news
Welcome to c/news! Please read the Hexbear Code of Conduct and remember... we're all comrades here.
Rules:
-- PLEASE KEEP POST TITLES INFORMATIVE --
-- Overly editorialized titles, particularly if they link to opinion pieces, may get your post removed. --
-- All posts must include a link to their source. Screenshots are fine IF you include the link in the post body. --
-- If you are citing a twitter post as news please include not just the twitter.com in your links but also nitter.net (or another Nitter instance). There is also a Firefox extension that can redirect Twitter links to a Nitter instance: https://addons.mozilla.org/en-US/firefox/addon/libredirect/ or archive them as you would any other reactionary source using e.g. https://archive.today/ . Twitter screenshots still need to be sourced or they will be removed --
-- Mass tagging comm moderators across multiple posts like a broken markov chain bot will result in a comm ban--
-- Repeated consecutive posting of reactionary sources, fake news, misleading / outdated news, false alarms over ghoul deaths, and/or shitposts will result in a comm ban.--
-- Neglecting to use content warnings or NSFW when dealing with disturbing content will be removed until in compliance. Users who are consecutively reported due to failing to use content warnings or NSFW tags when commenting on or posting disturbing content will result in the user being banned. --
-- Using April 1st as an excuse to post fake headlines, like the resurrection of Kissinger while he is still fortunately dead, will result in the poster being thrown in the gamer gulag and be sentenced to play and beat trashy mobile games like 'Raid: Shadow Legends' in order to be rehabilitated back into general society. --
view the rest of the comments
The dollar is going to remain central to the global economy until either China offers a replacement for a massive consumer market for other countries to dump their excess production into or the American empire is not longer capable of threatening other countries into using dollars. Also, that article you shared is using a long debunked rumour from a few months ago. SWIFT is still far bigger the CIPS, it processes around ~$35 trillion a day (per https://archive.is/YEWAx), which is far larger than even the figure the article you shared uses as a source (which says that CIPS processed ~$2 trillion in one day). Likewise, that source itself has been disputed by the Chinese central bank, per: https://finance.eastmoney.com/a/202504183381053098.html
Another obvious option is a BRICS currency along the lines of Bancor that Keynes suggested which could be backed by a basket of commodities. This would be a far more appealing option because it would ensure that a single country wouldn't dominate global financial system the way US does today. However, in the short term bilateral swaps work just fine as can be seen at scale in Russia which is cut out of western trade pretty much entirely at this point.
It's also not clear to me what leverage the US has into threatening countries into using the dollar. The main leverage the US has is its shrinking consumer market. As we already saw with the tariff war, the US can't throw its weight around like it used to.
And noted regarding the article, but that doesn't affect my original point that there doesn't need to be a direct replacement for the dollar for the dollar to fall out of use.