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☆ For Argentina, Dollarization May Work Better on YouTube Than in Reality
▼ + stars: | 2023-11-21 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

Javier Milei wants to adopt the U.S. dollar as Argentina’s national currency. Photo: Luciano GonzALez Torres/Xinhua/Zuma PressArgentina’s anarcho-capitalist president-elect is right that the country desperately needs dollars. But his economic plan for getting them may be the wrong one. Javier Milei ’s victory over Economy Minister Sergio Massa in Sunday’s presidential election showed how eager Argentines are to embrace change. Milei, an outsider who became popular on YouTube and TikTok, has promised to “chain saw” public spending, eschew China-friendly overtures and, most eye-catchingly, “burn down” the central bank and adopt the U.S. dollar as the national currency.

Persons: Javier Milei, Luciano GonzALez Torres, Javier Milei ’, Sergio Massa Organizations: U.S, Xinhua, Zuma Press, Economy, YouTube Locations: Sunday’s, tatters, China

A large depreciation didn’t fully materialize; rather, the dollar’s value in the parallel retail market – popularly known as the “blue dollar” – increased some 13%. Milei, an outsider and right-wing populist, has also accused the Central Bank of recklessly printing money in order to fund public spending. The government has made access to foreign currency increasingly more stringent, which has caused the parallel market to flourish. “It isn’t exactly full, but there’s a lot in there,” she said, declining to provide her last name because trading foreign currency under the table is illegal. “Listening to the radio and looking on the internet, there isn’t any craziness about dollar, dollar, dollar,” he said.

Persons: Leandro Francisco Diana, Javier Milei, “, ”, Diana, Villa Crespo, Milei, Javier, Giselle, Argentina isn't, Maria Castiglioni, ” Castiglioni, Alexi Hoyos, Hoyos, ” Diana, videojournalist Mauricio Cuevas Organizations: U.S ., U.S, Central Bank, Radio Mitre Locations: BUENOS AIRES, Argentina, Buenos Aires, New York, Miami, Florida

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

☆ Argentina's new president Javier Milei thinks adopting the US dollar can rescue its screwed economy
▼ + stars: | 2023-11-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

He thinks replacing the peso with the dollar can tame hyperinflation and revive the battered economy. Prominent economist Steve Hanke — a champion of Milei's dollarization drive — posted on X after the results were announced that the candidate's proposal was "clearly a vote-getter." REBUILDING ARG'S ECONOMY = DOLLARIZATION. AdvertisementDespite its economic woes, Argentina's economy was worth $633 billion in 2022, making it the world's 23rd-largest economy. Critics of Milei's dollarization plans cite major challenges for Argentina against its backdrop of hyperinflation, economic crises, and political instability.

Persons: Javier Milei, —, Javier Milei's, Milei, Milei's, dollarize, Steve Hanke —, Milei’s, Steve Hanke, Milei's dollarization, There's, Markus Jaeger, Jaeger Organizations: Service, Johns Hopkins University, Argentine, Argentina, International Monetary Fund, Business Locations: Argentina, Argentine

☆ China and Saudi Arabia sign a $7 billion currency swap agreement, adding to de-dollarization push
▼ + stars: | 2023-11-20 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

China and Saudi Arabia signed a currency swap agreement worth around $7 billion. China's o utstanding balance of forex swap lines hit a record 117.1 billion yuan, Bloomberg reported. AdvertisementChina and Saudi Arabia reached a currency swap agreement worth around $7 billion, marking another step in the dedollarization trend as countries around the world shift away from the greenback. The three-year deal allows for a maximum of 50 billion yuan or 26 billion riyals. And although Russia is China's top oil supplier, China imported $65 billion worth of Saudi crude oil in 2022, according to Chinese customs data cited by Reuters.

