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☆ Yσɠƚԋσʂ ☆@lemmy.ml to World News@lemmygrad.mlEnglish · 2 years ago

Treasury Secretary Janet Yellen says to expect a gradual decline in the dollar's share of global reserves

markets.businessinsider.com

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Treasury Secretary Janet Yellen says to expect a gradual decline in the dollar's share of global reserves

markets.businessinsider.com

☆ Yσɠƚԋσʂ ☆@lemmy.ml to World News@lemmygrad.mlEnglish · 2 years ago
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Treasury Secretary Janet Yellen says to expect a gradual decline in the dollar's share of global reserves, but greenback remains dominant
markets.businessinsider.com
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"I would say there is virtually no meaningful workaround for most countries for using the dollar as a reserve currency."
  • Soviet Snake@lemmygrad.mlM
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    2 years ago

    Not dedolarisation, though!

    • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
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      2 years ago

      That’s right, nothing to see here. Dollar is very strong and absolutely not in danger. I also love how they keep using the talking point that 90% of global transactions are conducted using the dollar, but in reality they’re double counting because they count both sides of the transaction. In the real world, dollar transactions have already fallen below 50%. And this is a self reinforcing process as it becomes increasingly easier to move off the dollar the more countries do it.

      • ☭ 𝗚𝗿𝗮𝗶𝗻𝗘𝗮𝘁𝗲𝗿 ☭@lemmygrad.ml
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        2 years ago

      • v12riceburner@lemmygrad.ml
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        2 years ago

        90% of global transactions are conducted using the dollar, but in reality they’re double counting because they count both sides of the transaction.

        How would you go about proving that?

        • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
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          2 years ago

          It’s based on SWIFT transaction data. Ben Norton mentioned it in one of his recent videos, but forget which one it was now.

          • v12riceburner@lemmygrad.ml
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            2 years ago

            Thank you I’ll look for it.

      • Soviet Snake@lemmygrad.mlM
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        2 years ago

        Feedback loop goes brrrrr

    • ComradeSalad@lemmygrad.ml
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      2 years ago

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