The US dollar is being propped up by a range of unstable quick fixes, which are very rapidly coming undone as more and more countries are ditching the dollar as their reserve currency and preferred currency of trade. It appears to be following the logic of some domino effect – first one, then several, then many. Russia has been trying for years to end its dependency on the dollar, but this requires the support of other countries. However, even US allies in Europe are disillusioned with Washington’s current policy, writes the Swiss daily Neue Zurcher Zeitung.
Russia has already taken several steps to become independent of the US currency. Moscow has set up its own payment system, sold a large part of its US Treasury bonds, and went on to carry out transactions in national currencies with some of its allies, Christian Steiner said in his article for the Neue Zurcher Zeitung .
The author of the article noted:
[b]Is Bitcoin the Future of Money? Peter Schiff vs. Erik Voorheesb]
On July 2, 2018, Reason and The Soho Forum hosted a debate between Erik Voorhees, the CEO of ShapeShift, and Peter Schiff, CEO and chief global strategist of Euro Pacific Capital. The proposition: “Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange.”
Josh Sigurdson talks with author and economic analyst John Sneisen about the currency swaps happening across the board as China convinces Saudi Arabia to trade oil in Yuan.
For years, Saudi Arabia has traded with China in US Dollars, the world reserve currency, frustrating China. Well now, as the US dollar sees its inevitable precipice, China says they will compel Saudi Arabia to trade oil in Yuan! If this is done, most experts believe the rest of the oil market will move with them.
China has been attempting to establish itself as the world reserve currency for quite some time as power incrementally shifts. It’s a massive phenomenon that’s not likely to stop any time soon.
Saudi Arabia is the kingpin of OPEC and the IMF is looking to base its headquarters in China in the next few years if all works out as planned.
This isn’t to mention the fact that China is pushing its centrally planned digital currency system or cashless society as the state gets more technocratic by the day, pushing social credit scores and examining every square foot with facial recognition technology.
Individuals must decentralize and find a way out of this dependent system or being forced into it with little recourse. Self sustainability and independence is key!