Persons: — Organizations: Bloomberg, Service, greenback, Reuters, RBC, JPMorgan, Initiative Locations: China, Saudi Arabia, dedollarization, Russia, Argentina, Beijing, Peru, Malaysia

☆ Argentina investors on edge as Milei decides who to put in economic hot seat
▼ + stars: | 2023-11-20 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +4 min

"Who is appointed...as central bank president and economy minister, and the details of an urgent economic stabilization plan without a majority in Congress, will be the key for asset prices in the days ahead." The Economy Ministry is always a hot seat, with Argentina a nine-time debt defaulter caught in a decades-long boom-and-bust cycle. Milei will take office on Dec. 10 after beating ruling Peronist coalition Economy Minister Sergio Massa. "Milei said that he is going to reorganize the central bank instead of imploding it or shutting it down. The new economy minister will have to negotiate a new programme with the IMF "relatively quickly" to avoid entering arrears with the fund, Morgan Stanley said on Monday.

Persons: Milei, Macri, Javier Milei, Milei's, embolden Milei, Armando Armenta, defaulter, Sergio Massa, Hans Humes, Humes, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Emilio Ocampo, Mauricio Macri, Juan Manuel Pazos, Pazos, Morgan Stanley, Morgan Stanley ´, Massa, Jorgelina, Adam Jourdan, Kirsten Donovan Organizations: Monetary, Ministry, Peronist, Economy, Greylock Capital Management, Reuters, Thomson Locations: BUENOS AIRES, South, AllianceBernstein, New York, Argentina, Argentine, Buenos Aires, Washington, refinance, Santiago del Estero, Formosa, Rosario

Milei, who is pledging economic shock therapy such as shutting the central bank and dollarization, won a second-round runoff vote on Sunday with some 56% to rival Sergio Massa's 44%. Milei now faces the huge challenge of turning around the economy once he takes office on Dec. 10. "It is an economy that is in intensive care," said Miguel Kiguel, a former undersecretary of finance at the Economy Ministry in the 1990s. A central bank poll of analysts forecast 185% inflation by the end of the year. In a bid to tamp down inflation Argentina's central bank has hiked the benchmark interest rate to 133%, which encourages saving in pesos, but hurts access to credit and economic growth.

Persons: Javier Milei, Sergio Massa's, Milei, Miguel Kiguel, Lucio Garay Mendez, Vaca Muerta, Eugenio Marí, Hernan Nessi, Adam Jourdan, Daniel Wallis, Chris Reese Organizations: Economy Ministry, Reuters Graphics Reuters, Coldplay, Reuters Graphics, CENTRAL, International Monetary Fund, Libertad y Progreso Foundation, Thomson Locations: BUENOS AIRES, dollarization, Argentina, China, Brazil

☆ Argentina: Steve Hanke says many arguments against dollarization are 'absolute rubbish'
▼ + stars: | 2023-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArgentina: Steve Hanke says many arguments against dollarization are 'absolute rubbish'Steve Hanke, professor of applied economics at John Hopkins University, discusses the possible implications that libertarian Javier Milei's victory in Argentina's presidential runoff contest may have for the peso.

Persons: Steve Hanke, dollarization, Javier Milei's Organizations: Argentina, John Hopkins University

☆ Peso dollarization: Milei’s victory in Argentina election puts the currency’s future in doubt
▼ + stars: | 2023-11-19 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

CNN —Libertarian Javier Milei’s victory Sunday in Argentina’s presidential run-off contest has far-reaching consequences for the country’s struggling economy, including the fate of the peso. A political outsider who ran on a promise to “break the status quo,” Milei’s economic platform rested on a desire to dollarize the Argentinian economy. Dollarization means the country would give up the Argentine peso and use the US dollar as its currency. Milei’s proposal to switch Argentina’s currency from the peso to the US dollar rests on the argument that the dollar is stronger than the peso and, unlike the peso, cannot be printed at will. Sergio Massa, the country’s current economy minister and Milei’s run-off opponent, had criticized the plan for dollarization as a surrender of national sovereignty.

