Noone really wants to use the dollar; it's just that there has been no reasonable alternative. As soon as people settle on an alternative (which the BRICS intend to supply) the run from the dollar will be the biggest financial storm the world has ever seen.
The only thing that has been keeping hyperinflation due to Fed printing at bay is that everyone still needs to use dollars. Produce an alternative that is functional and even slightly more trustworthy than the Fed-manipulated dollar and the dollar goes up in flames.
Yup.
The BRICs Are Morphing Into An Anti-Dollar Alliance - 2 July 2014
We've done a lot of work on the ruble-yuan swap deal in order to facilitate trade financing. I have a meeting next week in Beijing, she said casually and then dropped the bomb: We are discussing with China and our BRICS parters the establishment of a system of multilateral swaps that will allow to transfer resources to one or another country, if needed. A part of the currency reserves can be directed to [the new system]. (Prime news agency) It seems that Kremlin chose the all-in-one approach for establishing its anti-dollar alliance. Currency swaps between the BRICS central banks will facilitate trade financing while completely bypassing the dollar. At the same time, the new system will also act as a de facto replacement of the IMF, because it will allow the members of the alliance to direct resources to finance the weaker countries. As an important bonus, derived from this quasi-IMF system, the BRICS will use a part (most likely the dollar part) of their currency reserves to support it, thus drastically reducing the amount of dollar-based instruments bought by some of the biggest foreign creditors of the US.
I have one question. When you say "the dollar is dead" do you mean that it's dead as the only vehicle for global financial transactions? That will cause higher interest rates and inflation. But won't the dollar still be the medium of exchange in the US? Can't I safeguard against the financial future if I don't have debt I can't pay off and I don't need to purchase anything except the day-to-day necessities?
It's incomprehensible how the dollar has been destroyed by both GWB and Obama. Longterm, letting the recession play out and let the "too big to fail" entities fail would've caused far less damage.
Correct me where I'm wrong, please.