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Thread: How Close is the US Dollar from being dropped from the World Currency?

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    Re: How Close is the US Dollar from being dropped from the World Currency?

    The demise of the dollar - Business News, Business - The Independent

    In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified*currency*planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
    Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer*be priced in dollars.

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    Re: How Close is the US Dollar from being dropped from the World Currency?

    ^ The demise of the market-monetary system as a whole will be a feature of the next few decades. The U.S. dollar being dropped is just a prelude.

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    Re: How Close is the US Dollar from being dropped from the World Currency?

    Quote Originally Posted by StillBallin75 View Post
    No way are SDRs going to become the global currency. Just not a practical long-term solution. The dollar is safe for the time being; the global monetary system needs a de facto reserve currency to operate and SDRs won't cut it.
    Mulitple countries have dropped the US dollar for currency.
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    Re: How Close is the US Dollar from being dropped from the World Currency?

    Quote Originally Posted by spud_meister View Post
    An SDR is quite a good idea, if you select the basket of currencies from the ones that are both valuable and stable, it'll reduce the global effects if the US economy takes a downturn (eg, the GFC).
    But to include currencies from highly non-transparant and even manipulative economices like the renminbi and rouble? Come on...
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    Re: How Close is the US Dollar from being dropped from the World Currency?

    Quote Originally Posted by ludahai View Post
    But to include currencies from highly non-transparant and even manipulative economices like the renminbi and rouble? Come on...
    If they are more stable than the USD, why not?
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    Re: How Close is the US Dollar from being dropped from the World Currency?

    Quote Originally Posted by Manc Skipper View Post
    If they are more stable than the USD, why not?
    The Renminbi is only stable because the Chinese government forces the value to trade in a narrow range. There is nothing transparant or free-market about it. I don't know as much about the rouble...
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    Re: How Close is the US Dollar from being dropped from the World Currency?

    If they don't want dollars anymore, we could save on foreign aid. Someone notify Boehner.
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    Re: How Close is the US Dollar from being dropped from the World Currency?

    Quote Originally Posted by American View Post
    If they don't want dollars anymore, we could save on foreign aid. Someone notify Boehner.
    While I agree with you about the stopping foreign aid, be careful what you wish for about losing world reserve currency status...
    I don't even fully know what would happen if all the dollars printed around the world worked their way as being solely the national currency.

    The implications would, in all likelihood, completely alter our way of life... almost overnight.

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