Mr Yusuf talked about every country that doesn’t do accept the American interest being crippled, my point is why haven’t they crippled the Indians? Simply put that was a wrong notion. If India was their problem they have it figured out

The Americans know India is strategic to their geopolitical ambitions in the Indo Pacific, so don’t expect them to mess with India anytime soon.

The Indians don’t agree with the Americans on many fronts, tell me has their economy been crippled?

In few words, you know what you are talking and that’s a fact.

@Anodebenze The person you refer to as the “white American” na omo Yoruba. Even know that shouldn’t matter…

Our corrupt officials have a tendency to convert their assets into dollars for a reason.

When things get tough, I know which currency I want to hold, and it’s certainly not the Chinese Yuan or the Russian Ruble. Despite the presence of American hegemony, there is no credible alternative to the stability and efficiency of the American capital markets, Delaware general corporation law, and the credibility of the US Fed and the dollar.

Sensible international investors and corporations will not hold currencies from the BRICS until they actually establish institutions that can provide the same level of stability and efficiency as the United States.

Keep this in mind and find peace.

It’s naive to believe that China, Russia, or any other country in a similar position would not weaponize their currencies against their opponents. For instance, China has a history of bullying its neighboring countries that maintain friendly ties with Taiwan through its trade policies, while Russia has used its gas reserves as a weapon against Europe and other countries.

However, the main difference between the dollar and China’s trade balance or Russia’s gas reserves is that the United States is more predictable in demonstrating its red lines. In addition, the US often provides impartial due process in courts when an individual or state actor’s US-based assets are frozen. A good example of this is the recent situation in Afghanistan, where the US Treasury froze $3.5bn in foreign reserves after the Taliban regained control. Following litigation, the US unfroze the capital and transferred it to a new Swiss foundation tasked with returning the funds directly to the Afghan people in the form of aid. This approach ensures that the Taliban cannot use the capital to purchase weapons or finance their opium trade, while returning that capital to its rightful owners.

However, it’s doubtful that China, Russia, or any other country would follow similar due process with their political opponents.

Therefore, we should not fall for the desperate propaganda attempts by insecure autocrats in Russia and China, who seek to delegitimize the dollar and gain freer reign in oppressing their people and foreign enemies through financial means.

The dollar is weaponized now. If you don’t accept America’s interest, then your economy will be crippled. They can freeze your external reserve anytime they want.

The selection of reserve currencies is often influenced more by the availability of liquidity from the home capital markets and legal systems that support them, rather than trade.

When conducting international trade, many businesses prefer to transact in currencies like the dollar, euro, or sterling because if a dispute arises, they can seek resolution within the US, EU, UK, and receive support from the financial and legal institutions that are associated with that particular reserve currency.

I agree with @Japa Queen 100%.

The reality is that until another country can offer the most deepest and most liquid capital markets on earth, efficient legal systems that protect the rights of investors and creditors regardless of their nationality, origin, or status, and stable political institutions that conduct economic and political policy in a transparent and predictable manner, it is unrealistic to expect the US dollar will be replaced as the preferred global reserve currency.

@Japa queen, who (mis)informed that a BRICS currency is being muted as an “investment”?

The original 4 BRICS nations constitute 25% of the global economy (and 40% of the world’s population). A BRICS currency (if it ever comes to fruition) would simply be targeted at facilitating trade among the BRICS nations (and their friends and/or ‘client’ states) without resort to the Western-controlled dollar-denominated international trading system. In effect, less of their trans-national trade would be subjected to Western political considerations and/or restrictions.