De doodsstrijd van de dollar
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Decem
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Bron; rt.com
4 Apr, 2022 08:05
HomeBusiness News
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The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.
According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.
The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,”with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.
READ MORE: How will sanctions against Russia impact the global economy?
The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem.
The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.
4 Apr, 2022 08:05
HomeBusiness News
US dollar at risk of losing dominance, Wall Street bank warns
The freezing of Russia’s foreign reserves has undermined trust in the greenback, Goldman Sachs economists say
© Getty Images
The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.
According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.
The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,”with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.
READ MORE: How will sanctions against Russia impact the global economy?The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem.
The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.
China Calls Out U.S. Dollar Dominance As It Buys Russian Coal With Yuan | OilPrice.com
The first shipments of Russian commodities paid for in yuan are set to arrive in China in April and May, and Beijing’s state media is using it as an opportunity to claim the status of the U.S. dollar is “at risk”
oilprice.com
Mike
Decem
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rt.com 7 Sep, 2022 07:12
HomeBusiness News
© Getty Images / PM Images
Traditional reserve currencies like the US dollar and the euro have lost their credibility as a basis for international settlements, Russian President Vladimir Putin said on Wednesday.
“Western countries have undermined the foundations of the global economic system. There is a loss of confidence in the dollar, the euro and the pound sterling as currencies in which to conduct transactions, hold assets and reserves,” he stated at the seventh annual Eastern Economic Forum in Vladivostok.
He also noted that this tendency pushes Russia and many other nations to switch to other currencies, most notably the Chinese yuan.
“Step by step we are moving away from the use of these unreliable, compromised currencies. And by the way, even US allies are gradually reducing their savings and payments in dollars, according to statistics... I will note that yesterday Gazprom and its Chinese partners agreed to pay for gas in rubles and yuan in a 50/50 split,” Putin said.
HomeBusiness News
Trust in dollar gone – Putin
Russia is gradually moving away from ‘untrustworthy’ currencies, the Russian president says
© Getty Images / PM Images
Traditional reserve currencies like the US dollar and the euro have lost their credibility as a basis for international settlements, Russian President Vladimir Putin said on Wednesday.
“Western countries have undermined the foundations of the global economic system. There is a loss of confidence in the dollar, the euro and the pound sterling as currencies in which to conduct transactions, hold assets and reserves,” he stated at the seventh annual Eastern Economic Forum in Vladivostok.
He also noted that this tendency pushes Russia and many other nations to switch to other currencies, most notably the Chinese yuan.
“Step by step we are moving away from the use of these unreliable, compromised currencies. And by the way, even US allies are gradually reducing their savings and payments in dollars, according to statistics... I will note that yesterday Gazprom and its Chinese partners agreed to pay for gas in rubles and yuan in a 50/50 split,” Putin said.
Decem
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Mike
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Xi van Arabië en de koers richting de Petro-Yuan - DissidentNL
Het zou zo verleidelijk zijn om de Chinese president Xi Jinping, die een week geleden landde in Riyad, met koninklijke pracht en praal verwelkomd, te
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Decem
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rt.com 22 Jan, 2023 14:50
HomeBusiness News
© Getty Images / Jeffrey Coolidge
Brazil and Argentina plan to create a common currency, the Financial Times reported on Sunday, citing officials. The plan will be discussed and officially announced at a summit in Buenos Aires this week, according to the report.
“There will be… a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s Economy Minister Sergio Massa told the news outlet.
According to Massa, other Latin American nations will be invited to join the common currency project. Brazil is proposing calling the new currency ‘sur,’ which translates as ‘south’.
Massa noted that the creation of the ‘sur’ is likely to take years, pointing to the fact that it took Europe 35 years to create the euro.
“It would be a study of mechanisms for trade integration. I don’t want to create any false expectations… it’s the first step on a long road which Latin America must travel.”
Other officials who spoke to the news outlet said the new currency is expected to boost regional trade and help cut the countries’ reliance on the US dollar.
Brazil and Argentina have discussed the idea of a common currency for several years, but Brazil’s central bank previously blocked efforts to get such an initiative off the ground, sources told the Financial Times.
READ MORE: China takes new measure to promote de-dollarization
The two countries boast the largest economies in South America. Brazil is a member of the BRICS group and has enjoyed relative economic stability in recent years, although analysts point to a number of headwinds that could dampen growth this year. Argentina, meanwhile, has been plagued by economic instability for decades. The country has defaulted on its debt several times, most recently in 2020, and has had to resort to capital controls to protect its currency. Inflation in the country is currently soaring and it has a roughly $40 billion debt to the IMF.
For more stories on economy & finance visit RT's business section
HomeBusiness News
Major South America nations move to cut reliance on US dollar – media
Brazil and Argentina are reportedly set to start work on creating a currency union that would eventually involve other nations on the continent
© Getty Images / Jeffrey Coolidge
Brazil and Argentina plan to create a common currency, the Financial Times reported on Sunday, citing officials. The plan will be discussed and officially announced at a summit in Buenos Aires this week, according to the report.
“There will be… a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s Economy Minister Sergio Massa told the news outlet.
According to Massa, other Latin American nations will be invited to join the common currency project. Brazil is proposing calling the new currency ‘sur,’ which translates as ‘south’.
Massa noted that the creation of the ‘sur’ is likely to take years, pointing to the fact that it took Europe 35 years to create the euro.
“It would be a study of mechanisms for trade integration. I don’t want to create any false expectations… it’s the first step on a long road which Latin America must travel.”
Other officials who spoke to the news outlet said the new currency is expected to boost regional trade and help cut the countries’ reliance on the US dollar.
Brazil and Argentina have discussed the idea of a common currency for several years, but Brazil’s central bank previously blocked efforts to get such an initiative off the ground, sources told the Financial Times.
READ MORE: China takes new measure to promote de-dollarization
The two countries boast the largest economies in South America. Brazil is a member of the BRICS group and has enjoyed relative economic stability in recent years, although analysts point to a number of headwinds that could dampen growth this year. Argentina, meanwhile, has been plagued by economic instability for decades. The country has defaulted on its debt several times, most recently in 2020, and has had to resort to capital controls to protect its currency. Inflation in the country is currently soaring and it has a roughly $40 billion debt to the IMF.
For more stories on economy & finance visit RT's business section
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Fries Foar Frijhiid
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Fries Foar Frijhiid
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France brings de-dollarization to Europe by trading in yuan
Ursula von der Leyen and Macron are sending mixed signals to China.
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