Monday, March 26, 2012

Dollar losing ground in Brics Nations

The global attack on the dollar is underway, and this last weekend, several BRICs nations fired off their latest salvo in moving away from the world's global currency.

South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.

This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.
The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s. - Citypress.co.za




China, Iran, and even Saudi Arabia have all been creating trade agreements within the past year that accomplish trade without the use of the dollar in goods and services exchanges.  China recently completed a refinery contract with Saudi Arabia, as well as a trade agreement with Japan.  Iran is allowing its oil to be sold in exchange for gold, and is moving away from the dollar in international capacities.

The days of the dollar appear to be limited, as the 'full confidence' of the US currency wanes in the eyes of foreign countries.  This leaves the one true currency recognized around the world, and for many Americans, if you don't have, or aren't buying gold now, you may soon become the new 1%ers to the future global currency.

5 comments:

Americas enemies are getting smarter while America gets dumber....pay back for bullies/a$$holes tend to be extreme.

"....if you don't have, or aren't buying gold now, you may soon become the new 1%ers to the future global currency."
Now this does not give sense. More like - "the new 99%ers" ?

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