"Dream - Countries around the world are now attempting to move away from the US dollar in international transactions. Discussions about de-dollarization have actually emerged every few years, at least since the 1970s. According to Business Insider, several countries, such as Brazil, Argentina, Bangladesh, and India, are preparing currencies and reserve assets such as yuan and bitcoin for trade and payments."

"This also affects countries around the world that must carefully follow US economic and monetary policies to avoid spillover effects on their economies. Some countries, including India, have said that they are fed up and tired of US monetary policies. A working group at the Reserve Bank of India is now pushing for the use of the Indian rupee for trade. This is said to be in line with the vision of Indian Prime Minister Narendra Modi."

The strong Greenback against most currencies worldwide has made imports much more expensive for developing countries. In Argentina, political pressure and declining exports contribute to a decrease in foreign exchange reserves in US dollars and put pressure on the Argentine peso, which triggers inflation.

"This also encourages Argentina to start paying for imports from China using yuan instead of the US dollar. 'A stronger USD will weaken its role as a reserve currency,' said an economist at Allianz. Brazilian President Luiz Inácio Lula da Silva has been one of the most vocal advocates for creating an alternative currency for trade, even urging Brazil, Russia, India, China, and South Africa to move away from the US dollar."

The main reason why the US dollar became the world's reserve currency is that Gulf countries in the Middle East use the US dollar to trade oil. This arrangement was formalized in 1945 when the oil giant, Saudi Arabia and the US reached a historic agreement in which Saudi Arabia would sell its oil to America only using greenbacks.

"As a return, Saudi Arabia will reinvest the excess dollar reserves into US treasuries and companies. This agreement guarantees the security of the US for Saudi Arabia. However, the US then became energy independent and a net oil exporter with the rise of the shale oil industry."

"This makes the relationship between the US and Saudi Arabia resemble that of "arch-enemies". Saudi Arabia may potentially shift oil prices to be denominated in US currency one day, wrote Sarah Miller, an editor at Energy Intelligence, last November."