How long before the entire eastern block of nations are all singing the same song of ending their reliance on the US dollar?

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End of Dollar: India Uses Rupees Rather Than US Dollars for International Trade – 18 Countries Agree to Trade in INR
Following the US Federal Reserve’s sharpest tightening in monetary policy in decades, India has offered its currency as an alternative for trade to nations that are experiencing a shortage of dollars, Bloomberg reported.

As a result of Joe Biden’s disastrous economic policies, there are now coordinated efforts to weaken the global reliance on the U.S. dollar

India’s new foreign trade policy took effect on April 1, according to Reuters.

Brain Scan Uncovers Real Cause of Tinnitus (Ear Ringing)
The South Asian nation is prepared to trade in rupees with nations facing a shortage of dollars so as to “disaster-proof” them and effectively boost its exports, Commerce Secretary Sunil Barthwal told a news conference in the capital, New Delhi.

The measures include industry-specific targets to reach a goal of $2 trillion in exports of merchandise and services by 2030, said Santosh Kumar Sarangi, head of the directorate-general of foreign trade (DGFT).

That represents a nearly three-fold jump from expected exports of $770 billion in financial year 2022/23, he added, despite global uncertainties that make the export scenario slightly challenging.

India is also launching a new amnesty scheme for one-time settlement of defaults on export obligations, Sarangi said.

The scheme, which aims for faster resolution of trade disputes, will run until September 2023, but will not apply to cases involving fraud investigations.

India’s new policy will also automate some trade approvals and cut charges for medium-sized and small businesses to secure some government-backed benefits.

Bhagwat Karad, India’s minister of state for finance, said that the Reserve Bank of India had approved the opening of special rupee vostro accounts (SVRAs) of correspondent banks from 18 countries in 60 separate cases.

The countries include Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.

Also, according to a senior Russian official, the BRICS countries (Brazil, Russia, India, China, and South Africa) are in the process of developing their own currency that will be presented at the organization’s upcoming summit in South Africa.

Below is recap of countries stepping away from reliance on the US dollar:

Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the US dollar.
China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades.
China and Brazil to settle trades in their own currencies, ditching the US dollar.
Brazil, Russia, India, China, and South Africa (BRICS) are developing a new currency, State Duma Deputy Chairman says.
Saudi Arabia partners with China to build a Chinese oil refinery for 83.7 billion yuan ($12.2 billion).
Kenya signs deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars.
President of Kenya tells citizens to get rid of US dollars.
Association of Southeast Asian Nations considers dropping the US dollar, euro, yen, and British pound for local currency financial settlements.


https://www.thegatewaypundit.com/20...rade-18-countries-agree-to-trade-in-inr/

Well this will be interesting.

Our accountant and I were talking about this very thing.

With the current leadership in play, we do not think that there is a game plan that the USA can use to shore up the US dollar.

When, not if the USA dollar is no longer the world trading dollar, our money will be in trouble. And our country would have trouble making interest payments.

Probably by next week.

Nixon should have never taken us off the gold and silver standards, but more importantly, he should never have so over printed US Dollars so that other nations lost faith in out ability to actually back our dollars with gold and/or silver. Furthermore, we should never have abandoned the pre-Bretton Woods gold standard in '44.

The reason we abandoned the pre-Bretton Woods gold standard was that the US had all the gold. We had it all because Europe stopped manufacturing anything during WWII, so bought all their manufactured goods from the US with gold, leaving us with all the gold after the war.

Well, tough luck. They should have just started from scratch and started making things again that we could have purchased with all that gold, and all would eventually have been good again. Instead, they tried a shortcut which allowed everyone to print currency backed by US Dollars, which were themselves backed by gold (in the sense that national banks could cash in for our gold if they wished). It was a betrayal of America.

We were sitting in the catbird seat after the war, and that would have been great for us, and bad for everyone else (at least for a time), but who appointed our president the president of the world anyway?

Furthermore, FDR shouldn't have taken us off the pre-1933 gold standard.

And Wilson shouldn't have signed the Federal Reserve Act of 1913, taking us off the true gold standard.

All criminal acts.

It's still the best of a bad lot.

That’s because your local feed and grain mill doesn’t accept payment in Rupees…………………yet.

Let’s go Brandon! 🤬

More "favors" @ steep price tags? We may be beyond that now.

Lets all hope Desantis can win the White House in 24' , his life spent in the business world will get the USA back on track.