Persons: Javier Milei’s, Sergio Massa, CNN’s Abel Alvarado Organizations: CNN, Argentine, Cato Institute Locations: Washington decisionmakers, Ecuador, El Salvador, Argentina, Washington , DC

☆ Argentina election: Will Milei’s plan to ditch peso for the dollar be a vote-winner against Massa?
▼ + stars: | 2023-11-16 | by ( Analysis Stefano Pozzebon | ) edition.cnn.com time to read: +8 min

To fix the problem, Argentina should abandon the peso and adopt the dollar, whose value is set by the US Federal Reserve and cannot be printed at will. Massa has criticized the plan for dollarization as a surrender of national sovereignty and attempted to show that the government’s current actions are already paying dividends. Other mainstream politicians, including former the President Mauricio Macri and another former election candidate, Patricia Bullrich, have endorsed Milei despite sharing some reservations on dollarization. ET) and the vote count is expected to be quick – barring any unforeseen problems or objections, that is. Milei appeared to question the results of the first round of voting in October, although his party did not formally appeal.

Persons: Argentina’s, Sergio Massa, Javier Milei, Milei, Massa, dollarization, Pope Francis, “, Satan ”, Francis, Tucker Carlson, Milton Friedman, Argentinians, Mauricio Macri, Patricia Bullrich, Brazil’s Luiz Inácio Lula da Silva, Colombia’s Gustavo Petro, Spain’s José Luis Rodriguez Zapatero, Jair Bolsonaro, Mario Vargas Llosa, Mariano Rajoy, Donald Trump Organizations: CNN, Massa, Union por la Patria, Union, La Libertad, US Federal Reserve, Cato Institute Locations: Buenos Aires, Argentina, South America, Latin America, Ecuador, El Salvador, US, Argentina’s, Peruvian, Spanish

☆ Global recession and financial crisis could hit if the Israel-Hamas war pulls in the US and Iran, Wall Street veteran says
▼ + stars: | 2023-10-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The Israel-Hamas conflict may trigger a global recession and financial crisis, Jim Rickards says. The Wall Street veteran flagged the risks of rising oil prices, weaker demand, and de-dollarization. AdvertisementAdvertisementIf the Israel-Hamas conflict spreads, it could spark a worldwide downturn and financial catastrophe, one Wall Street veteran has warned. "We're losing the financial war in Ukraine, we're losing the financial war to the BRICs," he continued, referring to Brazil, Russia, India, China, and South Africa. AdvertisementAdvertisementRickards isn't the only expert sounding the alarm on the Israel-Hamas conflict.

Persons: Jim Rickards, —, Julia LaRoche, Rickards, We're, we're, Ray Dalio Organizations: Wall Street, Service, Wall, Hezbollah, Israel, Citibank, Term Capital Management, West Texas Locations: Israel, Gaza, Lebanese, Iran, American, Brent, Russia, Ukraine, Brazil, India, China, South Africa

Argentina's presidential candidate Sergio Massa addresses supporters, as he reacts to the results of the presidential election, Argentina October 22, 2023. Bonds have also been slipping, while the stock market - seen as a relative safe haven for local investors - has been jittery. A local market operator, who asked not to be named, agreed there would likely not be a big market slide on Monday. "I believe the market will open downwards but there will be a floor at which there would be some demand," he said. Reporting by Jorge Otaola and Walter Bianchi; Editing by Adam Jourdan and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Mariana Nedelcu, Javier Milei, Salvador Vielli, Vielli, Bonds, Patricia Bullrich, Roberto Geretto, Adcap, Milei, Jorge Otaola, Walter Bianchi, Adam Jourdan Organizations: REUTERS, Peronist Economy, Massa, Thomson Locations: Argentina, BUENOS AIRES, Milei

☆ Javier Milei wants Argentina to swap the peso for the US dollar. Here's what that would mean
▼ + stars: | 2023-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

For years, Argentinians have preferred to pay for many goods and services in greenbacks, rather than with their own collapsing currency, as part of an informal “blue dollar” currency market. To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s. Practical headacheThere’s another significant snag in Milei’s plan: Argentina doesn’t have enough dollars to ditch the peso. “People would need to take wheelbarrows of cash to convert to dollars,” Sabatini said.

