My prediction early on in this war is that America and Europe's sanctions would lead to a collapse of the dollar system. While we're all cheering ourselves on for 'solidarity' with the world, most Americans see 'the world' as just Europe, Canada, Australia, and NZ. They forget that most people on the planet live in other countries, and are not as influenced by the Anglosphere / the West.<p>People also don't understand that such a thing doesn't happen by people suddenly stopping the use of dollars but rather as the building up of parallel systems slowly over time until one day someone wakes up and asks 'Wait, why do we have dollars anymore?'. But by then, it's too late. Oops.
Essential move for any nation which still has ambition to maintain strategic independence. Whatever you think of Modi, he is certainly an India nationalist, and not prepared to see his country turn into a vassal for any other state.<p>The weaponisation of dollar system accelerates its decline - predictable and inevitable.
Someone on this forum recommended Peter Zeihan's <i>The End of the World is Just the Beginning</i>, a book about the unraveling of (American-led) Globalism. This seems to me like the next inch towards that reality.
Eureka? ... anyone surprised should be admitting limits of their mind as this was very easily predictable (i.e. globalist/deep-state manipulated US has done stupid moves and continues to do so)
I would guess you can't just declare International Trade Settlement in $MY_CURRENCY, you have to have resources and processes in place, hopefully before the declaration date. A curious person would ask, what are these requirements?
i am assuming this is going to be used to go back to india-iran trade that was last time decided to be on rupee basis as opposed to dollars in order to escape american sanctions? should be a good start.<p>iran can sell india oil for rupees, india buys the oil and sells stuff to iran for the same money, negating the need for US$ or euros out of either countries' foreign reserves.