Editing Dedollarization (section)

==History==
===2000s===
In October of 2000, [[Republic of Iraq|Iraq]] announced it would price its oil sales in the Euro, moving away from the US dollar which [[Saddam Hussein|Saddam]] described as "the currency of the enemy."<ref>[https://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/ "U.N. to let Iraq sell oil for euros, not dollars"] (2000-10-30). ''CNN''.</ref><ref>[https://www.theguardian.com/business/2003/feb/16/iraq.theeuro "Iraq nets handsome profit by dumping dollar for euro"]. ''The Guardian''.</ref> The United States invaded Iraq three years later in 2003, after which the oil markets were reverted to being priced in USD.

In 2009, [[Muammar Gaddafi]], leader of [[Libya]] and President of the [[African Union]] at the time, suggested to the States of the African continent to switch to a new currency, independent of the US dollar: the gold dinar.<ref>[https://millenium-state.com/blog/2019/05/03/the-dinar-gold-the-real-reason-for-gaddafis-murder/ "Gold Dinar: the Real Reason Behind Gaddafi’s Murder"] (2019-05-03).</ref><ref>[https://www.africanexponent.com/post/7633-150b-reserves-and-0-debt-gaddafis-vision-for-a-debt-free-africa "How Muammar Gaddafi’s Vision for a Debt-Free Africa Led to His Death"] (2020-06-29).</ref> Two years later, in 2011, [[North Atlantic Treaty Organization|NATO]] invaded Libya and murdered Gaddafi.
===2010s===
[[Russian Federation|Russia]] and [[People's Republic of China|China]]'s central banks are among the largest buyers of gold in the late 2010s and into the 2020s. This shows a clear preference for accumulating hard assets as the perception of dollar-weakness (and US weakness) grows.<ref>Valuewalk (2020-11-27). [https://finance.yahoo.com/news/central-banks-keep-buying-gold-195134503.html?guccounter=1&guce_referrer=aHR0cHM6Ly9lbi5wcm9sZXdpa2kub3JnLw&guce_referrer_sig=AQAAABMl7O5QIsqLMwpLDNWIgWZFYH2U1-v58wS6ZQGM2dfERCRHY8yML3HQ4LdHPiG8pTR_1aS3qsZMDN5M6FnDlt1emY-4zh1JYad0ZjBye3GBlViHAmjwtsJV-_EriWen-vxYvcJo9GoWJQ6OBvK0NqAQjIH_4I4VDgdzx9X87V5F "Central Banks To Keep Buying Gold, Drive The Price"] ''Yahoo Finance''.</ref>

In 2017, [[Bolivarian Republic of Venezuela|Venezuela]] was sanctioned after dropping the US dollar.<ref>[https://www.mintpressnews.com/venezuela-drug-trafficking-petrodollar/232056/ "Venezuela Accused Of Drug Trafficking After Dropping U.S. Petrodollar"] by [[Whitney Webb]] of [[MintPress News]]</ref>
===2020s===
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the digital clearinghouse protocol for international inter-bank USD transactions, all transactions of which are cleared through the New York Federal Reserve Bank. SWIFT has been politicized and used as a financial weapon against states which find themselves in the poor favor of the USA.

In 2021, Russia, China, and the [[European Union|EU]] are all increasingly interested in reducing their reliance on dollars in their trade.<ref>Divyanshu Jindal (2021-09-18). [https://moderndiplomacy.eu/2021/09/18/russia-china-and-eu-are-pushing-towards-de-dollarization-will-india-follow/ "Russia, China and EU are pushing towards de-dollarization: Will India follow?"] ''Modern Diplomacy''.</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.

Following the [[2022 Russo-Ukranian conflict|2022 Russo-Ukrainian conflict]], Western nations voiced support for censoring Russia from the SWIFT system. Weeks later, the [[Eurasian Economic Union]] (EAEU) and China are confirmed to be working on an "independent international monetary and financial system"<ref>[[Pepe Escobar]] on [[Twitter]]: [https://twitter.com/RealPepeEscobar/status/1503466633066655744?s=20&t=uVkIQEbqC9jwJkiT367y1w "...On Friday, the Eurasian Economic Union (EAEU) and China decided to design the project for an INDEPENDENT INTERNATIONAL MONETARY AND FINANCIAL system. ..."] ''(Archived)''</ref><ref>"The EAEU and China will develop a project of an international financial system" (2022-03-14). ''Kapital.kz''.</ref> In 2022, the use of dollars for Russia–China trade dropped from 80% to 40% and yuan use rose from 1% to over 40% following Western [[Economic sanctions|sanctions]].<ref>Ben Norton (2022-12-26). "Russia dropping US dollar for Chinese yuan – and fast" ''Multipolarista''. Archived from the original on 2022-12-27. Retrieved 2022-12-27.</ref>

Increasingly, international investors are beginning to realize the risks associated with holding USD which are constantly debased through money printing (also known as quantitative easing, or QE). Investors recognize that Russia and China are propelling the global de-dollarization process.<ref>Louis Gave (2022-06-29). [https://youtu.be/IqoUP1YEeM0 "De-Dollarization Is Accelerating, Propelled By China & Russia | Louis Gave"] ''Wealthion''.</ref>

In 2022, [[Federative Republic of Brazil|Brazilian]] president-elect [[Luiz Inácio Lula da Silva|Lula da Silva]] proposed creating a new currency for international [[Latin America|Latin American]] trade called the Sur and strengthening [[UNASUR]]. [[Republic of Ecuador|Ecuadorian]] economist and politician [[Andrés Arauz]] said Latin America should reject the [[International Monetary Fund|IMF]] and help [[Africa|African]] countries relieve their debt.<ref>[[Ben Norton]] (2022-12-01). [https://multipolarista.com/2022/12/01/latin-america-us-dollar-currency/ "Latin America’s plan to challenge US dollar with new currency and ‘regional financial architecture’"] ''[[Multipolarista]]''. [https://web.archive.org/web/20221202011312/https://multipolarista.com/2022/12/01/latin-america-us-dollar-currency/ Archived] from the original on 2022-12-02. Retrieved 2022-12-04.</ref>