A famous economist predicts the disappearance of the dollar...and defines Saudi Arabia's role in it!

Arab and international
Economy News / Baghdad
Views 2
Added 2023/02/08 - 5:42 PM
Updated 2023/02/08 - 5:42 PM
https://economy-news.net/content.php?id=32367

Arab and international
Economy News / Baghdad
The famous economist, Nouriel Roubini, warned of the failure of the US dollar due to the rise of the bipolar currency system as a global currency, saying in an economic article that the replacement of the Chinese renminbi may replace the US dollar due to a series of measures that the Chinese government has been implementing since the imposition of Corona restrictions.
Roubini added that given the increased use of the dollar for national security purposes, and the growing geopolitical competition between the West and other powers such as China, Russia, Iran and North Korea, the talk about de-dollarization is accelerating, especially in light of the measures taken by the US government to use the dollar by its competitors through the imposition of sanctions. This is one of the reasons for the emergence of a bipolar system in the next decade.
At the same time, the economist talked about the false adoption of the dollar by economies in less developed countries, which brings strong disadvantages, as the current system makes emerging market economies financially and economically vulnerable to changes in US monetary policy driven by domestic factors such as inflation.
Also, Nouriel Roubini emphasized that Saudi Arabia has already settled some transactions using the Chinese renminbi and that this may prompt other countries in the region to follow this example, which in turn may lead to the replacement of the dollar.
In this context, the BRICS grouping revealed that it is working to create its own currency, as a step to get rid of the influence of the United States and the International Monetary Fund on the economies of the grouping countries. The presidents of Argentina and Brazil also announced that they had begun working on a common currency that would serve as a tool for the settlement of payments between Mercosur and BRICS countries. Also according to Roubini, the launch of CBDCs, and the growing use of private payment applications such as Wechat in China, will also contribute to the replacement of the dollar.
It is noteworthy that the famous economist, Nouriel Roubini, stated earlier that the global economy faces economic and non-economic risks, including concern about high inflation and stagnation in addition to inflationary stagnation, and that the continuous rise in interest rates will make the indebtedness ratios of the private and government sectors unsustainable. Which will lead to stumbling, and there is a lot of talk about deglobalization and about protectionism and divisions in the global economy.
Views 2
Added 2023/02/08 - 5:42 PM
Updated 2023/02/08 - 5:42 PM
https://economy-news.net/content.php?id=32367
» Iraq is close to activating an agreement with "Total" worth 27 billion dollars
» Al-Rafidain: The interest rate for advances of employees and retirees is 5%, calculated using the st
» Ministry of Commerce: We have contracts to supply food basket materials for the next 6 months
» The House of Representatives sets the date for holding provincial elections
» The international coalition affirms the continuation of efforts to eliminate terrorism in Syria and
» Al-Halbousi and the Secretary of "OPEC" discuss the future vision of the oil market
» Parliament holds its session chaired by Al-Halbousi, in the presence of 171 deputies
» The House of Representatives votes on the date of the provincial elections
» Parliament votes on Articles (15, 16) of the Elections Law
» Parliament postpones its session to next Saturday
» Al-Rafidain determines the interest rate for the advances of employees and retirees
» Zaidan and Fadel discuss the judicial procedures of the Ministry of Electricity
» Saudi Trade Minister arrives in Iraq
» Iraq and Saudi Arabia are discussing the role of the judiciary in protecting the safe environment fo
» Iraq is on the international list eligible for international accreditation
» Western newspapers: The real lesson of the invasion of Iraq.. Spies and allies may lie to you
» The national card.. Miserable services that are not suitable for the citizen, despite the huge amoun
» The New York Times: The invasion of Iraq unleashed the dominant Shiite genie in the Middle East
» Parliamentary Finance: The new ladder is concerned with the nominal salary and allocations from the
» Why did Exxon Mobil sell its stake in the West Qurna field?
