China isn't dumping dollars. They're dumping banks, and setting up a new financial system.
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China runs massive trade surpluses with North America and Europe. Those markets pay in US Dollars or in Euro. Every day China earns about $2.7 billion USD ...
  • ☆ Yσɠƚԋσʂ ☆@lemmygrad.ml
    ·
    6 months ago

    Absolutely, and I think this is why a BRICS currency is inevitable long term. Countries outside US control can't continue using the dollar because US uses it as a weapon.

    • invalidusernamelol [he/him]
      ·
      6 months ago

      Definitely, it's ironic that dollarization basically starts with massive adoption of the dollar.

      This is like the nation state version of Microsoft's the E's

      Embrace the dollar

      Extend it's usage in global trade through your own financial instruments

      Extinguish the original dollar