Russian Foreign Minister Sergei Lavrov suggested Tuesday that countries facing sanctions like Iran, Turkey and Russia may start doing business in their national currencies, suggesting that the days of the U.S. dollar as the international reserve currency may be numbered.
The reason is simple: trading nations all over the world have to accumulate dollars to use in trading with each other. When China buys oil from Iran, for example, it pays in U.S. dollars. So, more U.S. dollars flow out of the US than flow in, and bingo, you have a big current account deficit.
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On the anniversary of Ax Handle Saturday, Jacksonville Sheriff T.K. Waters identified Saturday's shooter whose "disgusting ideology of hate" motivated him to kill three Black people as 21-year-old Ryan Christopher Palmeter of Orange Park.
He had left and soon began his rampage, shooting people with no warning, Waters said. He had a rifle bearing swastikas and a handgun. He did let some people out of the store before killing himself, the sheriff confirmed.
Waters said the attack was racially motivated by Palmeter, a white man, who targeted the Black victims. He had authored manifestos declaring his hate for the Black race and his intentions to kill Black people. He also referenced it was the anniversary of the mass shooting at The Jacksonville Landing during an Madden NFL videogame tournament.
Eleven minutes after the ordeal began, Waters said arriving police entered the store at 1:19 p.m. and began searching for the shooter. The officers then heard a single gunshot and that is when police think Palmeter killed himself.
The US dollar has been the dominant currency in the world economy for a long time. It is used for international trade, and investments, and as a reserve currency by many countries. However, the Reserve Bank of India (RBI) has been taking steps to reduce the dominance of the US dollar in the world economy. In this article, we will discuss how the RBI's strategy will kill the US dollar's dominance in the world economy and what it means for India.
The dominance of the US dollar in the world economy has several drawbacks. It gives the US an undue advantage in international trade, investments, and financial markets. The US can print more dollars to finance its budget deficit, which leads to inflation and reduces the value of the dollar. This inflation can also affect other countries that use the US dollar as a reserve currency.
Moreover, the US dollar is subject to geopolitical risks, and any crisis or uncertainty in the US can affect the value of the dollar. In the past, we have seen instances where the value of the dollar has fallen due to political or economic crises in the US. This volatility affects the global financial markets and can lead to economic instability.
The RBI's strategy to reduce the dominance of the US dollar in the world economy is multi-pronged. Firstly, the RBI is promoting the use of the Indian rupee in international trade. It has signed currency swap agreements with many countries, which means that it can trade with India using the rupee instead of the US dollar. This reduces the dependence on the US dollar and increases the use of the rupee in the world economy.
Secondly, the RBI is promoting the use of gold as a reserve asset. India is one of the largest consumers of gold in the world, and the RBI has been buying gold to increase its reserves. Gold is a stable asset that is not subject to geopolitical risks or inflation. By increasing its gold reserves, the RBI can reduce its dependence on the US dollar as a reserve currency.
Thirdly, the RBI is promoting the use of digital currencies. The RBI is developing a digital version of the rupee, which will be a secure and efficient way to transfer money. It will reduce the need for physical cash and make transactions more transparent. This will also reduce the dependence on the US dollar for digital transactions.
Promoting the use of the Indian rupee in international trade: The RBI has signed currency swap agreements with many countries, including Japan, UAE, and Sri Lanka. These agreements allow these countries to trade with India using the rupee instead of the US dollar. This reduces their dependence on the US dollar and increases the use of the rupee in the world economy. This also makes it easier for Indian businesses to trade with these countries as they do not have to worry about exchange rate fluctuations.
Promoting the use of gold as a reserve asset: The RBI has been buying gold to increase its reserves. Gold is a stable asset that is not subject to geopolitical risks or inflation. By increasing its gold reserves, the RBI can reduce its dependence on the US dollar as a reserve currency. This also gives the RBI the flexibility to use gold as collateral for loans or to trade with other countries.
