The United States dollar (USD) could suffer another huge blow that could send it down the drain as heads of the Shanghai Cooperation Organization (SCO) member states have made a landslide decision to conduct the majority of transactions in national currencies instead of the American dollar, following Iranian President Ebrahim Raisi’s proposal to ditch the dollar eventually.
Raisi warned against the world’s dependency on USD in global exchanges and pointed out the importance of de-dollarization to form a just international system, during a speech at the July 4 virtual 23rd SCO summit that was held after Iran gained full-fledged membership in the bloc.
“Based on the experience of the past decades, it is now obvious that militarism and the dominance of the dollar form the bases of the Western domination system,” the president stressed. “Therefore, any attempt to shape a fair international system requires the removal of this instrument of dominance in intra-regional relations.”
Prime Minister Narendra Modi chaired the meeting where Russian President Vladimir Putin, Chinese President Xi Jinping and Pakistan Prime Minister Shehbaz Sharif were also in attendance apart from Raisi. Another summit attendee, China’s Xi, has also called for an increase in the use of national currencies in trade between members of the SCO. Xi pointed to a variety of financial instruments that members should focus on to expand mutual economic ties.
“It is necessary to ramp up cooperation in sovereign digital currency and work on the establishment of an SCO development bank,” Xi stated, volunteering to provide its partners with access to Chinese markets and share its experience.
Moreover, Russian President Vladimir Putin revealed that Russia-China trade and economic cooperation already has over 80 percent of settlements between them that are currently made in rubles and yuan. Putin added that the trade volume between Russia and co-SCO countries reached a record $263 billion in 2022 and even went up by 35 percent in the first four months of 2023.
“The share of the ruble in Russia’s settlements with the SCO countries exceeded 40 percent,” the Russian president said. (Related: DE-DOLLARIZATION: China now uses the yuan for cross-border transactions more than it uses the US dollar.)
When Raisi visited Indonesia back in May, he and his Indonesian counterpart Joko Widodo declared they would stop using the dollar in their bilateral trade at a televised presser in Jakarta. They claimed they are now set to use the Iranian national currency, the rial and the Indonesian rupiah to replace the conventional U.S. dollar in their economic relations.
The recent movements of the said “influential” countries are already paving the way to a quicker USD demise. According to reports, the U.S. dollar’s share in global reserves fell ten times faster last year than over the past two decades. The fall accelerated after other countries saw Russia’s USD and Euro-denominated assets frozen abroad and Moscow cut from the SWIFT global financial messaging system.
In fact, U.S. Secretary of the Treasury Janet Yellen has recently admitted that the dollar’s role as the world reserve currency could diminish due to Washington using its leverage over the global financial system to pursue its geopolitical goals through sanctions.
The weaponization of the dollar drives central banks away from USD
In yet another event on May 23-25, Iran was hard at work in the promotion of the collapse of the USD. When Tehran hosted the 51st Annual Summit of the Asian Clearing Union (ACU), members of the said payment arrangement between the central banks agreed to move away from USD.
The meeting was attended by the Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of India, Central Bank of Iran, Maldives Monetary Authority, Central Bank of Myanmar, Nepal Rastra Bank, State Bank of Pakistan and Central Bank of Sri Lanka as well as representatives from Afghanistan and Belarus and the governor of the Russian central bank.
Iran’s First Vice President Mohammad Mokhber emphasized that steering away from the American dollar is not a voluntary choice anymore. “In fact, it is a response to the weaponization of the dollar. The weaponization of the dollar during the past few decades has forced nations to reduce their reliance on the currency,” Mokhber said, pointing out that the U.S.’s influence around the world is seriously threatened by the dollar’s decline. He said Iran is prepared to improve its financial and economic links with other countries, especially ACU member states.
Read more about the death of the U.S. dollar at DollarDemise.com.
Leave a comment about this post and follow more financial news on my Economic Collapse Substack.