Persons: Javier Milei, Sergio Massa, Argentina’s, JP Morgan, Argentinians, Milei, Natacha, Matias Baglietto, Reuters “ That’s, ” Christopher Sabatini, Kimberley Sperrfechter, ” Sperrfechter, It’s, ” Sabatini, Luis Robayo, Sabatini, ” Organizations: London CNN, National Institute of Statistics, Argentina’s, US Federal Reserve, Economic, Reuters, America, Chatham House, CNN, Capital Economics, International Monetary Fund, Getty, IMF Locations: Argentina, greenbacks, Washington, El Salvador, Panama, Ecuador, United States, Buenos Aires, AFP

Investors arrive to the election looking at an economy in recession as a crippling drought hit the key agricultural sector. The gap to the official rate is above 150%. On the line is the survival of the country's $43 billion program with the International Monetary Fund and the possibility that Argentina defaults on its debt for a 10th time. "Dollarization would not cure the main issue in Argentina, which is a really large fiscal problem." "Debt does not need to be an immediate priority," said Khan, who doesn't expect dollarization to top the near-term list either.

Persons: Patricia Bullrich, Martin Cossarini, Javier Milei, Sergio Massa, Alejandro di Bernardo, Bernardo, Milei, Massa, Gabriel Rubinstein, Elijah Oliveros, Rosen, Zulfi Ali, Shamaila Khan, Khan, Hans Humes, Humes, Rodrigo Campos, Karin Strohecker, Susan Fenton Organizations: el Cambio, REUTERS, NEW, International Monetary Fund, Jupiter Asset, Bullrich, WE, JPMorgan, China, Institute of International Finance, IMF, America, PGIM, Oxford Economics, Reuters, Emerging Markets, Asia Pacific, UBS Asset Management, Massa, Greylock Capital Management, Thomson Locations: Buenos Aires, Argentina, Washington

☆ China boosts Argentina's access to the yuan under currency deal as peso plummets
▼ + stars: | 2023-10-18 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

China boosted Argentina's access to the yuan under a currency swap deal. Argentina's president said the country can now tap $6.5 billion worth of yuan, up from $5 billion. AdvertisementAdvertisementArgentina will have more access to Chinese yuan under a currency exchange deal to help prop up a plunging peso. AdvertisementAdvertisementArgentina's swap deal with China will enable it to replenish foreign exchange reserves, which have all but vanished amid economic crisis. Russia has also been using the Chinese yuan to settle a growing number of trade transactions with other countries.

Persons: —, Alberto Fernandez, Xi Jinping's, Javier Milei Organizations: Service, Argentine, Radio, Reuters, greenback Locations: China, Argentina, Egypt, Russia

[1/3] Simon Rubinstein, 17, casts his first vote ever, in the presidential primary election, in Buenos Aires, Argentina August 13, 2023. Argentina is one of a handful of Latin American countries that allows 16 and 17-year-olds the right to vote. Kremenchuzky, nicknamed "Toto," 17, is part of that teenage electorate. In an August open primary vote, Toto voted for conservative Patricia Bullrich - which he puts down to influence from his parents - but says he could shift his vote in October to Milei if the libertarian convinces him in election debates. However, Milei's conservative social views and promise of sharp cuts to government spending are off-putting to some young voters.

Persons: Simon Rubinstein, Magali, Tomas Kremenchuzky, Kremenchuzky, Toto, Javier Milei, thieving, He's, Patricia Bullrich, Milei, Rocio Pozzetti, Sergio Massa, Massa, Pozzetti, Noelle Chab, Rubinstein, Magali Druscovich, Lucila Sigal, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, Peronist, Milei, Bullrich, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Argentine, Milei

