An Iranian state media outlet reported: “Banks and economic actors can now use infrastructures including non-SWIFT interbank systems to deal in local currencies,” Iran’s state media has declared.”
Iran is one of the BRICS bloc’s newest members and will officially join beginning January 1st, 2024. Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Ethiopia is also set to formally join in 2024.
This move by Russia and Iran is not too surprising as BRICS countries, and the other 40 nations seeking membership, including ASEAN, have indicated that they have been growing tired of the dollar and have been actively working to decouple from it. SEE: Central Bank Of Iran Declares That Dumping US Dollar In Trade Is ‘Iran’s Strategic Policy’
BRICS will control over 40% of the world’s oil supply starting on the New Year.
Today, Sergey Lavrov, the Russian Foreign Minister, said in a televised interview that the world has grown sick of the dollar.
Everyone is already tired of the dollar, which is becoming a tool of influence, a tool for undermining the legitimate competitive rights of countries in different regions, and a tool for interference in internal affairs and regime change.
He said in an interview with Rossiya24 and RIA Novosti
RT added: ‘Lavrov earlier accused the US and its EU allies of using a wide range of “geopolitical” tools, which include, among other things, “unleashing trade and economic wars.” He noted that Russia and many other countries are now “consistently” reducing their dependence on Western currencies by switching to alternatives for foreign trade settlements.’
‘His remarks come as the Russian ruble rallied against major currencies on Thursday, jumping to its highest against both the dollar and the euro since mid-December, trading data from the Moscow Exchange (MOEX) shows. The ruble had strengthened to 89.30 to the US dollar as of 14:30 GMT,’ also noted.
Even though the moves to de-dollarize are happening rapidly, the news has virtually been absent in American and Western media, with a rare acknowledgement of these moves.
Former State Department official Thomas Hill penned in article for the Atlantic Council,
The BRICS-led dedollarization effort should alarm US policymakers, especially in light of the recent BRICS membership expansion. It is clear that traditional US allies, such as Egypt, Saudi Arabia, and the UAE, are already exploring ways to dedollarize, and that Beijing is helping that process move forward.
By including Egypt, BRICS can influence Algerian and Tunisian de-dollarization through Egyptian leadership inside existing trade regimes. Through Egypt, the UAE, and Saudi Arabia, BRICS will have expanded access to the Greater Arab Free Trade Area (GAFTA) and the Common Market for Eastern and Southern Africa.
Collectively, the expanded BRICS network via these trade organization connections now eclipses 90 countries.
For US policymakers, the BRICS de-dollarization effort should cause concern.
Hill wrote, who is currently the director for the North Africa Program at the US Institute of Peace.
Cryptopolitan also wrote in a recent piece, “As these nations collaborate, the dollar’s long-standing dominance in international trade and finance faces a formidable challenge.” The article added:
[This] is not just a mere extension of the bloc but a calculated move towards reshaping global economic dynamics.
Saudi Arabia’s induction into the BRICS bloc is a game-changer. […] This shift is expected to have far-reaching consequences, especially in how global financial transactions are conducted. The kingdom’s move is seen as a direct challenge to the dollar’s hegemony and a step towards a more multipolar financial world.
The relationship between China and Saudi Arabia within the BRICS framework is particularly noteworthy. A landmark currency swap agreement between these nations is set to further diminish the role of the dollar in international trade. This $6.93 billion deal, conducted entirely in Chinese currency, is a bold statement of intent, underlining the seriousness of their commitment to move away from dollar dependence.
As the bloc gains more members and momentum, it could usher in a new era of economic multipolarity, significantly altering the traditional financial power structures that have long dominated the world stage.
AUTHOR COMMENTARY
The rich man’s wealth is his strong city, and as an high wall in his own conceit.
Proverbs 18:11
The strong majority of Americans are clueless as to just how close their world is about to get turned upside down, inside and out. De-dollarization is a major trend we are going to have watch in 2024. As America’s economic problems mount and the system falls apart under its own weight, world nations are scrambling to get out of the greenback as fast as they can, before the fake Ponzi scheme of an economy gets rug-pulled.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Your FIRE FIRE FIRE!! headlines are/have cost you credibility, Dollar will be recalled…Then some explanation of how this MAY be announced, on January 23, (if I remember correctly a few months back you screamed the same BS, with a different date, and why this is possible… I understand this is an advertisement to sell your books, BUT you must stop these meaningless headlines,…people including me who would buy the product see the headline is NOT FACTUAL, only a possibility based on what could happen based on this or that happening in the past.
News Flash: my books have been off the market for two years. I have no idea what you are talking about. Sounds like you got me mixed up with someone else.
Wow, Albert must need to sober up or back track a little to see who he REALLY meant to be rude to. Of course you won’t see an apology from him when he realizes he’s wrong
Happy New Year to you and your family. I hope 2024 is the year of departure for us. I’m getting weary of this place called earth with all it’s corruption and evil, as it says it will be in the last days.