc, reflects a growing discontent with the current global financial system. The bloc’s expansion and its concerted move towards de-dollarization are causing ripples across geopolitical boundaries, signaling a potential shift in the balance of economic power. The discussions between Egypt’s Finance Minister, Mohamed Maait, and India’s Ambassador to Cairo, Ajit Gupte, are not just routine diplomatic exchanges. They represent a concerted effort to devise strategies that would bolster investment and economic diversification between the two nations. The talks also covered the use of Egypt’s substantial bond issuance in China for potential utilization in India’s financial markets, showcasing a complex web of financial maneuvers aimed at decreasing dependency on the US dollar. This trend extends beyond just Egypt and India. The entire BRICS bloc has been vocal about its ambition to diminish the greenback’s role in international trade settlements throughout the year. The adoption of local currencies in bilateral trade is not merely a financial strategy; it’s a political statement that challenges the traditional hegemony of the US dollar in global economics. The move by Egypt and India to abandon the US dollar in their trade relations marks a bold step towards altering the dynamics of international trade. As these countries, along with other members of the BRICS bloc, embrace local currencies for trade settlements, they are not only fortifying their economic alliances but also paving the way for a new era in global trade. This shift could potentially reshape the global economic order, reducing the longstanding dominance of the US dollar and introducing a more multipolar financial world.
Argentina just went maga, stepping away from commie corruption. US dollar no longer leads, because Biden is the forfeiture of leadership.
And yet the Indian Rupee keeps collapsing against the dollar. When I came to the US from India in 1973 it was 6 rupees to the dollar, now its in the 83+. The only trade I can think of between Egypt & India is dates & basmati rice.
laugh at your own peril. i said it many times, every country is avoiding to use dollar to settle if it can, even though dollar is still a reference price for major commodities. bartering is the best settlement mechanism before currency, it still is. goods to goods exchanges are the easiest.
https://www.cryptopolitan.com/germanys-bold-move-to-crush-brics-dominance/ GERMANY’S BOLD MOVE TO CRUSH BRICS DOMINANCE – WILL THE DIGITAL EURO WORK? November 20, 2023 by Florence Muchai CONTENT 1. Germany’s masterstroke to challenge BRICS currency 2. When will BRICS launch their currency Global traditional finances are moving to adopt the new world order. As BRICS moves to release its collective currency, Germany is on the heels to launch its CBDC within the same time frame. As it stands, the Digital Euro does not have the support of many EU legislators as they find the CBDC unnecessary. While over 150 countries are currently developing CBDCs, only a few have launched pilot frameworks as of 2023. BRICS could issue its own currency before the digital Euro is available on the international market. The BRICS currency will be backed by gold. Germany has embarked on a bold initiative aimed at challenging the established dominance of BRICS (Brazil, Russia, India, China, and South Africa) currency in the global economic landscape. The focal point of this audacious move is the introduction of the Digital Euro, a groundbreaking digital currency set to revolutionize the financial sector. As Germany positions itself at the forefront of this technological and economic transformation, the world watches with keen interest to assess the potential impact on the balance of power among major economies. Germany’s masterstroke to challenge BRICS currency The BRICS alliance intends to introduce a new currency to the global currency market in order to compete with the U.S. dollar and the euro. A former advisor to the Russian president, Sergey Glazyev, verified early this month that the BRICS currency is “almost ready” for introduction. According to reports, the alliance could launch the currency at its sixteenth summit in 2024. This development aligns with Germany’s strategic intention to challenge rival currencies in the market by developing a digital Euro. Legislators throughout Europe, not just in Germany, are attempting to establish national digital currencies in order to adapt to the shifting financial landscape. While over 150 countries are currently developing CBDCs, only a few have launched pilots as of this year. This article will examine whether Germany intends to introduce CBDC as a counterbalance to the forthcoming BRICS currency. European legislators appear to be opposed to the Germany digital Euro, and the CBDC may not contest the BRICS currency. A digital Euro is not supported by all of Europe, and the European Union is divided regarding the creation of a CBDC. Although a small number of EU member states support the CBDC, the rest have expressed interest in the notion that a digital currency is unnecessary. Reports have it that failure by the United States, Germany, and the European Union to counter the BRICS currency after its introduction could prove disastrous for the West. When will BRICS launch their currency? Brazil’s President Lula presented a bold proposal during the BRICS summit on August 23, 2023. He urged the BRICS members to work together to develop a unified currency designed for intra-group trade and investment. This plan seeks to protect these countries against the risks posed by US dollar exchange rate variations. While the concept has gained support, it confronts a number of obstacles. While the West is divided on the prospects of CBDCs, the BRICS bloc has accelerated the development of its expected currency. BRICS could issue its own currency before the digital Euro is available on the international market. The initiative puts the BRICS currency ahead of the digital Euro, US dollar, and other major global trade currencies. Furthermore, Lula has previously advocated for the Mercosur region to adopt a shared currency. Mercosur is a South American trade bloc. According to Lula, a BRICS currency gives an opportunity to “increase our payment options and reduce our vulnerabilities.” It’s a powerful argument in an era of global economic uncertainty. Russian President Vladimir Putin first proposed the BRICS idea for a worldwide reserve currency in 2022, challenging the US dollar’s role as the world’s reserve currency. The planned BRICS currency would be gold-backed. Russia and China are also de-dollarizing their economies by diversifying their foreign currency holdings and boosting their gold investments. The de-dollarization activities of Russia and China will have far-reaching consequences for the United States and the global financial system. In part, BRICS currency considerations are motivated by apprehensions regarding the dollar’s continued preeminence in international finance and commerce. The dollar has strengthened as a result of recent incidents, including interest rate increases by the US Federal Reserve and geopolitical tensions, including Russia’s invasion of Ukraine. Other nations incurred higher-priced imports and dollar-denominated debt due to these events.
Every country in the world pays implicit tax to US because US dollar is reserve currency which enables USA to run huge deficits without consequences. No wonder most currencies depreciate over time against dollar Conventional wisdom it's so convenient for the world to trade in dollars and then recycle those into treasuries. Well USA weaponized dollar through crazy sanctions against any misbehavior plus complete fiscal irresponsible and many not happy