» Highlights of the parliament session for this Saturday
» The Commercial Bank of the Kurdistan Region resumes selling dollars to tourists at the official rate
» In his latest appearance... Paul Bremer admits that two decisions he made while he was in charge of
» Al-Rafidain Bank determines the term for repayment of electronic advances: from 5 to 25 million dina
» Parliamentary energy: large allocations for electricity in the budget and the trend towards self-suf
» Al-Sudani opens today {Baghdad International Dialogue}.. and the agenda of the conference
» An economic center: the salary scale has been locked up in Parliament since 2015
» Member of the Parliamentary Foreign Ministry: The Baghdad Dialogue Conference strengthens Iraq's rol
» Integrity detects manipulation and theft in the Health Department and the Agricultural Supplies Comp
» Planning announces the details of the Social Fund for Development plan
» Shaddad: We seek to compel the oil companies to allocate $5 million to train Iraqi workers
» Parliamentary investment: Iraq's investment cannot be developed by 23% of the budget
» Abdullahian: The relationship with Riyadh has returned to normal after the Baghdad talks
» Shamkhani to Al-Araji: Strict implementation of the security agreement between the two countries wil
» A security expert warns of America's support for terrorism to create hot spots in Iraq
» Al-Sudani bypasses the American veto and proceeds with his government program
» Al-Kinani: Washington's ambassador to Baghdad has exceeded her authority and is seeking to achieve a
» Oil prices, the deficit and the Kurds... The budget is still hovering in the corridors of Parliament
» Parliamentary Finance: The salary scale is a prerogative of the government and does not need parliam
» The "Halbousi Fund" is in the hands of Al-Sudani and major corruption files awaiting exposure
» The frame accuses Turkey of keeping 600 billion cubic meters of water to thirst Iraq and blackmail i
» Al-Sudani: The Baathist regime still threatens the state and its reforms
» State of law: Everyone agrees on "St. Lego" and there are no obstacles to passing it today
» Poll: The majority of Americans believe that invading Iraq is a "wrong decision" after 20 years
» An Economist Takes 8 Preliminary Notes On The 2023 Triennial Budget
» The Central Bank’s Sales Of Dollars In The Currency Auction Decreased By 18.5%
» The Minister of Commerce opens the marketing outlets, coinciding with the advent of the holy month o
» The Ministry of Planning announces the details of the annual plan of the Social Fund for Development
» Al-Salihi: We will not allow the passing of the Provincial Council Elections Law without including A
» Haider Makiya arrives in Saudi Arabia at the head of an investment delegation
» Al-Rafidain determines the period for paying electronic advances to employees, defense and interior
» Oil Money Account: A Step to Settlement Between Baghdad and Erbil, or a Temporary Calm? Report provi
» Minister of Oil: We import more than half of the country's need for gasoline
» Masoud Barzani reveals undisclosed details about the overthrow of Saddam Hussein's regime amid the I
» Iraq's oil exports to America increased by 81,000 barrels per day within a week
» Iraq increases its holdings of US Treasury bonds
» A slight decrease in dollar prices in Baghdad and Erbil
» Al-Sudani complains about the remnants of Saddam's regime in the joints of the state and confirms th
» The Minister of Interior agrees to include four categories of granting licenses to possess and carry
» Low bank sales of dollars in the currency auction
» Oil: The tire gas system achieves financial and economic returns that are in the interest of the dri
» The Minister of Electricity holds a meeting to find out the problems of transmission and distributio
» “No exceptions.” Parliamentary speech regarding the new salary scale
» Al-Rafidain: 60 months is the period for repayment of electronic advances
» Al-Sudani: We drew an ambitious program for the advancement of Iraq and gave the private sector an i
» Low central bank sales of the dollar in today's auction
» An economic center talks about the "impossibility" of applying a new salary scale this year
» A parliamentary committee is heading to open the file of oil licensing rounds
» The decline in oil prices threatens the new budget, and a government advisor talks about the exacerb
» The forces of democratic change set conditions for approving the new election law and warn against t
» Hanan Al-Fatlawi: Instead of re-balancing, we have to amend some of its paragraphs
» An economist reveals the fate of the agreement to sell oil to Jordan at reduced prices
» The World Food Organization trains 300 young people in Babylon
» Cabinet Secretariat: We are working on the active participation of women in decision-making
» Al-Sudani inaugurates {Baghdad International Dialogue Conference - 5}
» Parliamentary Energy: Substantial support for the electricity sector in the budget
» Increase the social benefits of licensing rounds
» The recovery of oil markets and the fiscal surplus support the budget
» Al-Sudani: We are determined to rebuild Iraq with a drawn road map
» Parliamentary Oil: We are going to open the licensing rounds file
» Dhi Qar offers fifty investment opportunities to establish residential complexes
» Mazhar Saleh: There are no concerns about the "triple" budget, and it may change
» An Iraqi bank begins its business in Saudi Arabia
» https://alsabaah.iq/73582-.htmlFood markets.. commercial fraud and absent control
» Economists: Most of the merchants without a banking culture
» Talal Al-Zobaie: Approval of a tripartite budget cuts off the path of bargaining
» Shamkhani arrives in Baghdad on Sunday to sign a tripartite memorandum of understanding
» A deputy reveals a "current" within Parliament working to thwart the three budgets
» The launch of the Fifth Baghdad Dialogue Conference, in the presence of Al-Sudani
» Al-Sudani: We have drawn up a comprehensive program, and we will not tolerate any imbalance that exp
» Ittihad issued a "strong" statement against the adopters of the proposed election law
» Al-Sudani visits Turkey at the head of a government delegation.. Water and the PKK are the most prom
» A deputy reviews 3 "unprecedented" advantages in the budget that occurred at the hands of the Sudane
» Member of the Energy Committee: Siemens and General Electric are working to end the electricity file
» Parliamentary Finance: The drop in oil is temporary and will not affect Iraq's budget
» Iraq's oil exports to America increased by 81,000 barrels per day
» The Central Iraqi sales decreased to about 191 million dollars
» Secretary of the Iranian Supreme National Security Council, Ali Shamkhani, arrives in Baghdad