US debt:GDP is laughable right now. The leverage in markets, especially derivative, everything being propped up by the FED... the crash of the century is coming. There's no other way out of this mess, 2008 will look like childs play.
As for dedollarisation; it's already begun.
Australia[edit]
In 2013, Australia made an agreement with China to trade in national currencies.[1]
In 2013, during the BRICS summit, Brazil made an agreement with China to trade in Brazilian real and Chinese yuan[2]
Since 2011, China is gradually shifting from trade in US dollar and in favour of Chinese yuan.[1] It made agreements with Australia, Russia, Japan, Brazil, and Iran to trade in national currencies. It has been reported that in the first quarter of 2020 the share of the dollar in the bilateral trade between China and Russia fell below 50 percent for the first time.[3]
In 2015, China launched CIPS, a payment system which offers clearing and settlement services for its participants in cross-border Renminbi payments and trade as an alternative to SWIFT.[4]
European Union[edit]
Since the end of 2019, the EU countries established INSTEX, a European special-purpose vehicle (SPV) to facilitate non-USD and non-SWIFT[5][6] transactions with Iran to avoid breaking U.S. sanctions.[7] On 11 February 2019, Russian deputy foreign minister Sergei Ryabkov stated that Russia would be interested in participating in INSTEX.[8]
Since March 2018, China started buying oil in gold-backed yuans.[9]
On 31 March 2020, the first Iran-EU INSTEX transaction was concluded. It covered an import of medical equipment to combat the COVID-19 outbreak in Iran.[10][11]
In 2000, Iraq announced it would price its oil sales in the Euro, moving away from the US dollar which Saddam described as "the currency of the enemy"[12]
In 2011, Japan made an agreement with China to trade in national currencies.[13]Sino-Japanese trade is currently worth ~US$300 billion.[14]
Russia accelerated the process of dedollarisation in 2014 as a result of worsening relations with the West.[15] In 2017, SPFS, a Russian equivalent of the SWIFT financial transfer system, was developed by the Central Bank of Russia.[16] The system has been in development since 2014, after the United States government threatened to disconnect Russia from the SWIFT system.[17]Lukoil, a state-owned company, has announced that it will find a replacement for the dollar.[18]
In June 2021, Russia said it will eliminate the dollar from its National Wealth Fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.[19]
Venezuela[edit]
In August 2018, Venezuela declared that it would price its oil in euros, yuans, rubles, and other currencies.Then consider the belt and road countries... how many of these would either readily switch or be pressured into it ? There was a comment above that no other currency has enough liquidity to switch... however a digital yuan could be minted in an instant to provide liquidity for all.
China recently banned Bitcoin - no doubt the digi yuan is soon on it's way.
