Ghana plans to buy oil with gold instead of dollars

This is great news for the people of Ghana .. and I hope it serves as an example for many other nations to come. The era of enslavement to the petrodollar is over.

Could this lead to a chain reactions, were countries abandon the dollar and the dollar looses in value, in return leading to more countries abandon it? A world were the most stabilizing region and its currency become temporary hegemon?

The hegemony of the dollar as a reserve currency is finally coming to an end, and while many will disagree with my opinion, I believe it's a very good thing for the world.

The US has been allowed by the rest of the world to use the dollar as a weapon since the end of WWII, specifically using it to impose unilateral economic sanctions on anyone they don't like, thereby flouting or downright ignoring other countries sovereignty in the process.

The have also used the privileged status of the dollar to gain systematic, unfair and generally undeserved economic advantage in international markets.

They have also used this advantage to create a completely unsustainable amount of debt which the US will never be able to repay now that the dollar is becoming just another currency.

Picasso was famous for writing checks, knowing fully well that they would never get cashed out because, bearing his signature, there was an intrinsic demand for them and the thing would be kept as is by the owner.

US dollars are very similar to Picasso's checks in the sense that foreign country all keep large amounts of US currency reserve and debt instrument, but they never "cash them out" (exchange them for US-based hard assets such as land and businesses).

The world has allowed this to happen for near 70-ish years because the for the longest time, the US was perceived by a large part of the world as a force for good.

That ship has sailed though, and in 2022 it's getting pretty hard to find folks outside of the US that view it as a force for good anymore (or just don't downright hate their guts with a passion).

To be a useful tool, a currency should be, among other things:

    a) managed in a sane manner (as in: the amount issued should be on a fixed schedule, as per Milton Friedman)

    b) not used to tilt the playing field

    c) essentially politically neutral, and in particular managed by an entity not in any way controllable by the government. 

The US dollar doesn't meet any of these criteria, and the chicken are now coming home to roost and the dollar will slowly lose it's privileged status among world currencies, slowly being replaced by a bunch of other.

Good riddance.

I think the reason they want to avoid the US dollar is so that they do not need to obey US sanctions.

From what I understand, if you send US dollars around the world, they need to go through a US bank. All US banks must obey US government sanctions.

Regime change in 3... 2...