Ask Prof Wolff: The Future After De-Dollarization 

A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k

For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio.

Times are weird. The US dollar is losing purchasing power due to inflation while strengthening against other currencies and assets. The stock market, real estate, crypto and precious metals are down because people are fleeing to the "safety" of the dollar. where else can we put our investment money? I can't afford to see my savings of around $320k turn to dust in front of my eyes.

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

Money is just a piece of paper! LABOUR💪 IS EVERYTHING👍! 😊

The United States as we know it is no more. All signs point to 2023 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2020, I've made about $600,000.

Live by the sword die by the sword. America for centuries has mercilessly lived by it, that tell you her fate🔥🔥🔥

Enough is enough , No-one can stop the fall. What goes around comes around.

You always make your point Crystal clear, Professor! 🙏❤️🙏

Dedollarization means America becoming like Argentina, Venezuela, Zimbabwe.

Prof wolf explanation is crystal clear. Thanks

the actual use of dollars was a nice little earner. but there are larger considerations, which sum up as, 'we're sick of the evil empire, and will do what we can to neuter it.'

Hello Professor Wolff . I admire your work very much ! I know it is not a lot, but I hope this small donation helps in any way . Thank you very much

May God Bless Prof. Richard Wolff For Bringing The Truth to us. May God Bless him. We will always pray for him. Thank You.

Of all the comments i have heard about dedollarization, Prof Wolff, yours is the best explained and i have heard.

America's arrogance holds no bound. People of the world have a choice. They can choose to hold dollars or not. America talks about democracy but is truely an autocracy. The ROW are voting and they choose not to use the USD anymore. Freedom of choice enjoy the decline...

Hoping more people wake up and realize money is fake.

Every video you make is greatly appreciated Rick

Love the Wolff. Thankyou, Professor!

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

African countries should think of having one currency to be used in african economies instead of joining clubs of exploiters

That was well said and well thought out, War is not the way but Trade and Economics is. See the light and move forward not backward.

Great speech great professor great human 😉

I love you and everything you say. I agree with you about ninety five percent of the time. The euro-nations make up a small percentage of the world's population. Just the existing members of the brics Nations. Accounts for half the world's population😮. When you add in Belt and road initiative. The Chinese will have 75%, of the world's manufacturing before this decade is over.😮 Less than seven years to go. P.s I loved your speech at Boston community Church ✌️

Excellent again! Thanks!!!

Thanks for your podcast, I really appreciate. Also, your english is clear with a perfect prononciation, as a french canadian, it helps me a lot to understand almost 100 % of your explanations :)

Hello Sir, I am from India, I am always curious to know more about socialism & communism through books & lectures but i always felt there is lack of adequate resources which could explain things easily & effectively . But since i started following you I have got answers to so many of my queries and have been keenly following ur content. Heartiest thank you sir and plz keep spreading this wisdom.

Thanks.

Thanks for the vidéo 🖖

I think it's noteworthy that 2 of the BRICS are in the Global south. 2 others have a significant part of their land mass south of the equator.

Wolff did it again😂😂😂❤❤❤

Thank u, excellent and easy to understand 🙏🏼🌷

Thanks!

thank you, sir!!!

great video value post thanks professor

If there's a livable arrangement to be worked out, it 1st needs to be prioritized to not offending God as America has been doing, condoning spiritual wickedness in vile manners. We blow off God's rt & wrg, His chastening hand touches what we do care about. He knows how to humble those who walk in pride.

Thanks! 🤘🏽

Thanks

The sad thing is most Americans haven't a clue about this subject. I've taught college level economics and found a lot of my students knew nothing about compound interest and how to use it for loans, or that the USD was not backed by gold. And I believe both lacks are pretty typical in this country. As the dollar declines the US economy will struggle more and while citizens will (and for other reasons do) know that something is wrong, they will not know why. That is dangerous as it gives an opening for demagogues, such as we have recently had in this country. And given America's recent history I sincerely doubt that the US will gracefully accept replacing the dollar with a basket of currencies. Dying empires do not always go quietly.

thx for insights as usual ❤

Should we worry about central bank digital currencies (CBDCs)?

well said

If you wanna be successful, you must take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

