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The Great Dollar Paradox
by James Rickards Daily Reckoning
The de-dollarization story is everywhere.
You see it in publications from The New York Times to The Economist and in financial media including CNBC, Fox Business and Bloomberg.
The idea is that countries around the world are preparing to ditch the dollar. This takes many forms including efforts by China to pay for imported oil from Saudi Arabia and the UAE with yuan and a major bilateral agreement between China and Brazil that allows each country to pay for exports from the other using their local currencies.
Russia got in the act by agreeing to receive rupees for oil delivered to India and paying for imports from China with rubles.