Can I get a --hell yeah-- my campfire brutha's

When the folks that are holding gold and silver bouillon stop taking dollars in trade for it.... it's over.

This might come as early as late this fall.

Are you some kind of plant here?

May I suggest lead and copper for safe commodities.

Our property assessment went up 36% this year, tells you how much the dollar is worth

yup

With Jeb 'the loser" Bush whispering in Desantis' ear. No thanks. MAGA

We need another bush in the mix like a nuke, rhino, rhino, [bleep] problem

Dollar is already worthless - it's fiat currency.

In 1965 gas was 25 cents a gallon
In 2023 gas is $5/ gal.

58th root [$5/$.25] = 1.053 =-> 5.3% inflation compounded annually

Last time the markets were high guys at work were talking about their 401Ks.
I pondered how much was value vs inflation, which only confused them.

I think a lot of it was inflation,
and now the numbers are down too!

Those, too, for sure.

It had value artificially pumped into it by requiring the world to pay for oil only in it, but that's now falling apart as nations lose respect for the United States.

It's still 25¢ per gallon, so long as you use 1964 silver quarters to pay for it.

I'd say the obvious answer to support the dollar is to start pumping and exporting oil again.

And the one common denominator " behind the scenes"
Buckethead Central.....
Most favored nation trade status for them started this worldwide economic dependence on them.
And beautiful people worldwide sold out their nations to them for Benjamins.....

how much did people earn in 1965?......inflation works both ways....higher wages higher price of goods and vice versa.

rinse and repeat....a cycle that will not be broken....extra cheap money never produces long term benefits usually...bob

Real earnings (taking into account the purchasing power of income) has been steadily declining since 1913. In the 1960s, a man could get a factory job and support a stay at home house wife and mother of his children.

"Are we there yet?"

It hasn't collapsed until YOU are the one that's broke. Then it's a catastrophe.

and that could still be done today and is being done.....everybody wants to make more money.. along with that comes more wants more wants equal more spending/bills.

its a cycle....the only way it can be broken is to live within your means . choose were you live what you drive what toys you need/want...and dont get caught up in wanting more more more. it has always been that way ...dosent matter if its 1886...1910....1965 or 2023....bob

You can still do same if you lived a similar lifestyle to the 1960s

The dollar began to fail in 1913 when Wilson signed the FED into law over Christmas holiday, a fitting and telling detail. US could then jump into WWI to save the Rothchilds. Then FDR stole the gold, doubled it's "value" in fiat to fund "his" new raw deal. Then Nixon said, " we can't pay our bills! The hell with sound money. Let's modernize China." Then Clinton gave them everything American might and ingenuity ever created in return for slave labor. Then then, then...

Let us never forget, and try to remember, none of these Presidents ever dreamed up these disastrous policies on their own. The Hands behind the Throne do not rise in public forum to declare their will.

If you give a .gov a printing press, and you wave easy credit under the nose of the average citizen...you will end up with a ballooning money supply.

End result is an almost everything bubble, which we have now.

Bubbles pop and it is always messy.

You beat me to it.

kwg

https://mises.org/library/how-fed-helped-pay-world-war-i#:~:text=Just%20as%20kings%20debased%20coins%20to%20help%20pay,balance%20sheet%20became%20a%20repository%20for%20war%20bonds.

Tulips

Beanie Baby

That’s what we’re Playing

Russia, Saudi , Cheena , India play’n ..

Tak’n the Trash Cash and parking it with Midas the name you can Trust ..

The All Private and Public no longer keep’n the Trust ..

Exactly right.

Do you think other countries would trust China and Russia as the world's currency?

"never usually"? LoL

When the worlds currency was gold and silver there was no need to trust anyone. The only reason we don't go back to that is that it doesn't permit the banking scam operation that's been increasingly the norm for a century.

No it isn’t. Real wages were decoupled from productivity in 1971 and the gap between them has been widening ever since.

This isn’t a cycle, it is a long march, orchestrated by the usual suspects.

It's called sarcasm Ringman.

I was thinking by this Thursday....

All I know is in 1998 I made journeyman and wages were 29.90. Gas was at about a dollar, diesel slightly less. Today a journeyman makes 54.30, gas is 4 dollars, diesel slightly more.....and the house my dad sold after months on the market in 1995 brought 50k sold again last year for 400k.

American workers aren't winning.

