COUNTERING US HEGEMONY! China Dumps US Bonds, US Delivers Cheap Oil, Saudi Borrowing |AsianQuickTake

Welcome to Asian QuickTake, your go-to channel for comprehensive insights into world politics and the evolving global currency landscape. I’m Jacob, and today we delve into the shifting dynamics of the U.S. dollar’s dominance and the emerging trends in de-dollarization. Reports on July 26th reveal that over 40 countries, including Saudi Arabia, Iran, and the UAE, are considering joining the BRICS cooperation mechanism. Speculations suggest that these countries might introduce a gold-backed common currency at their upcoming summit in August, offering an alternative to the U.S. dollar for global trade settlements. Interest in cross-border transactions using this common currency is growing, further strengthening ties between these nations and the Chinese Yuan and gold. Iran, for instance, welcomes the gold-backed common currency plan by BRICS, viewing it as a step towards de-dollarization. The Iranian central bank aims to issue a gold-backed digital reserve currency, reflecting the global trend of central banks acquiring gold reserves. Saudi Arabia, the largest oil exporter in the Middle East, is exploring non-dollar transactions with some Asian oil buyers. It is considering trading and purchasing gold in the Shanghai Gold Exchange with the Chinese Yuan, reducing the risk exposure to the dollar in its oil profits. The Saudi central bank has also launched a cross-border payment system with the UAE to avoid using the dollar for transactions. Peter Schiff warns of an impending U.S. debt sell-off, potentially damaging the dollar. U.S. Treasury Secretary Janet Yellen acknowledges countries developing alternatives to the dollar, expecting its share in global reserves to gradually decline. The U.S. is facing challenges, with soaring deficits and escalating debt, posing risks to the dollar’s credibility. Foreign countries selling off the dollar have triggered a “domino effect“ of global de-dollarization. While the dollar’s global reserve status may decline, a complete replacement remains distant. The U.S. must recognize the questioning of the dollar’s hegemony and adopt a cooperative attitude to adapt to the evolving situation. Addressing the expanding fiscal deficit, escalating debt, and high inflation is essential for the U.S. economy and financial system. Changes in the global currency landscape have already begun, with BRICS countries and others weakening the dollar’s dominance. The U.S. must be open and pragmatic in its approach to cooperate with other nations. Enhanced coordination is needed to build a more robust and fair international monetary system for balanced and sustainable global economic development. Thank you for being part of the discussion. Share your thoughts and opinions in the comments below. Like, subscribe, and enable the bell notification to stay informed with Asian QuickTake. See you in the next video. 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US’ Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.