Thanks to Donald Trump, this trend has majorly accelerated this year who is bent on destroying his own country and the reason it is No 1 which is due to the global usage of the US dollar.
Just on 12 Aug 2018, Iran dumped the US dollar in it's global trade transactions.
Last night on 17 Oct 2018, Venezuela has announced that they will dump the US dollar completely from their international trade.
Just last month on 12 Sept 2018, China and Venezuela strengthened their bilateral ties.
In Sept 2017, Venezuela had already published the price of oil in Yuan for the very first time.
As we have warned that US dollar will severely correct, now finally, after so many years, the first analcyst has agreed with our views.
The analyst predicts that the dollar will fall to $2 per euro and 75 yen per dollar by 2024, corresponding to 41 percent and 33 percent losses, respectively.
We still disagree, it will not happen until Saudi Arabia/UAE accept yuan for oil instead of US dollar for oil.
After China and Japan, India is the third largest buyer of oil from Saudi Arabia.
Currently, India is negotiating with Saudi Arabia to buy oil in something besides US dollar including in Indian Rupees.
PM Modi of India spoke directly to the Saudi Energy Minister Khalid A Al-Falih this week in New Delhi.
All this is leading Saudi to their day of reckoning when China and India do not wish to buy more Saudi oil due to a currency that Saudis force everyone to buy in.
If you carefully read the Chinese official news agency they already mentioned that Venezuela may use yuan besides Euro for their global trade including oil.
Venezuela on Tuesday said it would use the euro, yuan or other convertible currency instead of the U.S. dollar as the hard currency of choice for international and currency exchange transactions.
Even UK is planning to go in their international trade with Russia without US dollar this week.
Turkey is also planning to do more trade with Qatar, Russia, Iran, Iraq and China without the US dollar.
From Iran to Venezuela to Nigeria to Russia to Iraq etc, all major oil producers have been accepting yuan for oil, Russians are making major plans to move away from oil for dollars as well including with China and UK who are major trade partners on the world stage.
Germany as well wants to move away from the sanction led tantrums of America and the US dollar.
Germany Wants To Create A New Monetary System WITHOUT The US
We still need to wait for the ongoing Saudi collapse to worsen (because of their difficult decision whether to ditch the US dollar or not) and the murder mystery of the Washington Post journalist to resolve and finally wait for Saudi to decide whether they will accept yuan or not, until then, US dollar will remain the "strongest" even though major countries have moved away and therefore Saudi remains the sole last obstacle in the severe correction of the US dollar globally.
This is the reason Trump is going easy and defending the Saudis on the murder of Washington Post journalist because he knows that if Saudis ditch the US dollar, the stability of the entire nation of America is at stake.
Saudis are no fools, they have already issued a written warning to Trump that they will shift to oil in yuan.
We warned about this 3 days ago. quoting the Saudis themselves.
Just imagine, Iran and Venezuela have formally ditched the US dollar in the last 2 months.
How long can Saudis wait before their entire oil market disappears to other sellers of oil?
The sale of Saudi oil in yuan will happen nonetheless because Saudi has no choice, even with the support of Trump, they are running low on cash to save their peg, save their nation and want to sell more oil which is not possible because almost all major buyers from China to India want to buy Saudi oil in anything but the US dollar.
Saudis are at the cross roads and will need to decide anytime within the next several months, according to our estimates.
Let us see how long they take because decide they must else their economic situation will keep worsening taking them to the point of even more domestic upheaval and towards bankruptcy.
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