Sources for this article include:
How to Prepare for Food Emergencies if You Don’t Have a Homestead or Bunker
In an unpredictable world, where supply chain disruptions, natural disasters, or economic instability can strike without warning, having a reliable food supply is more than just smart—it’s essential for survival. Whether you’re a “prepper” or not, we all know the golden rule: self-sufficiency is key. But what if you’re living in an apartment, working long hours, or simply don’t have the land to turn into a thriving homestead? Don’t worry; there’s a practical, effective way to build your food security without needing acres of soil or a fortified bunker.
The Ideal Prep: Building Your Own Food Empire
The ultimate dream for any serious prepper is controlling your own food production. Imagine waking up to a sprawling garden bursting with fresh vegetables, fruits, and herbs—tomatoes ripening on the vine, potatoes ready to harvest, and greens that provide nutrition year-round. Add in livestock like chickens for eggs and meat, and you’ve got a self-sustaining system that keeps your family fed no matter what chaos unfolds outside.
This approach isn’t just about calories; it’s about resilience. A well-maintained garden can yield hundreds of pounds of produce annually, while a small flock of chickens might produce dozens of eggs weekly. It’s empowering, cost-effective in the long run, and teaches invaluable skills like crop rotation, animal husbandry, and preservation techniques. If you have the space, time, and resources, starting small and scaling up is the best path to true independence.
The Reality Check: Not Everyone Can Homestead
But let’s face it—not all of us are in a position to go full homesteader. Urban dwellers might be limited to a balcony or community plot that’s far from sufficient for long-term needs. Busy professionals juggling jobs, families, and daily life often lack the hours required for daily tending. And for those in apartments, condos, or regions with harsh climates, raising livestock or maintaining a large garden simply isn’t feasible. Factors like zoning laws, soil quality, water access, or even physical limitations can make this ideal out of reach.
That’s where the frustration sets in. You want to be prepared, but without a homestead or bunker, how do you ensure your pantry doesn’t run dry during a prolonged crisis? The good news is, you don’t have to sacrifice your preparedness goals. There’s a smart, accessible alternative that bridges the gap: investing in high-quality, long-term storage food.
The Smart Alternative: Long-Term Storage Food from Heaven’s Harvest
Long-term storage food is designed for exactly these scenarios—providing nutrient-dense, shelf-stable meals that last for decades without refrigeration or special conditions. It’s the perfect solution for preppers who can’t rely on fresh production but still demand reliability and variety in their emergency stockpile.
At Heaven’s Harvest, they specialize in premium survival food kits that make preparedness effortless. Their products are crafted with the prepper mindset in mind: non-GMO, made in the USA, and packed with real ingredients that taste like home-cooked meals, not bland rations. Whether you’re stocking up for a short-term blackout or a long-haul SHTF event, our kits offer:
- Extended Shelf Life: Up to 25 years of storage, so you can buy once and forget about rotation worries.
- Nutritional Balance: High-protein entrees, fruits, vegetables, and dairy alternatives to keep your energy up and health intact.
- Ease of Preparation: Just add water, and you’ve got hearty meals like beef stroganoff, chili mac, or cheesy lasagna ready in minutes—no garden weeding required.
- Customizable Options: From individual buckets to family-sized kits, scale your supply to fit your needs and budget.
- Peace of Mind: Sealed in durable, waterproof containers that protect against pests, moisture, and light.
Unlike generic store-bought cans that spoil quickly or lack variety, Heaven’s Harvest focuses on quality and sustainability. Our food is freeze-dried or dehydrated to lock in flavor and nutrients, ensuring you’re not just surviving but thriving. And for those concerned about allergens or dietary preferences, we offer gluten-free and vegetarian options to keep everyone covered.
Why Wait? Secure Your Food Supply Today
Preparing for food emergencies doesn’t require a homestead or bunker—it requires action. By choosing long-term storage food from Heaven’s Harvest, you’re taking control in a way that fits your lifestyle. Start small with a 72-hour kit to test the waters, or go all-in with a year’s supply for ultimate security.
Visit Heaven’s Harvest today and use code “PATRIOT” for an exclusive discount on your order. Don’t let limitations hold you back; build your resilient future, one meal at a time. Your family will thank you when it matters most.