So, if I have a few bucks laying around, should I just spend it now, while it still has some value? I'm thinking of some new machinery. GD

When a few more countries stop using the dollar

22 Trillion since Little Bushy ..

Now that’s a Sup’a Cycle of Loot’n ..

Surely a New Twist to the Fable..

Inflation in ancient Rome can be calculated from:
a) dates on the coins
b) metallurgy of the coins

There seems to be balancing motives for gov:
a) more inflation, by gov making more money for gov to spend
b) less inflation, by citizens complaining about inflation

That balance is the slope of the line over 250 years in Rome.

This explains why the Chinese have been buying gold and silver for years and stock piling it. Their money has some backing and ours does not. Especially since Joe has cut oil exploration and drilling.

kwg

The Chinks got Currency Controls and Nobody Trust their Legal System..

They can buy all the Gold and Silver they want and still never be able to Dethrone the Dollar ..

That has to happen from within..

They just gave a Nobel Prize to one of the Architects of Dollar Destruction..

Their Not Hiding ..

Just open y0 eYe’s ..

Well folks, seeing as how the old Yankee dollar is worthless, I'll take any off your hands for you/

The only thing holding metal prices down now is the fake paper gold and silver that is traded around the world in amounts that far exceed the few trillion $$ worth of actual gold in human hands.

If (when) that bubble bursts there is no telling the fallout.

Our debt is more than the total gold held on planet earth at today's fake price.

When it comes down to it a great financial meltdown may have a good side to it just as did the Great Chicago Fire.
There is always some good that comes from terrible events. We have lived far too easy, far too safe, and far too rich for our own good and now we have spent our rich inheritance and then mortgaged what was left.

We may just have a huge painful paid for lesson coming.

Exactly!

Bring your Gold and Silver!

You do realize that the dollar has lost about 97% of its value vs Gold since 1971...right?

I'm holding a nice old Double Eagle.

In the day, it would buy a Winchester and 500 rounds of ammo.

It still will. It is worth about $2,200 today.

The $20 that it represented back in the day won't buy more than a box of 20 rounds.

And could easily come a day when that $20 will barely buy you a burger at McDonalds (assuming they don't lay everyone off!).

Since the value of our dollar is tied to oil and not gold, this would be the answer. But, this is complicated thinking and neither Joe nor his team of misfit toys understands "complicated".

kwg

At the rate this bunch is going, would say sometime next week

Didn't we already export a lot of our SPR?

I made a little pic to show compounded interest on Gold held for the last 52 years.
Inflation is slightly higher that Gold appreciation.

Exactly right, but it will not happen overnight, and we still have two more years of brandon think.

Yep the beginning of the end.
Thank you bill [bleep]

It's stronger than the Canadian dollar, and the Euro.

The dollar is backed by nothing of substance.

Why do you think there pulling this Trump arrest now? To distract the sheep from what’s really getting ready to happen. Stock market crash and the dollar no longer the reserve currency.

They understand.

you really believe that??

Maybe rmb soon as the chinks own the pork processing here

Your full of [bleep] about gas and diesel prices in 1998 but you must be a union man

he is right ,i remember gas prices in 1998 was between 1.00-1.25 a gallon in central Kentucky. because it was a dollor for a longtime and clinton did something to in his policies to start making it fluctuate between a dollor and a dollor a quarter ever few days ,i remember bitching at clinton for this . we had just bought our house that year so we was pinching pennies

No currency of significant volume is. The Yuan is THE most inflated/manipulated currency in the world. About 5 yrs back when China's house of economic cards started wobbling, Xi started printing...2.5X since then. The Ruble is listed as strong and stable by economists...it is worth .013 USD today, for those of you having decimal point problems...that is 1 and 1/3 cents.... the Rupee is trading at .012, the Yuan is holding at a whopping 15 cents USD. In order for any of these BRICS currencies to function as world currency, they would have to increase in volume about 10X. Now THAT is a lot of printing...just to get to where the US currency is right now.
We are being fed total BS, USD ain't gonna be replaced any time in the foreseeable future. This is a deliberate media ploy to make a world central bank digital currency look like a silk purse instead of a sows ear.

WE didn't. Some may have. Unfortunately due to those that did even those that are responsible are going to have to pay.

"You win no crown of laurel for outrunning a jackass"

I'm not so sure that the cbdc isn't going to be shoved up our collective back side. The petro dollar is dying.

War soon.

