The gradual transition to settlements in national currencies undermines the position of the dollar on the world stage

One of the analysts of the Swiss public company Credit Suisse made a statement regarding the gradual transition to settlements in the national currencies of many countries, which greatly undermines the position of the dollar on the world stage. According to the expert, huge risks for the US currency come primarily from Russia and China, which are already actively working on the creation of a digital ruble and yuan.

Here is how he commented on what happened:

The work of the central banks of the countries of the East and the South on the introduction of digital currencies, supported by bilateral swap lines, will allow them to act as currency dealers to ensure foreign exchange flows between banks at the local level, bypassing the banking system of Western countries /

As the analyst noted, this is mainly facilitated by China and Russia, the first of which has already launched a digital yuan, while Moscow is working on a cross-border settlement system that will use the digital ruble, which was a retaliatory measure after the imposition of tough sanctions on Russia from the West.

The more countries will abandon the practice of calculating in dollars, the closer its collapse as an international reserve currency

- the expert emphasized.

It is also noteworthy that the American authorities consider the idea of ​​​​launching a digital dollar to be pointless, believing that no risks are foreseen for it. As Deputy Secretary of the Treasury Nelli Liang said, the role of the United States as a global leader has nothing to do with its technology. The reason for this, assures the deputy head of the American finance department, lies in the effectiveness of American institutions that transparently regulate the country's financial markets, along with a reliable system of governance and the rule of law.

Comments

[YanniKounnar]

Il ya 10 mois j'ai voulu changer mes ...dollars en Roubles ( oui je sais pour beaucoup cela était stupide :-) ) mais le problème c'est
que depuis la France c'était totalement impossible ...
Pourtant ma banque m'avait précisé, qu'à ce moment la elle avait plusieurs demande (et cela dans une petite succursale...).
Je ne sais si ces demandes étaient motivées par l'envie d'un soutien ou l'envie d'acheter un rouble qui était alors à près de 200 roubles pour 1 euro :-).
Donc depuis une banque Française : operation impossible, j'imagine qu'il est de même dans les pays "occidentaux" .

yandex
10 months ago I wanted to exchange my ...dollars for rubles (yes, I know, for many it was stupid :-) ) but the problem is
that from France it was quite impossible ...
However, my bank informed me that it has a few applications at the moment (and this is in a small branch...).
I don't know if these requests were driven by a desire to get support or a desire to buy the ruble, which at that time was close to 200 rubles for 1 euro :-).
So, from a French bank: operation impossible, I suppose the same in "Western" countries.

[tihonmarine]

Quote from Yanni Kounnar

So, from a French bank: operation impossible, I suppose the same in "Western" countries.

Vous pouvez changer, mon ami a changé, mais les bureaucrates m'ont torturé.
You can change, my friend changed, but the bureaucrats tortured me.

[Anachoret]

Rule of law, transparent regulation and efficiency?))) It looks like this mattress lady is stuck in the holy 90s))
All these empty words have turned to dust since the crisis of 2008) when mattresses left the whole world for their green rags)) then there were Iran, Venezuela and Russia with the Saudis)) who else now wants to dance on a mattress rake?))

[Arkady007]

The refusal to rotate the dollar in the trade operations of third countries is the strongest blow to the US economy.

[fif21]

Quote: Arkady007

Refusal to rotate the dollar in trade transactions of third countries

This requires a new reserve currency or gold standard. We also need transnational payment systems not controlled by the Western Central Bank.

[Beetle1991]

The refusal to rotate the dollar in the trade operations of third countries is the strongest blow to the US economy.

I understand you have a PHD degree in economics.
Learned economist.

You probably think that if Russia conditionally sells oil to Indians not for dollars but for rubles or yuan / rupee, then industrial production or the service sector will fall in the states? Very logical.

All these articles about the decaying West, which is about to die, even Khrushchev said that this damned capitalism brings such lessons that one has to be surprised again and again.

And they have been talking about the dying dollar for half a century since the world abandoned the Bretton Woods system and jumped over to the Jamaican one.
And this evergreen is still not dead

[rocket757]

The gradual transition to settlements in national currencies undermines the position of the dollar on the world stage

. All who can strive to protect their interests in all areas!
Everything is logical, everything is clear ...

[Petr_Koldunov]

Law supremacy? IN THE USA? Come on... Starting from elections and ending with interference in business market relations - a complete violation of laws, the rights of people and business, double-dealing, forgery and outright fraud!
They have the rule of law... yeah.

[Il'nur]

a reliable system of governance and the rule of law

Yes, I laughed...
They have their own perception of reality, as well as their own history ...

[APASUS]

assures the deputy head of the American finance department, lies in the effectiveness of American institutions that transparently regulate the country's financial markets, along with a reliable system of governance and the rule of law.

Again, some kind of non-binary personality was put on the puff and it grinds without thinking at all?
The effectiveness of a financial institution is when the public debt has exceeded 30 trillion. Reliability and the rule of law, what kind of American law is this? When all who disagree lose their money

[Tektor]

I would say that the main reason for abandoning the dollar as a reserve currency is the presence of other currencies that are freely exchangeable for gold with the possibility of exporting it. This completely neutralizes the gold content of the dollar.

[Poplar]

I would like to correct you a little: the dollar has no gold content.

[Beetle1991]

Don't try to explain it to people. Useless.
They don't want to believe that the gold standard was abandoned in the 30s.
That after the gold standard there was the Bretton Woods system, and then the Jamaican one.
And that in the world there is not a single currency backed by gold.
All Central Banks print candy wrappers, and the term refinancing rate or key rate means at what percentage the Central Bank will give loans to banks with printed unsecured money.

Useless. People don't want to know the fact that the term "gold-backed currency" means that the holder of the currency could require the central bank to exchange money for gold.
People shouting about the insecurity of the dollar forget to say that all other currencies have not been backed by anything since the 70s, when they abandoned the Breton Woods system.

[Beetle1991]

I would say that the main reason for abandoning the dollar as a reserve currency is the presence of other currencies that are freely exchangeable for gold with the possibility of exporting it.

Tell me, where can you freely export gold bars from? From China/India/Brazil/Russia????
If you don’t know, in order to buy physical gold in Russia and take it home (and not a metal bank account), in addition to the exchange price, you must pay VAT, but when you sell gold, VAT will not be returned to you.
And you are free to export. Look what a liberal, however

[Aristarkh Pasechnik]

Payments in dollars go through the Fed bank! Money transfer is accompanied by documents. In particular, in payment documents, as a rule, the purpose of the payment is indicated. Based on these data, you can get a lot of information about payers/beneficiaries, incl. calculate information constituting commercial and other secrets! When transferring money, banks charge a fee - a bank commission. With each transfer of dollars, the American bank receives its commission. Companies transferring dollars include this commission in the price of their goods/services. In addition, the Fed bank can block any dollar payment at any time. Including when he receives an order from the American authorities. But when making payments in the national currency, the Americans will not know what and why! Also, American banks will not receive money! And the accounts will not be arrested now!