The dollar monopoly over global payments can soon become part of history

The video distributed on social media, which contains a virtual image made with the artificial intelligence of Donald Trump, may not exceed “Nike” shoes because it is just a mockery of the US president’s absurd efforts to make out to the country by eliminating bilateral advertising. But these memes carry something of the truth. Farmers, fishermen and factory workers around the world to earn a $ 100 paper printed by the US Federal Reserve without any cost. This unique privilege, described by a French politician in the sixties of the last century as a ‘heavy concession’, reached a turning point through the Customs War. An imminent end of the dollar monopoly on payments in terms of the future of the US dollar, either, whether in terms of its value or its role as a safe haven for central banks and investors, there is one thing that has become clear: the dollaronopoly on the global payment system – where it is used in 88% of all transactions. I realized this fact during a short trip to Vietnam this weekend. In the city of Hui Ann, who was a commercial port dating back to the fifteenth century and then changing a tourist destination, the captains and shoes pay the taxi tariff carrying visitors to their stores, and they also pay commissions for hotels in exchange for guests to direct them. But if they are not forced to impose a 3% fee on credit card payments, they would be able to offer larger offers to attract shopping malls, such as raising prices by only 1% with a free meal voucher to customers who spend large amounts- if they buy an extra shirt linen. So the buyer wins as well as the seller. The dollar is the reason for their inability to provide such promotional offers, or, more precisely, the global financial system based on the idea that any group is run using a credit card or a foreign discount to be activated by a range of expensive operations supported by the dollar. For 18 most important currencies around the world they are bound without the operations, these costs are almost unmatched. But for the Vietnamese dong, and most of the other Asian currencies, it forms a burden that cannot make clothes and shoes very competitive and narrowing margins. So the cost is full – and sometimes more – on the buyer, who would have preferred to eat a free meal. Complex and costs within the role of the dollar as mediator. For example, take what happened to me: to pay to adapt in Hui Ann, my banker was forced to acquire the local currency, which has no liquid market outside Vietnam. So it is very likely that my money was turned into Dollars for the first time in Hong Kong, and after reaching Vietnam, it was turned back to the Vietnamese dong. Almost 40% of the dollar’s daily trading volume of $ 7.5 trillion comes from its role as a value of value. Neither the buyer nor the seller has a direct interest in it, but they cannot make the agreement without it. Trump realizes America’s private position; He threatened to impose 100% customs duties on countries trying to provide alternatives to US criticism in the resolution of commercial transactions. For example, any public and wide shift – as if Saudi Arabia could cause the oil in a currency other than the dollar – could cause Washington’s dissatisfaction. But the White House does not have to control the least troubled transformations found in the scenes within the global payment system. Since Trump’s inauguration, references to the division of the global monetary system have emerged in two blocks; One of them is west and the other east. The trade war launched by the US president may have deepened this division, but the separation lines are being drawn between the United States and the rest of the world today, and not just between the West and the East. Alternative systems for the dollar, including digital currencies, I can now push a Thai trader directly with the pubs of my Hong Kong bank account, once the quick response code is wiped out. Vietnam plans to launch a similar system that connects her to Singapore. These links take place between commercial institutions, with third parties providing currency conversion services. Some central banks in Europe also work with their peers in Asia to study the possibilities of automatic transformation using “blockchain” technology. And if these experimental projects succeed, the brokers may not be necessary, as the software integrated into digital copies of paper currencies will be undertaken by the role of money speakers, so the dollar will not be necessary to play the role of mediator in transactions that do not include Americans. This is only one between many experiments currently underway to improve the efficiency of retail payments. These efforts are based on transfers of foreign workers worth $ 800 billion, and then spend tourists. In Asia, tourists currently spend an average of 7.4 days, an increase of 1.3 days compared to before the pandemic, according to the latest data of “MasterCard”. For small businesses in unknown beach towns that compete with large companies in more famous tourist destinations, every hour has its value and the expensive payment system is a source of discomfort, but it has so far been tolerated because there is no cheaper alternative, and the concentration of policymakers in Asia has long been focused on the execution of goods, as it is a much larger economic opportunity. A quick turn of the dollar to customs duties, but everything has changed since the imposition of mutual customs duties on April 2. Chinese president Xi Jinping was about to reach Vietnam completely while I leave. Beijing promoted the MBRidge initiative that enabled financial institutions to exchange the digital currencies issued by its central banks to establish over the border claims. If the Trump administration will disturb friends and enemies to bring about a false vision of manufacturing dependent on intensive labor, it must be ready to set up geopolytically and erode at least one form of the particular America. Those who still see that the dollar is a relatively safe origin that it may want to retain, as long as the United States remains the dominant power in the world. But for tourists who buy shoes or shirts in Vietnam, the additional fees with 3% on payments are a disappointing loss that can be avoided after separation and success in obtaining a good discount on goods. Instead of carrying the exaggerated fees for the company “Visa” and its partner banks, it seems that dinner in the “Morning Glori” restaurant in Hui an more fair job is for me while waiting for the last buttons to fuck my shirt.