Global trade in dollars has already fallen from 70% of the total, to 59%.

It will drop more by the month as our former friends and partners jump ship.

And to those who say the dollar is backed by nothing...I say the dollar is backed by the U.S. Military.

And that is part of the problem. Eventually the sheep figure out that 40 of them can take on the bully. Especially if you don't try to fight him head on, into his strength.

Tarbe, thanks for the Mises article! Clever bastards.

I can afford anything I need or want (so far.) Fortunately, I don't want anything or need very much. Lines at Walmart look like a celebrity concert or big game day now. Lots of people are being pinched through no fault of their own as this forgery fails. Shameful and sad. I don't like seeing 25 -30% of the customers Hispanic, non- English speaking - all fat - shuffling about either; and it isn't racist or zenophobic at all. It's elemental neighborly concern for natural born citizens pushed aside and ignored. I sometimes wonder how much government plastic is slipping through those little card pads and how much savings could possibly be had by dropping low paid cashiers without a dime to their name in favor of more scanners so desperately needed. I'm lucky. My kids sleep walk like everything is fine. Maybe it is. I miss the old Americuh. Flawed as she was, she won't fat, sloppy, and foreign on the dole.

When I make up stories for the grandkids, I jump the shark using; dreams, aliens, magic, and time travel.

When cranky old men make up conspiracy theories they use; the news.

just like you Biden voter

Without a paradigm shift, you will not understand the error of your ways.

I am sure you think the same of me. Unfortunately, one of us will be proven wrong.

I am playing a long game here, not a trade.

I have 20% of my net worth in Gold and Silver because I believe our fiat experiment is at great risk.

If you do not see it that way, you have lots of company!

But as my mentor always said, billions of flies eat dog schidt. Doesn't mean you should. lol

Derivatives will be the undoing of the current system.

There is a reason Buffet calls derivatives "financial weapons of mass destruction".

So much of the "money" people think they hold are really imaginary representations of derivatives that can go "poof" just like that.

If the system blows and Gold goes from $2,000/ounce to $200/ounce...and a derivative goes from $2,000,000 to zero....who is the big loser?

Not the guy who owns a bunch of income producing, physical assets.

Hope they aren't leveraged.

Hope the people who pay the rent or buy the products still have the ability to paybuy.

They might not if their debt-driven leveraged derivatives have blown up. Or if they are unemployed.

What produces income today, may not produce income tomorrow.

If you are well diversified, great!!

And you seriously think a shiny rock is better?

A shiny rock is better than the same “value” of paper rocks. The ability to produce something of value, especially if that something of value is a necessity like food, makes that ability extremely valuable. The medium of exchange might change but the desire and need for certain things won’t change.

\\

If I would have taken the gold approach 30 years as pushed by many here since my 20 or so year tenure I'd still be working.

Zero shiny rock here.


Beef and a little grain.

If they try to phase out paper money to go digital, I will probably keep a bunch as I could see that being useful in the future. Cash could be worth a lot for off the books stuff.

By cash, do you mean federal reserve notes?

Because it’s now worth a whole lot for off the books stuff is why there’s the move towards total digital money exchanges and when that happens cash will be illegal to use for any reason.

I wanna buy a 5k diesel fuel can.

I’m meeting a realtor and looking at homes in boise next week.
Looking to buy for cash before my money is worthless...
This a Good or bad idea?

Which gold?

Normalcy bias.

Times are a-changing. What worked during the party will not work during the hangover.

Unfortunately, even a lot of pretty smart people have never noodeled out the difference between debt-based currency and money.

Think about counterparty risk and think about storage of value.

Then compare these two concepts and how different currency and money are, as relates to these.

Basically, never. Because paper has value for recycling.

But seriously, here's a thought exercise. When does a currency "officially" collapse when it loses 1/3 of it's value in 10 years? What about when it loses 1/3 of it's value in the following 10 years? And on and on it goes approaching, but never reaching zero.

Another fatal mistake I see folks appearing to make is the assumption that the choice is to be all in on debt instruments (or things tied to debt instruments) or all in on PM.

This is a false premise. As I have said before, diversification is key.

If your net worth is <$100k, you are only going to have a couple percent in PM.

If your net worth is multiple millions, you might have 30% in PM.

Of course, everyone's situation is different.

Sophisticated, high net worth investors and Central Banks loaded up on Gold in 2022, and continue to do so in 2023. You might ask yourself why....