The Great Exodus From The U.S. Dollar Has Begun
Written by Filip Karinja (BirchGold.com)
...Before the U.S. dollar...became the world's reserve currency...[that honor] was held by Britain, then France, the Netherlands, Spain & Portugal and the U.S. dollar is no less susceptible to succumbing to the same change. In fact, many nations have been actively turning their back on the dollar over the past decade.
Why would nations turn away from the U.S. dollar as global reserve currency? Because the status quo benefits the United States the most. For the majority of people on the planet, they are at a disadvantage. After all, why would nations want to pay for the “privilege” of having to settle international trade in dollars when they can use their own currencies, or monetary metals like gold?
Speaking of which, Russia and China announced this week that they are planning to set up a gold trading platform between their two central banks. It’s yet another move away from the current dollar dominated system, which follows many other recent big moves away from the greenback, including Russia’s oil and gas giant Gazprom agreeing to sell oil to China in renminbi rather than dollars. Even Iran wants to be paid in Euros rather than dollars for its oil.
...It isn’t just the supposed enemies of the west that are turning on the United States’ financial control. Just this week, Saudi Arabia threatened to dump $750 billion in U.S. treasuries if Congress approves a bill to release 28 previously hidden pages of a report on 9/11 that purportedly links the Saudi government to the attacks.Talk about financial black mail!...
Whether that threat from the Saudis is triggered remains to be seen, the trend is clear: Nations around the world are seeking alternatives to the current system. The great exodus from the U.S. dollar has begun.
Before the dollar reaches the point of no return, RIGHT NOW is the time to prepare and one of the best moves that you can make to protect your savings from the dollar’s loss in value is to move some of your savings into an asset that has been viewed as currency for thousands of years: gold.
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I've been writing about this myself for the past few years. Several emerging nations, led by Russia and China, but also including Argentina, Brazil, Bolivia, and several others have been actively moving steadily away from the US Dollar. China now wants to do much of their foreign trade in yuan or Russian roubles.
China is now Saudi Arabia's biggest trading partner, not the United States. Eventually, the Saudis themselves might switch away from the U.S. dollar (they've already taken a few steps towards this end) and that could finally kill the dollar as the reserve currency... particularly if the USA doesn't get its spending under control and continues to interfere in world affairs (which has been angering a lot of foreign nations).