☆ Argentine executives pitch fiscal discipline as election hits home stretch
▼ + stars: | 2023-10-11 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The candidates mostly agree, however, on reducing the government's large fiscal deficit, like many business leaders. "We Argentines must stop arguing about obvious things like public spending," said Javier Goni, CEO of agribusiness company Ledesma. The election is playing out as the government struggles to service its $44 billion loan with the International Monetary Fund. The IMF forecasts that Argentina's economy will shrink 2.3% this year, with central bank reserves in the red after a historic drought trimmed $20 billion from key agricultural exports. Reporting by Jorge Otaola; Writing by Brendan O'Boyle; Editing by David Alire Garcia and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Patricia Bullrich, Javier Milei, Javier Milei's dollarization, Sergio Massa's, Javier Goni, Oscar Andreani, Jorge Otaola, Brendan O'Boyle, David Alire Garcia, Leslie Adler Organizations: por la Patria, el Cambio, La Libertad Avanza, Reuters, Ledesma, International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES

☆ Insider Today: Israel's next steps
▼ + stars: | 2023-10-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at the latest developments in Israel's war with Hamas, including Israel's devastating airstrikes and a potentially complicated ground invasion of Gaza. What's on deck:Markets: Market experts detail how to cash in on an ailing bond market. Market experts detail how to cash in on an ailing bond market. AdvertisementAdvertisementThe Israel war is also impacting another conflict: Russia's invasion of Ukraine. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Jimmy Buffett's, margarita, Caroline Ellison, Sam Bankman, Faiz, NurPhoto, Insider's Kelsey Vlamis, Insider's Chris Panella, Amir Levy, Jake Epstein, Insider's Elias Chavez, David Donabedian, Insider's Bryan Metzger, Brendan McDermid, Jim Rogers, George Soros, Raphael Bostic, Lorie Logan, BRYAN R, SMITH Caroline Ellison, Ellison, Linda Yaccarino, X, Arantza Pena Popo, eBay's, they're, They'll, Steve Scalise, Jim Jordan, Rachael Brennan, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, Getty, CNN, Hamas, CIBC Private Wealth, Ukraine, Washington Post, Republican, Elite, Quantum Fund, Soros Fund Management, Atlanta Fed, Dallas, Fed, Alameda Research, Street, Gaza, Boomers, Republicans, Ohio, The Chicago, Tata Consultancy Services, Sam's Club Locations: Florida, Gaza, Israel, Ukraine, Russia, homebuying, Louisiana, New York City, San Diego, London, New York

BUENOS AIRES, Argentina (AP) — Argentina’s firebrand populist presidential candidate Javier Milei, the front-runner to win the election later this month, is coming under fire from his rivals who blame him for a sharp depreciation of the local currency in the parallel market. Milei has continued to tout his controversial plan for dollarization of the South American country’s economy. With a little less than two weeks to go before the Oct. 22 presidential election, the Argentine peso has sharply depreciated over the past week. Milei, an anti-establishment candidate who admires former U.S. President Donald Trump, has said he wants to replace the peso with the dollar and says Argentina’s Central Bank should be abolished. Milei’s opponents in the presidential race sharply criticized his words, saying he’s fomenting a run on the peso.

Persons: —, Javier Milei, Milei, Donald Trump, ”, ” Ramiro Marra, Milei’s, Sergio Massa, ” Patricia Bullrich, “, ” Milei Organizations: Argentine, U.S, Bank, Buenos, “, Union, Homeland, United Locations: BUENOS AIRES, Argentina, Argentine, Buenos Aires, Milei’s, Massa

☆ Global central banks are hoarding gold like never before as they seek to reduce 'overconcentration' of dollar reserves
▼ + stars: | 2023-10-10 | by ( Anil Varma | ) www.businessinsider.com time to read: +4 min

Global central banks have been buying record amounts of gold as they seek to diversify reserves away from the dollar. "We expect central banks to continue their role as net purchasers of gold," according to the head of gold strategy at State Street. AdvertisementAdvertisementGlobal central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors. In addition to reserve diversification, the trend is also driven by central banks' desire to strengthen balance sheets and increase liquidity without adding credit risk, according to the firm. AdvertisementAdvertisement"Therefore, as we look ahead, we expect central banks to continue their role as net purchasers of gold," he added.

