India Dumps U.S. Dollar in Crude Oil Trade
India and the United Arab Emirates (U.A.E.) conducted their first-ever crude oil payments in local currency on August 14. The transactions were made in Indian rupees and U.A.E. dirhams for about 1 million barrels of crude oil using the newly implemented Local Currency Settlement (lcs) system, a framework to boost cross-border transactions in local currencies.
The India Briefing highlighted a few key advantages of the newly implemented lcs system:
Reduced transaction costs: Businesses will no longer incur fees associated with currency conversion, leading to cost savings.
Accelerated settlement times: Transactions will be processed in real-time, eliminating the multiday delays typically experienced when settling in U.S. dollars.
Enhanced predictability: With settlements conducted in local currencies, businesses can better manage their cash flow, as they will have a clear understanding of the exact amount they will receive in settlement.
The use of national currencies for international trade is a growing trend among emerging market nations and a sign that the international role of the United States dollar is in decline. Reduced external demand for dollars will eventually have a negative impact on America’s standard of living and foreign policy.
Base on Bible prophecy the Trumpet wrote:
Russia, China and India are prophesied to forge a military alliance in the end time, so it makes sense that they would forge an anti-dollar alliance in the years leading up to the Great Tribulation. …
Chapters 22 and 23 of Isaiah identify a great mart of nations that economically besieges America in the end time; this mart might be forming right now. A Russia-China-India axis is already forming against the dollar, and other Bible prophecies reveal that a German-led European Union will soon join this axis.
To learn more, read Ezekiel—The End-Time Prophet, by Gerald Flurry.