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| '''Dedollarization''' typically refers to the geopolitical process of substituting the US dollar for other currencies in strategic areas such as commodity pricing, foreign exchange reserves, and bilateral trade agreements.<ref>{{News citation|journalist=Gal Luft|date=2018-08-28|title=The anti-dollar awakening could be ruder and sooner than most economists predict|url=https://www.cnbc.com/2018/08/27/the-anti-dollar-awakening-could-be-ruder-and-sooner-than-most-economists-predict.html|newspaper=CNBC}}</ref>
| | #REDIRECT [[De-dollarization]] |
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| Since 1944, the US dollar, then backed by gold reserves, has been the primary [[global reserve asset]]. In 1971 the US dollars' gold backing was suspended permanently, which thus ushered in a historically unprecedented situation where the global reserve asset not backed by any hard assets as collateral.<ref>{{News citation|journalist=Mike Maharrey|date=2019-11-18|title=U.S. Federal Reserve Notes: “Money” Backed By Nothing|url=https://tenthamendmentcenter.com/2019/11/18/u-s-federal-reserve-notes-money-backed-by-nothing/|newspaper=Tenth Amendment Center}}</ref><ref>{{News citation|journalist=Taha Farooqui|date=2019-10-31|title=29 percent in US unaware what is US dollar backed by; study|url=https://www.cryptopolitan.com/29-us-unaware-what-is-us-dollar-backed-by/|newspaper=Cryptopolitan}}</ref>
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| Countries are becoming increasingly vocal in their pursuit of an alternative global reserve currency.<ref>{{News citation|journalist=Helmut Reisen|date=2009-06-20|title=Shifting wealth: Is the US dollar Empire falling?|url=https://voxeu.org/article/next-global-reserve-currency|newspaper=Vox EU CEPR}}</ref>
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| == Geopolitical importance ==
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| Some speculate that part of the reason for the imperialist destruction Libya was because Gaddafi sought to sell Libyan oil for gold and establish a "Gold Dinar" pan-African currency.<ref name=":0">{{News citation|journalist=|date=2011-05-05|title=Gaddafi gold-for-oil, dollar-doom plans behind Libya 'mission'?|url=https://youtu.be/GuqZfaj34nc|newspaper=|archive-url=|archive-date=|retrieved=|quote=}}</ref>
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| This has been likened to the earlier US attack on Iraq, who just years prior had switched its oil prices from dollars to Euros.<ref name=":0" /><ref>{{News citation|journalist=William Dowell|date=2011-06-02|title=Flashback: Petrodollar Warfare – Saddam abandons Dollar for Euro|url=http://empirestrikesblack.com/2011/06/flashback-petrodollar-warfare-saddam-abandons-dollar-for-euro/|newspaper=|archive-url=|archive-date=|retrieved=|quote=}}</ref>
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| In 2017, Venezuela was sanctioned after dropping the US dollar.<ref>{{News citation|journalist=Whitney Webb|date=|title=Venezuela Accused Of Drug Trafficking After Dropping U.S. Petrodollar|url=https://www.mintpressnews.com/venezuela-drug-trafficking-petrodollar/232056/|newspaper=|archive-url=|archive-date=|retrieved=|quote=}}</ref>
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| In 2021, Russia, China, and the EU are all increasingly interested in reducing their reliance on dollars in their trade.<ref>{{News citation|journalist=Divyanshu Jindal|date=2021-09-18|title=Russia, China and EU are pushing towards de-dollarization: Will India follow?|url=https://moderndiplomacy.eu/2021/09/18/russia-china-and-eu-are-pushing-towards-de-dollarization-will-india-follow/|newspaper=Modern Diplomacy|archive-url=|archive-date=|retrieved=|quote=}}</ref><ref>{{News citation|date=2021-07-23|title=De-Dollarization Efforts in China and Russia|url=https://crsreports.congress.gov/product/pdf/IF/IF11885|newspaper=Congressional Research Service}}</ref> This comes after the US threatened to suspend Russia's participation in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system for political reasons.<ref>{{News citation|journalist=|date=|title=Biden Threatens to Cut Russia Off From SWIFT Payment Over ‘Aggression’ Against Ukraine|url=https://21stcenturywire.com/2021/12/07/biden-threatens-to-cut-russia-off-from-swift-payment-aggression-against-ukraine/|newspaper=|archive-url=|archive-date=|retrieved=|quote=}}</ref>
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| == References ==
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