We have noted that the ongoing movement by the BRICS nations to not only bypass using the US dollar but to actively promote an alternative currency is the thing to monitor in terms of anything that could potentially disrupt our present US dollar centered monetary system. It is assumed this process would unfold over a long term, but the US sanctions and weaponization of the dollar have created a sense of urgency to get more serious about De-Dollarization, especially for the BRICS nations and now nations like Saudi Arabia and Mexico.
Below are a couple of links to new articles discussing that issue.
Russian Official - BRICS Nations working on Fundamentally New Currency (a partially gold backed one)
7 Signs that Global De-Dollarization Has Shifted into Overdrive
At the same time that US weaponization of the US dollar and SWIFT system have created an urgency to bypass the dollar globally, the US Federal Reserve is trying to fight stubborn inflation and now a potential banking instability at the same time. Meanwhile, the US is deadlocked over raising the debt ceiling limit. That battle is expected to extend up to the point in time the debt ceiling would be reached this summer. In addition, we have OPEC announcing oil supply cuts apparently designed to put upward pressure on energy prices and by extension, inflation. So a lot of points of stress on the system at this time. It is certainly time to monitor events closely on several different fronts.
Added note 4-11-2023: In this new article, Jim Rickards comments on how the process of de-dollarization has clearly sped up lately and is likely to continue to do so due to US weaponization of the dollar in the form of sanctions against nations it does not like. Once you start using money and the monetary system as a form of weapon to punish those who are deemed to be "bad guys", trust in the entire dollar based system starts breaking down. After all, who decides who is worthy of getting to use their money and who isn't (who are the good guys and who are the bad guys)? To many people around the world, the US government appears to think anyone who does not want to support US dollar hegemony is a "bad guy." This creates more urgency to use something other the dollars which can be seized or banned from use at any time.
4-17-2023: US Treasury Secretary States What We Have Reported Here - US Sanctions Threaten Dollar Hegemony She appears to think the tradeoff is worth it, confirming why many people around the world view the US as seeing itself as the judge of who is a "good guy" and who is a "bad guy".
