I was on a site I check regularly for the latest financial news and information, kitco.com. It's a site that focuses primarily on precious metals but they do some good reporting as well.
As many of you know it's been a tumultuous year in the markets and the world in general. So much has do with the FED raising rates and the dollar rising to a now 20 year high! This all while inflation is also on a tear. A dangerous combination the world is now seeing for the first time.
To put the squeeze on further in an ever changing world, according to this article here President of the BRICS coalition Purnima Anand stated "We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements,"
If you are new to this, BRICS stands for Brazil, Russia, India, China, and South Africa. Combined these countries make up about 43% of global GDP, where US and Western Europe make up for about 36%....so this is actually quite a big deal, and an attempt to dethrone and there for de-value the dollar.
Further more, BRICS is looking to expand to include Egypt, Turkey, and Saudi Arabia. If that happens, especially regarding Saudi Arabia...I suppose we can kiss the petrol dollar and US world reserve currency goodbye, or maybe welcome in a full blown WW3 as the US attempts to maintain power and control.
Before we end this article lets first have a quick look at the dollar chart to see what the price action is telling us. Below is the weekly chart, and two huge things stand out to me right off the bat.
One, the dollar is extremely extended from it's 200 week moving average (blue line around 96), and markets often revert back to their mean after getting stretched so far from it. Secondly it's looking very much like we could have a double top.
Will that double top hold? I have no clue, but I suspect more consolidation will be in play first if we are to go higher. If we go lower, precious metals will surely benefit while their price has gone down with the rise of the dollar.
In conclusion, the dollar has never experienced being pulled like this in two total opposite directions. The fed raising rates, puts upward price pressure on the dollar, and that may have already have run it's course or most it, meanwhile you have major world powers at odds with the US and making plans to trade directly with each other, bypassing the dollar entirely, which should put downward pressure on the dollar.
What are your thoughts on the BRICS nations taking action to cut out the use of the dollar for international trade settlement? Do you think it's about time the world gives the finger to the US and tells them to keep their dollars out of their business, or do you think the dollar should remain the world reserve currency forever? What do you make of this situation please let us know if the comments.
hehe I´m on that page from the very beginning they do good research and have a bucnch of highly qualified authors ;)
But regarding your headline, that´s absolutely true nobody needs this oxigen filled bubble money what they call the worlds leading currency, there is nothing worthy in it just a lot of unsecured debt, and a lot of secundary risks.
I don´t get it why these crazy folks in the Us-Government think they can come along with that game in the Ukraine.
The are again on their path to conquer countries for their alliance (NATO), with the only reason behind to get more resources (and land for planting ), and for sure for selling more weapons to their friends (huhuhu to protect them from the bad Enemy), and now they opened up the next battlefield in the street of Taiwan, where the White house today posted (Pelosi) that the Biden Administration will sell weapons for about 1.1 Billion US$ to our Taiwanes friends !?
They should rather be prepared to defend them self when the act once more in that maner, because now they play against, China and Russia and possibly North Korea these three are getting better friends every day.
So there is more pressure for the Dollar from a lot of other corners in the world, I guess the days from the World-Dollar is gone, just read an article about the WEF is integrating Ripple in its business, so these gyus also don´t trust their former favorite money ;)
As an American....lets just say I'm glad I'm out of the country and sitting on physical gold and silver. It's a total shit show. Thanks for taking the time and sharing.
ooh take my hat off, but as an american you still have to report some things with the revenue service, or did you renounce your citizenship ?
As long as you have the US citizenship your not really out, I wouldn´t want to rely on just the physical distance to Uncle Sams Taxhunters.
We in Germany have the same system just not tied to to the citizenship but the point of residence.
And hey gold and silver yes that´s fine we also have a little ;)
Many smaller countries have tried doing this before, and most have been wiped off the map (or puppet leaders were installed). BRICS can get away with this because they are large and powerful, not easily crushed by the SeeEyeEh's covert actions or overt military might.
So this is another "nail in the coffin" for the USDollar's hegemony. Mike Maloney has used that phrased for years, and did a video series on it. I wouldn't be surprised if he updates it, with the above recent developments.
That's the thumbnail for a post I did, about a video I made in 2010, indicating the USD is on its deathbed. Most people at that time believed it would continue forever. Only a few, within the alternative economic community, knew what was coming back then. And even fewer of us went public to warn others!
Now here we are, and it's getting clear to many that there are months left in the current financial system/scam. They've got another one waiting in the wings, this one even more dangerous! This is all by design and things are going more or less according to the elite's plans.
Thank you Dan for drawing attention to this important topic!
Mike Maloney is great. Also thanks for sharing that link. Yes, they do have another one waiting in the wings. I think it's gonna be digital and they'll know every transaction period. 10 years from now...or a lot sooner, cash could be total thing of the past in many countries. Heck maybe it already is! Last I was in America I saw mostly people paying with plastic. Here in Thailand I'd say transactions are 95% cash still. Even my rent I pay in cash, that's all they accept.
The USD is definitely dead... ☠️
Fiat in general ain't looking so good...Might be a good time to invest in storable food.
My country's currency is at an all time low @world-travel-pro
Even the price of freak'n salt is going high, Coke's softdrink production went suspended because of a very high price of sugar, a fare hike will happen again and it will mean that the prices of already high commodities will follow.
The world could implode especially if there will be a threat to the Petro-Dollar because the US government will not allow its power to get threatened. I just hope to die before the great tribulation but it seems that it already started. 😦
Fascinating. That is what I enjoy so much about this platform, people sharing what's going on in their part of the world. It looks like it's a real mess almost anywhere you look these days. Thanks for sharing!
I don't know so much about all of these. But my view is, if BRICS decide that there is no use for the US dollar, what will be the general currency that everyone will use to trade? I'm talking about the general currency that will be accepted for trading.
They trade against each others currency. Before you had to buy oil with dollars....and some will argue that you still have to, but it is not looking that way so much any more. This put the dollar in a "needed" position. The reserve currency the petro dollar. But I think countries will make arrangments with eachother. In terms of the FOREX markets...seems like there will always be pairs you can trade, just like crypto.
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