Thursday, May 7, 2015

The Dollar Is No More? Countries and international groups that have switched from US dollar to national currencies in trade

Short little article discussing the recent agreement between various nations to stop using the dollar in trade and commerce. This seems like one of the major developments that will undoubtedly have major ramifications for Fed controlled nations such as the US. This could be part of the initiative put forth by BRICS and the AIIB.
- Justin

Source - Geopolitics

Countries and international groups that have switched from US dollar to national currencies in trade.

In early 2014, Justin Yifu Lin, the former World Bank Chief Economist, blamed the dominance of the US dollar for global economic crises and said it should be eliminated as the world’s reserve currency. According to Lin, the solution would be to replace the national currency with a global currency.

In the recent months, several countries, including Russia, China, India and Turkey, have decided to ditch the US dollar in their foreign trade, often paying for products in gold or other agreed on currencies.




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