Persons: —, Maxwell Gold, Vladimir Putin Organizations: State, Service, Street Global Advisors, Society, Worldwide Interbank Financial Telecommunications, Force Locations: China, Russia, Iran, India, Indonesia

☆ Don't worry about dedollarization – the yuan has a 'paltry' share of reserves, so the buck is going nowhere, RBC says
▼ + stars: | 2023-10-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The rival yuan doesn't pose a credible threat to the buck, strategist Alan Robinson said in a recent research note. "While China would like its renminbi to topple the dollar, that currency's share of global reserves remains a paltry 2.5%," he wrote. AdvertisementAdvertisement"We don't think any single currency is positioned to replace the dollar in the global reserve system," Robinson added. The greenback had a 59% share of global reserves at the end of the second quarter of 2023, per the IMF. The buck has clung onto its role as the dominant global currency despite China and Russia stepping up their efforts to undermine it since the Kremlin invaded Ukraine in February 2022.

Persons: Alan Robinson, —, Robinson Organizations: RBC Wealth Management, Service, Global, International Monetary Fund Locations: China, Russia, Kremlin, Ukraine, Beijing, Moscow, Russian

☆ Elite investor Jim Rogers rings the alarm on US debt and dollar dominance - and warns of bubbles in stocks and real estate
▼ + stars: | 2023-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

George Soros' former business partner said stocks, bonds, and real estate are widely overvalued. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementAmerica's debts have ballooned to dangerous highs, the US dollar's dominance won't last, and there are bubbles in stocks, bonds, and real estate across many countries, Jim Rogers has warned. Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. In May, he predicted the worst bear market of his life with "trouble" across stocks, bonds, real estate, and currencies.

Persons: Jim Rogers, George Soros, Rogers, —, dollarization Organizations: Service, YouTube, Quantum Fund, Soros Fund Management Locations: United States, China, Brazil, Russia, India, South Africa

☆ Argentina Inc doesn't want dollarization, business leaders say
▼ + stars: | 2023-10-06 | by ( Jorge Otaola | ) www.reuters.com time to read: +3 min

[1/3] Supporters of Argentine presidential candidate Javier Milei hold dollar bills with his face on them, during a campaign rally, in Buenos Aires, Argentina September 25, 2023. REUTERS/Cristina Sille/File Photo Acquire Licensing RightsMAR DEL PLATA, Argentina, Oct 6 (Reuters) - Corporate Argentina is strongly against full dollarization of the economy, one of the key proposals of presidential election frontrunner Javier Milei, according to 125 business people Reuters spoke to. The survey gives the clearest and most in-depth view yet on how corporate Argentina sees the dollarization debate, which is at the heart of the election race towards the Oct. 22 vote. Some two-thirds of those Reuters spoke to supported a bi-monetary system proposed by conservative candidate Patricia Bullrich, who is popular with business leaders but lagging in wider opinion polls. Most business people surveyed at the IDEA business summit said it was important to keep the peso to be able to adjust monetary variables and maintain competitiveness.

Persons: Javier Milei, Cristina Sille, Patricia Bullrich, Milei, Sergio Massa, Jorge Otaola, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, DEL PLATA, Reuters, IDEA, Massa, Milei, Thomson Locations: Buenos Aires, Argentina, Mar del Plata, Ecuador, El Salvador

☆ Iraq is set to fuel de-dollarization by banning the buck from being used in cash transactions, report says
▼ + stars: | 2023-10-06 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Iraq is about to become the latest country to join the de-dollarization drive, per Reuters. The greenback will be banned from being used in cash transactions and withdrawals from January 1, the outlet reported. Several countries, including China and Russia, have made efforts to fuel the de-dollarization movement this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "But don't talk to me about cash dollars anymore."

Persons: —, Mazen Ahmed, Ahmed, Vladimir Putin Organizations: Reuters, Service, greenback, Iraq isn't Locations: Iraq, China, Russia, Iraqi, New York, Beijing

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