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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Echoes of Trump’s Threats: Iraq Considers Its Future Away from the Dollar

    Rocky
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    • Post n°1

    Echoes of Trump’s Threats: Iraq Considers Its Future Away from the Dollar Empty Echoes of Trump’s Threats: Iraq Considers Its Future Away from the Dollar

    Post by Rocky Tue 03 Dec 2024, 6:48 am

    [size=38]Echoes of Trump’s Threats: Iraq Considers Its Future Away from the Dollar[/size]


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    December 3, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala: In light of the escalating tensions in the global financial system, former US President Donald Trump is exerting renewed pressure on countries to adhere to using the US dollar as the global reserve currency, which may create unexpected repercussions that may affect the dollar’s ​​position in global markets.
    This pressure, which comes from Trump's well-known positions in using tariffs as a political tool, may reinforce trends seeking to move away from dependence on the dollar, and accelerate the steps of countries wishing to reduce their use of the American currency.
    Although the dollar dominates more than 88% of foreign exchange trading, reflecting its exceptional power as a global lending and reserve instrument, experts say Trump’s attempts to boost the use of the dollar could backfire.
    The mounting pressure could prompt some countries to look for alternatives to the dollar to avoid the risk of U.S. dominance, says Rodrigo Cattral of National Australia Bank. Cindy Lau of Avanda Investment Management says Trump’s moves are aimed at preserving the dollar’s ​​dominance as a safe store of value, which could make countries more determined to settle trade in their own currencies.
    What highlights the impact of this policy on Iraq is that as a country dependent on an oil-based economy, it may come under increasing pressure as moves are made towards concluding trade agreements away from the dollar.
    Iraq, which is closely linked to the global financial system through its oil exports, may find itself in a position that requires changing its financial and trade strategies to avoid excessive dependence on the dollar, which may reflect on its economic stability.
    Countries such as China, Brazil and India have already begun to trade in their local currencies, a move that could mark the beginning of a new era in the international trading system. Meanwhile, Ulrich Leuchtmann of Commerzbank said the dollar’s ​​continued dominance will be challenged by increasingly self-serving US policy practices.
    These developments may prompt Iraq to consider proactive steps to keep pace with future transformations, to secure its economic position in a world witnessing transformations that may threaten the stability of the current financial system.
    Although Trump’s threats may not lead to an immediate collapse of the dollar’s ​​dominance, their long-term impact will be an incentive for other countries to seek ways to achieve greater economic independence, which may require Iraq to take measures to ensure the sustainability of its economy in this changing landscape.
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