Great video

Since 1866, when the 14th Amendment was adopted, the U.S. government has defaulted on its debt obligations not once, not twice but at least three times. The most notable of these defaults occurred in 1933, when President Franklin Roosevelt took the U.S. off the gold standard. During the Great Depression, the White House, Congress and the Supreme Court agreed to wipe out around 40 percent of U.S. private and public debt. The U.S. government did so by simply refusing to redeem its gold bonds into gold coins. Instead, the government repaid its gold bond obligations with depreciated currency. A more recent example of the U.S. government reneging on its debt commitments occurred in August 1971, when President Nixon “temporarily” closed the U.S. gold window as part of his effort to regain control over inflation. By closing the gold window, the U.S. government abrogated a financial commitment it had made to the rest of the world at the Bretton Woods Conference in 1944 that set up the post-war monetary system. At Bretton Woods, the United States had promised to redeem all U.S. dollars held for $35 dollars an ounce. When Nixon refused to let foreign central banks turn in their dollars for gold, he effectively “defaulted” on the United States’s long-standing obligations to make the dollar as good as gold. A more recent, albeit lesser, example of the U.S. government reneging on its debt commitments occurred in 1968, when the government refused to honor its explicit promise to redeem its silver certificate paper dollars for silver dollars. When an embarrassingly large number of bearers of these certificates demanded the promised silver dollars, the U.S. government simply decided not to pay. With the U.S. government’s far from unblemished credit record, domestic and especially foreign investors can be forgiven for entertaining at least some doubt about the protection afforded to them by the U.S. Constitution. This perhaps explains why in 2011, at the time of the last major U.S. debt ceiling showdown, U.S. and global financial markets crumbled as U.S. politicians played a game of chicken in approving an increase in the debt ceiling. It also might explain why the Standard and Poor’s credit agency chose to strip the U.S. government of its coveted AAA rating, thereby raising the government’s borrowing costs. thehill.com/opinion/finance/3885293-actually-the-us-can-default-on-its-debt/ thehill.com/opinion/finance/3999846-theres-a-debt-limit-escape-clause-that-doesnt-include-the-14th-amendment/

Professor Wolf, please respond. How are we going to organize labor without militant resistance to show we mean business?

Thank you Professor Wolff. How, or is, the CBDC related to De-Dollarization?

The explanation dat has been given by Pro Wolff on the De-Dollarization is to be taken very seriously. What history has taught us about the rise and fall of Empires are not ' fairy tale' stories. During their decline there were huge changes dat affected those who lived under the Empire's umbrella.The U.S will not disappear but has to come to terms with the universal changes dat happens to all Empires.It is somewhat managing it's decline as other countries globally have taken another approach.In fact there is no exceptionality on this matter of 'decline'.

They don't need to be a basket of currencies, every country should use its own digital currency and trade that way example the Chinese should buy the Saudi's currency and use it to buy oil and the Saudis buy Chinese currency to pay for the Chinese goods, Both central Banks do the exchange digitally.

Prof, tell us more of the sanctioning, bullying, threatening n assets seizing by the used of dollar.

Always come here for the truth

A footlong sandwich (NOT a combo) costs $10+ at Subway. 10 years ago it was $5 for a footlong. 🤔

Thanks and keep up the excellent work!

Bravo 🇫🇷 🥂

You pass off the fact we will take a 45% hair cut in CPI. TODAY half the budget is printing press money. It's GONE.

Well said. You got my respect. If you can't win em join em.

Mr. Wolff ! You are looking better after Covid now that you seem to have a good haircut. And the clean shirts, very nice improvements help carry your always insightful messages. Thanks to you for your great studies and efforts.

I was unsubscribed! Grrr, I subscribed again.

Hello Prof Wolff: Would you please define economic rent for your viewers. Is it synonymous with price markup?

Get use to rapid inflation at times , higher cost for imports. Not good

The thing is eventually when the benefits dry up, those who hold stronger position in american society economically will want to not let go of their power, this struggle will tear apart the the society

The only economic I like to listen to

Thanks. Like this better than the gangsta rap theme

There is only one real currency in the world since last 3000 years . Gold .

Competition is a good thing.

Dedolarization simply reflects the fact that the rest of the world has recovered from the devastation of WWII, and has managed to advance and modernize to a level of relative economic equality, all of which is totally good and totally beneficial for the whole world.

I hope 'Dedolarization will not be an end in itself;and the other issue that we need to deal with is 'Are we going to replace USD with the currency of China or Russia...?EURO?or are we planning to introduce special global currency?or flexible trade deal among countries?or ...?

Will be much quicker than you think Richard

The real question coming out of Professor Wolff's analysis is whether it is possible for the U.S. government to balance the federal budget and pay down the debt. To be sure, federal spending is far higher than it ought to be. The CBS program 60 Minutes just yesterday (5/21/2023) offered some insight into how the government is grossly overcharged for military goods. The U.S. spends move on "defense" of its empire than almost all other countries combined. Social welfare spending is as high as it is because our system of laws and taxation guarantees we cannot achieve sustained full employment without inflation. Here, the solution is to move in the direction of taxing rents much higher and earned incomes, tangible capital goods and exchanges much lower. Economists we hear in the media (including Professor Wolff) rarely talk about the taxation of rents. Perhaps this is because the concept of rent in economics is very different from what most people understand by the term. Political economists going back to the 17th century used the term "rent" to identify that portion of wealth produced that was unearned by individuals because it came from both natural and government-created advantage. Thus, even Adam Smith agreed that rents were particularly appropriate to tax and use the revenue to pay for public goods and services.

