We are seeing more and more moves that are chipping away at the dominance of the US dollar for trade. Notice the following about Singapore:
BRICS: Tourists in Singapore & China Pay Chinese Yuan, Not US Dollar
BRICS member China teamed up with Singapore to allow tourists the option to pay in the digital Chinese Yuan and not the US dollar. The move is to enhance convenience for tourists who visit both Singapore and China for vacations. China’s Central Bank launched the digital Yuan as a pilot batch and now allows overseas travelers to pay through it. The move will also reduce the usage of the US dollar for transactions in both China and Singapore by tourists. …
China is steadily advancing to uproot the US dollar’s dominance in the global markets. BRICS is convincing several other developing countries to trade in local currencies and cut ties with the US dollar. The move could hurt the prospects of the US dollar and reduce its demand in the international markets. https://watcher.guru/news/brics-singapore-tourists-pay-china-chinese-yuan-not-us-dollar
The USA has pushed many against it through its sanctions and increasing debt. The use of what Hillary Clinton called that USA’s “soft power” has been a type of bullying that many nations around the world have resented.
Notice also the following report:
The death of the petrodollar is one of the key waypoints in the US dollar losing reserve currency status, as I have written about at length in the past. And while the US dollar used to be the only currency that foreign nations would trade oil in, that has now come to a screeching halt.
Not only is Saudi Arabia trading oil in other currencies than the dollar (notably the Yuan), it now appears the UAE is also strategically shifting away from the US dollar in its oil transactions, marking a significant change in the global financial landscape.
This move, involving potential deals with up to 15 countries including China, Russia, and Egypt, is part of the de-dollarization trend I have predicted, led by the oil sector. Led by the BRICS alliance, the move is redefining global economics and challenging the US dollar’s dominance in international trade.
When you take this into account alongside the fact that Russia is strengthening its ties with China and Saudi Arabia, it is tough to think anything but that we are still solidly on the path to global de-dollarization. …
I asked my friend Andy Schectman of Miles Franklin Precious Metals for his exclusive take on the situation for my Fringe Finance readers. He’s one of the smartest people I know when it comes to understanding the dollar globally — and he’s all but predicted the exact scenario that’s taking place.
“The OPEC members decided in 1973/4 to price all oil sales in US dollars and invest any excess in US Treasury bonds in exchange for US military protection. This is how the petrodollar system got its start, and for the last 50 years, due to this arrangement has created a ‘synthetic’ demand for the dollar, and established the US dollar as the benchmark for oil trade globally,” he explained to me.
He continued: “The US Government has done more to destroy this country in the previous few years than any external enemy could have ever done. By using sanctions and other forms of coercion, we have turned the US currency and the SWIFT system into weapons that has forced out a large portion of the global population creating a global backlash that is accelerating.”
“Without a doubt, the deliberate emergence of new cooperating powers is causing a significant global power shift that the world is currently experiencing. The emergence of the BRICS in my mind is the most notable example. Six more strategically important nations were added to the group in August: Argentina, Saudi Arabia, Egypt, Ethiopia, United Arab Emirates, and Iran,” Andy said.
When I asked Andy why it’s important that people take the BRICS nations seriously, he told me: “With over 40 more countries showing interest in joining the BRICS group of countries and reports of many more expressing interest growing daily, it appears that this growing union is gaining legitimacy and serious traction.”
“Together with their new members, the BRICS countries currently control two of the three largest nuclear weapons arsenals on the planet, most of the world’s strategic commodities, oil production capacity, enormously expanding reserves of precious metals, and, surprise, the majority of rare earth metals required for the production of batteries and other green and renewable energy applications.”
He also talked about the importance of Saudi Arabia’s role when asked about Putin’s recent trip to visit MBS: “In recent years, Saudi Arabia, the cornerstone of the dollar hegemony, has joined the exponentially expanding Belt Road Initiative alongside all the other OPEC members. The Saudi’s have also joined the BRICS, the Shanghai Cooperation Organization which is the largest regional financial and military organization in the world, and the BRICS New Development Bank.” https://www.zerohedge.com/markets/petrodollar-endgame-moves-even-closer
Yes, the government of the USA has done a lot to destroy the value of its dollar.
According to Bible prophecy, the massive debts of the USA will be a factor, not just in pushing its dollar aside, but also in its destruction:
6 “Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his — how long? And to him who loads himself with many pledges’? 7 Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. 8 Because you have plundered many nations, All the remnant of the people shall plunder you, Because of men’s blood And the violence of the land and the city, And of all who dwell in it. (Habakkuk 2:6-8)
Actually, with an admitted debt as of December 7, 2023 of $33,832,815,714,760.09 (https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny) and plans to increase that much further, the USA has increased pledges more than any nation in the history of the planet. This is not good for the USA.
There is a cost to USA sanctions and its weaponization of the dollar.
Now in addition to the expanding BRICS alliance, even Singapore is starting to get involved in this.
What most Americans do not realize is that the largest export from the USA is actually its currency–which is basically debt notes.
Here is something from my free online book Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America?:
The Bible warns about silver becoming “dross” (Isaiah 1:22; Ezekiel 22:18-22) and says to reverse it once it happens (Proverbs 25:4a; Isaiah 1:25). But the Anglo-American nations have not done that, their old silver coins are now dross (made/filled with cheaper materials) and their massive debts have made dross out of their fiat currencies (currencies that are not tied to gold or some other hard asset).
Furthermore, the “U.S. is highly vulnerable to loss of confidence by foreign creditors.”[i] U.S. government debt is “extremely vulnerable to foreign attack because of the high percentage of foreign ownership — almost 40% of the market.”[ii]
Interestingly, in the past, one foreign creditor, China, has raised concerns about the U.S. debt that are so serious, that its potential dumping of that debt has been called China’s “nuclear option”[iii] against the U.S.A.—an option that involves no military intervention, but that could greatly harm the U.S.A.
