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It hasn’t even begun to begin.
RT:
The share of the US dollar in global financial settlements dropped in February, according to the SWIFT interbank transaction system.
The use of the greenback fell 1.07%, down to 38.85% of all global transactions conducted via SWIFT. However, on a yearly basis, the dollar’s share was still up by 0.42%.
The share of settlements in euro, on the other hand, rose in February by 1.23%, to 37.79%. The euro has increased the most among the top 5 global currencies year on year.
There is going to be a lag on this, as everyone is figuring out how to deal with the fact that the United States is now the mad brute and has weaponized the dollar system against its enemies.
If it was just a drop of 1% a month, that would effectively mean a drop of 1% of the value of the dollar every month, on top of the inflation we already have. But it’s going to be bigger than that.
(NB4 economic lecture about how “it doesn’t work that way” – I know it’s not literally 1-1, but the dollar’s value is literally based on trade.)
Don’t hold dollars, folks.
