Brazil, Argentina stop requiring trade in dollars

Brazil and Argentina to stop using US dollar for bilateral trade. This avoids costs for exchanging money from local currency to US dollars and back again, which makes sense. I also think it's slightly coincidental at the current time, rats off a sinking ship anyone?

Isn't about 60% of US currency is outside of the country? I couldn't find any links to review that number though. What happens when more and more people stop trading in US dollars.. it is not backed by anything so it would loose value even more. Brazil, Argentina and for oil Saudi Arabia has been now added to the list. Who's next?

biz.yahoo.com...
news.ino.com...

Searched the board and could not find any news items with 'Brazil and dollars' please excuse any double ups.

[edit on 4/10/08 by GhostR1der]

reply to post by GhostR1der


I don't know about Brazil and US Dollars... I just know Hank Paulson gave the US Dollar a Brazilian this week.

reply to post by mythatsabigprobe


Hehehe! seemed to be quite painful and angering for 'we the people' if I understood the feelings on the ground right...

If you dig deep enough, you'll find that talks, arrangements, negotiations, etc., were going on for over 3 years between Brazil and Argentina to drop the dollar for trading.

Trust me, it's been a long time many people around here in Brazil were hoping for this....

IMHO the current crisis sure was the final push for the deal.


Peace