People don't understand what is currency and money.

It’s like unavoidable.

The Declining Dollar calls.for the Personification of th

❤

Short and long term should be stated. Yes, dedollarization is happening now... But it has little to no effect now *for most

It's coming to THE HAVE AND THE HAVE NOT.

The United States behaves like a tyrant towards the other nations of the world by its laws of extraterritoriality and by its wars. How do you want private or national economic entities to have confidence in the dollar? The exacerbated warmongering of recent years will scare away holders of American debt and it is natural for an investor to seek a debt of confidence.

Prof. Wolff. Can you advise what to do to secure our savings. Would it be better to hold real estate than holding cash USD?

This is a VERY MUCH NEEDED video. I hadn't thought to ask the question, but am fascinated by the answer. I will also absolutely look at the "decline-of-dollar" videos. Wonderful, thank you!!

Economist Mark Blythe of the Watson Institute at Brown University makes a cogent argument for why the global dollar system will not be changing substantially in the near term.

Some countries pays people's life. But some will get richer more and more))

The inflation and implosion of a a nation currency is not something to wish for, except in the case of the US$. Judging from this particular currency's historical and 'exceptional' utilization, and it's de facto stranglehold on the rest of the global economy, makes for a situation the rest of the world's economy could only _hope_ for . . . .

Freedom to Assange and Gonzalo Lira

Why did the most recent David Harvey videos get deleted ?

learn from British how they transitioned from an empire to an ordinary country 😅

Law of physics: What goes up, must come down

If the dollar declines in its value, does that mean that the exchange rate will automatically be weaker compared to it is now. Can the FED distroy dollars to de-expand it to increase demand?

I disagree that we need the US, but agree with everything else

The more you don't depend on money the better of you are

No more sanctions no more war no more coups dr wolf u forgot to mention..

McDonald's 🥁 wrong time "wrong place" wrong person

But ...""small pinching" is going to hurt the little guy "hugely." No?

Is the USA able to pay back the debts and the interest? What you think about that Prof. Wolff?

Globalization has expanded trade between all countries in the world. Convenience, security and availability of flexible financial instruments have kept the dollar in the middle of global transactions between countries in trade that doesn't involve the US. The dollar has served the world well as a reserve currency. Replacing it at this point would be like replacing an iphone with a pager. You could do it, but it won't be nearly as easy to use. litical than economic. The current push to de-dollarize is more political than economic. The big push lately has been lead by Saudi Arabia. The reason for that is that while nobody cared that the US sanctioned countries like Iran, Venezuela, and Cuba, they cared a lot when the US sanctioned Russia. But, the reason for that is that the billionaires around the world, like the Saudis, freaked when the US froze the assets of the billionaire Russian oligarchs. This wasn't some poor countries getting frozen, who cares about them? This was about billionaires getting, gulp, frozen. It's going to be really hard to de-dollarize. Over the years, as the world's reserve currency, there have been a ton of really nice functionality and financial instruments and features built into the use of the dollar and the ability to trade and borrow with these instruments. As mentioned above, it would be replacing an iphone with a pager. It's going to be interesting to see whether, say, a South African furniture manufacturer trying to sell his wares abroad is going to run to abandon using the dollar, which is easy-peasy right now, for the clunky mess, at least in the near term of the next several years, that won't work nearly as well. The South African government may force him to move off the dollar, but it's hard to see him doing it willingly. Look at the Euro, it can barely hold together even though it is used by countries proximate to each other with relative homogenous financial systems. A global currency that would tie together the disparate economies of the global south would be exponentially harder to maintain. China RMB/Yuan as a reserve currency seems like a non-starter for many reasons. So what replaces the dollar? Nothing jumps out at you other than governments forcing their citizens to use something much less attractive to the people who are actually doing the trading.

💐👍🙏🏻

dedollarization talk seems to resurface every few years, however it seems unlikely to happen on a large scale due to so much world trade relying on eurodollar

NIXON took the value of the DOLLAR out from value.

China is heavily influencing its currency to use in neighboring countries. One of the ways may be China partnering with Burmese officials to use Chinese currency when importing to get licensing/ import permits quicker in Burma.

dear Prof Wolf: Did Marx believe workers should be paid their full value, rather than their market value ?

Try and plant a garden and start doing Yoga so you can Kiss Your Ass goodbye. You might want to LISTEN to excellent interview Prof. Wolff did with Yanis Varoufakis. Very enlightening and likely spot on... The "Trade Deficit!" Listen very closely to that interview. It does not paint a rosy picture for anyone.... Buckle up! Help your fellow human if you can, and above all "Always Remain Vigilant" ~ Jesse Ventura And of course stay tuned to this channel! Amazing Work going on Here!

What if... multi-national corporations (or local co-ops) were to pay employees via credit (cards), redeemable with participating business partners?