Promoting the use of digital currencies: The RBI is developing a digital version of the rupee, which will be a secure and efficient way to transfer money. It will reduce the need for physical cash and make transactions more transparent. This will also reduce the dependence on the US dollar for digital transactions. This digital version of the rupee will also make it easier for the RBI to monitor and regulate financial transactions more effectively, reducing the risk of money laundering and illegal activities.
Moreover, the use of digital currencies can also make cross-border transactions faster and cheaper. This can increase the efficiency of international trade and reduce the dependence on the US dollar for international payments.
In summary, the RBI's strategy to reduce the dominance of the US dollar in the world economy is multi-pronged. It includes promoting the use of the Indian rupee in international trade, increasing gold reserves, and developing a digital version of the rupee. These strategies aim to reduce the dependence on the US dollar and increase the use of the Indian rupee in the world economy.
Reducing the dominance of the US dollar has several benefits for India. Firstly, it can reduce the impact of geopolitical risks and economic crises in the US on the Indian economy. Secondly, it can increase the efficiency of international trade and reduce transaction costs for Indian businesses. Thirdly, it can increase the value of the Indian rupee and boost India's economic growth.
In conclusion, the RBI's strategy to reduce the dominance of the US dollar in the world economy is a step in the right direction. However, it requires the support and cooperation of other countries. Indian businesses should also take advantage of these initiatives and promote the use of the Indian rupee in international trade.
Finally, we should remember that reducing the dominance of the US dollar in the world economy is not just about promoting the Indian rupee. It is about promoting a more stable, transparent, and efficient global financial system that benefits all countries.
Our story begins last month inside a busy Washington, D.C. subway station plastered with posters of giant dollar bills. One of them says: "Tell Congress to stop wasting time trying to eliminate the dollar bill." Another asks: "Do you heart the dollar?"
This being Washington, there's a back story. The $70,000 ad blitz was part of a small lobbying war over the fate of the dollar bill. On one side, leading a legislative charge to eliminate the dollar bill and replace it with a dollar coin, are Sens. Tom Harkin, D-Iowa, and John McCain, R-Ariz.
"The most important thing is it's just more efficient. It's way more efficient than a paper dollar," Harkin says. "Canada has a coin that's worth $2 ... Switzerland has one worth about $5... And yet, what have we got? We got a 25-cent piece."
To be fair, the people making the case for the paper dollar also have something at stake. Paper advocates include Crane & Co., which has been making the paper for U.S. bills since 1879. The firm started Americans for George, which is responsible for that subway ad campaign.
Former US President Donald Trump has expressed concern that China could displace the US dollar as the global reserve currency. The warning follows reports of agreements between various nations to use the yuan in commodity transactions.
We tend to overlook how crucial it is to have an independent, stable, and transparent legal and investor security framework for a currency to be extensively used internationally. When the independence of the legal and regulatory system is in question, the state currency is always going to be considered second-rate. Independent institutions, transparency, freedom of capital movement and legal security are what matters. Because of this, the Japanese yen, the euro, and the British pound are more frequently used in international transactions than the yuan, and the Swiss franc, the Canadian dollar, and the Australian dollar are global reserve currencies.
Is the euro a risk to the United States dollar? 2022 demonstrated that it is not. The euro remains a robust currency, but it is predominantly used for cross-border transactions within the European Union. It is also fragile due to the redenomination risk that remains, as some euro area members may decide to leave the monetary union at some point, a risk that tends to increase with populism and political unpredictability.
The privilege gives the US not just substantial economic benefits, but also political ones. It is the reason that US sanctions sting so hard and have such an extra-territorial reach. Companies and countries that need dollars cannot risk running afoul of them.
The shooting Saturday in Jacksonville comes a year after the Buffalo, New York, shootings in May 2022 at a Tops grocery story, where 10 Black people were killed by an 18-year-old male who reportedly authored a manifesto.
Deegan noted the shooting comes exactly five years after a mass shooting that occurred at a video game tournament in Jacksonville, in which a gunman shot and killed two people and injured nearly a dozen others before killing himself. The suspect in the Dollar General shooting reportedly referenced that incident in his writings, the mayor said. 2351a5e196
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