Home Forums Hunting & Shooting Hunter's Campfire How long before the US dollar is worthless?

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.

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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.