Wonderful Benefits of De-dollarization

 
-- Sovereignty. Countries, especially developing ones, no longer have to let the US dictate their domestic and foreign policies. No more fear of sanctions that bully countries, corporations, politicians and individuals.

-- An America with diminished ability to print dollars. No more trillions of dollars out of thin air, while the USD stays strong. When dedollarization reaches a certain threshold, the US will be forced to play by the same rule as others. This means fewer US military bases around the world, fewer US-funded NGOs that start color revolutions, fewer politicians being bribed around the world and so on.

Basically, a fairer, less corrupt world. More “free market” and “free elections.”

-- Free to trade! Anyone can trade anything with anyone without Uncle Sam’s permission or threats. Same for investments. True freedom. While the US markets itself as a proponent of free trade, nothing can be farther from truth. This won’t just help countries like Cuba, Venezuela and North Korea, but everyone. For example, if India wants to build a seaport in Iran, it can be done without begging the US for permission.

The world’s GDP will literally go up due to dedollarization!

-- Cost savings: No middleman (US banks) taking commissions. For example, when China wants to buy oil from Saudi Arabia, both countries must use US banks to do the trade, and the banks take a commission for their “work.” It is estimated that the commission US banks earn in a year is almost equal to the GDP of a country like Portugal.

-- Privacy: Using US banks and SWIFT mean that the US gets to spy on everyone. By circumventing this system countries gain more privacy and freedom.

-- Save time: Faster transactions in local currencies. No American banks needed.

-- Less Exploitation of Developing Nations: The US dollar hegemony means that every country needs US dollar to survive. This artificial demand gives the US enormous power and makes the dollar strong. Thus, people in Mexico, China, Vietnam, India, Bangladesh, Africa etc. are forced to work for $1 or few pennies per hour to make products that are sold for hundreds or thousands of dollars by American/European corporations.

The US dollar is also used to destroy currencies of other countries for political and economic reasons, as we are seeing in Turkey, where the Lira has lost more 50% of its value in the last two years, as the US tried to carry out a regime change by disrupting the economy and getting rid of Erdogan.

-- Boost in global e-commerce and tourism: Way more options than under the current dollar regime.

-- Debt Trap Gone: Far less debt trap and exploitation by Western countries and institutions like IMF and World Bank. External debts in US dollar are one of the primary tools used to impose austerity and privatization on developing countries. Look what’s happening right now in Sri Lanka, Pakistan, Argentina, Egypt etc. This has been going on for decades.

-- FOREX? The entire concept of foreign exchange reserves will become less relevant since more trade will be done in local currencies.

Dollar, Euro and Yuan will likely be the three leading but equal choices as reserve currencies. There might also be a BRICS currency, if they manage to implement it wisely. No one country of region — USA, Europe or China — can bully others.

-- True Democracy: Multicurrency, multi-lenders, multi-partners… all these choices mean democratization of global finance.

No more monopoly, no more hegemony.

A multipolar and more just world will arise out of de-dollarization.

 Anonymous