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Page added on August 16, 2018

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New world currency will topple dollar

MOSCOW

The use of the U.S. dollar to put pressure on other countries will lead to the creation of an alternative world currency, costing the dollar its world currency status, a top Russian deputy told Anadolu Agency on Wednesday.

Anatoly Aksakov, who heads the Russian State Duma Financial Committee, said the dollar gained its “world currency” status in 1944 when, because of World War II, the national currencies of many countries were devalued while the dollar stayed stable. This resulted in more payments in dollars and its domination in international transactions.

“But today the U.S. administration is doing everything for the creation of a new world currency,” he said.

“More and more countries are considering transactions in national currencies. Meanwhile, the BRICS countries, which Turkey seems to be interested in joining, are discussing the possibility of creating a new currency for payments within the BRICS,” he said, referring to the bloc of Brazil, Russia, India, China, and South Africa.

The deputy said a BRICS currency would have good prospects, because the bloc possesses half of the world population, 30 percent of the world’s industry, and 40 percent of the world’s agriculture as well as the biggest natural resources deposits.

“The process of creating an alternative world currency can be completed within five years. It will depend on Washington, as the more the U.S. uses the dollar to exert pressure, the more motivation other countries will have to deny payments in the dollar,” he said.

Many countries have already refused the dollar, said Aksakov, citing how China has started buying oil using its yuan, Turkey has withdrawn its gold deposits from the U.S., and Russia has significantly decreased its investments in U.S. government debt.

“Once the alternative world currency appears, the dollar will lose its significance, costing it half its current value. And with the loss of the dollar’s value, the U.S. will lose its influence”, he said.

Currently, the U.S. gross domestic product is some $20 trillion, including $5 trillion in real income, with $15 trillion coming from other countries using the dollar, he said, saying we should consider what losing that $15 trillion would cost the U.S.

Separately, Leonid Slutsky, head of the State Duma’s Foreign Affairs Committee, told Anadolu Agency that Russia is standing by Turkey in a difficult situation.

“We are here, with our Turkish friends. We’re glad to see that lira has started to recover from the first shock,” he said.

“Russia got a similar shock when the ruble’s value fell sharply in 2014. But it’s not the end of days.

“Turkey has all the necessary resources — political will, intellectual power — to deal with this challenge. Turkey is not a country that can be suppressed by attacking its national value.”

AA.com.tr



116 Comments on "New world currency will topple dollar"

  1. Davy on Fri, 17th Aug 2018 8:04 pm 

    “That was not a month ago, you ignorant dumbfuck!”
    Well lookie there phony juan uses fuck again. LOL

    OK, juan you got me there but even a week ago is out of date. This is a crisis now and that article was then but you don’t get that because you were too concerned about a date format which goes to show where your intelligence level is.

  2. JuanP on Fri, 17th Aug 2018 8:06 pm 

    Delusional Davy “There you go again phony juan using that word. This is fun!!”

    Another lie from the board’s biggest liar. It is pretty obvious that you are not having fun with this, Exceptionalist, and your lying about it is pretty pathetic and doesn’t fool anyone. I am having fun with it, not you.

  3. Davy on Fri, 17th Aug 2018 8:07 pm 

    “If you say “The USA is part of the problem in Turkey” then you will have recognized and accepted this. Until you do, you are the fool. Can you say it?”

    Lol, phony juan is gaming. Read my comments and references until you do you are the fool. Can you read them?

  4. Davy on Fri, 17th Aug 2018 8:09 pm 

    “It is pretty obvious that you are not having fun with this”

    I am having fun but the board is annoyed so why don’t you just give it a rest phony juan. We know you are so tough and smart. Let some other people talk instead of projecting and screaming fuck all the time.

  5. JuanP on Fri, 17th Aug 2018 8:10 pm 

    Well, I honestly congratulate you on admitting you made that mistake. I admit that it was not an important matter. I wish you could do it more often, but well done. I would really like to be able to argue with you intelligently on a regular basis. You could be an asset to the board if you wanted.

  6. JuanP on Fri, 17th Aug 2018 8:11 pm 

    So, you prove me right by not being able to admit that the USA is part of the problem in Turkey.

  7. JuanP on Fri, 17th Aug 2018 8:12 pm 

    You are the one projecting constantly, Davy, not me.

  8. Davy on Fri, 17th Aug 2018 8:21 pm 

    “So, you prove me right by not being able to admit that the USA is part of the problem in Turkey.”

    Read what I said phony juan, you might learn something.

  9. Davy on Fri, 17th Aug 2018 8:22 pm 

    “You are the one projecting constantly, Davy, not me.”

    I need to document how many times he uses that word. lol. Are you like obsessive or stupid…probably both.

  10. JuanP on Fri, 17th Aug 2018 8:34 pm 

    Delusional Davy “I need to document how many times he uses that word.”
    Just keep track of your projections! ROFLMFAO!

  11. JuanP on Fri, 17th Aug 2018 8:36 pm 

    By not admitting that the USA is part of the problem in Turkey, Exceptionalist, you are admitting that you can’t admit it! You can’t win this one! ROFLMFAO!

  12. Davy on Fri, 17th Aug 2018 8:39 pm 

    come on phony juan try and learning something. I think it will do you good. I gave you two great reads above that represent my position.

  13. GregT on Fri, 17th Aug 2018 9:11 pm 

    You would have made a good father Juan.

  14. JuanP on Fri, 17th Aug 2018 10:02 pm 

    Thanks, Greg!

  15. Cloggie on Sat, 18th Aug 2018 2:28 am 

    Currently, the U.S. gross domestic product is some $20 trillion, including $5 trillion in real income, with $15 trillion coming from other countries using the dollar, he said, saying we should consider what losing that $15 trillion would cost the U.S.

    That is probably an exaggeration, but I do remember a silverheaded US media anchorman stating that without the US dollar as the world’s reserve currency, the US would lose something like 35-40% GDP buying power.

    Now let me see…

    https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

    That would downgrade the US from 59k to 35k or put the US in the same league as the Czech Republic.

    Or to put it differently: Davy would be home again, sort of.

  16. Boat on Sat, 18th Aug 2018 10:50 am 

    Clog

    Trump can tweet and several countries currencies drop. Check Turkey, Iran, and Russia for recent exampled.
    Semi related, China and Russia break sanctions by delivering products to NKorea. The companies involved will now be sanctioned. You gotta love it.

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