A new report from Bloomberg reveals that India is now offering its currency, the rupee, as an alternative for international trade among nations that are short of dollars, a result of Joe Biden’s international strategies.

Bloomberg was blunt in its assessment of the problem: “As a result of Joe Biden’s disastrous economic policies, there are now coordinated efforts to weaken the global reliance on the U.S. dollar.”

There even have been fears expressed that Biden’s actions eventually will produce the “collapse” of the dollar.

It was the Gateway Pundit that highlighted the move to rupees, “following the U.S. Federal Reserve’s sharpest tightening in monetary policy in decades.”

The report said India is prepared to trade in rupees and it has found a number of other nations willing to go along.

Indian openly proposes that the conversion to its currency could boost its exports from about $770 billion to some $2 trillion.

The report pointed out, “Bhagwat Karad, India’s minister of state for finance, said that the Reserve Bank of India had approved the opening of special rupee vostro accounts (SVRAs) of correspondent banks from 18 countries in 60 separate cases.”

That list of nations includes Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.

The report noted that other regions are trying to step away from reliance on the dollar, including the BRICS coalition of Brazil, Russia, India, China and South Africa that want to create their own currency.

In just recent days, Saudi Arabia reached a trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the U.S. dollar and China and France complete first LNG gas trade using Chinese yuan.

And Kenya reached a deal with Saudi Arabia and UAE to buy oil with Kenyan shillings.

The Economic Times pointed out that no sooner had India made its announcement than a hiccup in the world’s oil market knocked the rupee’s value down.

The report said the rupee fell against the dollar as an unexpected output cut by oil producing club OPEC+ sent crude prices higher and weighed on Asian currencies.

It was a report at The Federalist that suggested Biden was preparing to oversee “the collapse of the U.S. dollar as the world’s reserve currency.”

“Federal Reserve Chairman Jerome Powell appears to think it’s a possibility, based on his recent quip: ‘It’s possible to have more than one reserve currency.’ This is a staggering admission from the one person who wields the most influence over the dollar.”

The report continued, “Given the $30 trillion-and-counting federal debt, Powell’s comment should come as no surprise. Distilled, the chances are multiplying daily that the Biden administration is hurtling towards ringing the death-knell for the dollar as the world’s reserve currency.”

If that happens, the report said, there would be “a dramatic drop in the standard of living and quality of life for middle-class Americans. For the world, it would mean a realignment of the global economic and financial order.”

Also lost, under the possible results of Biden’s international stratagem, would be the U.S.’ influence over world affairs, mostly.

“Amid the Russia-Ukraine war, Biden slapped economic sanctions on Russia, essentially denying Russia access to dollar reserves. In this, Biden has weaponized the dollar against Russia. Over the last decade or so, the United States has increasingly done likewise to countries that have failed to conform to the United States’s foreign policy goals,” the report explained, “The problem for the United States is, Russia and other countries are now looking for alternatives to the dollar. Sanctions coupled with the Fed’s massive inflation of the dollar supply since the economic crisis of 2008 ($25 trillion, including $9 trillion for the covid response), has shaken confidence in both the U.S. government and the dollar as the world reserve.”

It noted that the Federal Reserve also has, of late, been issuing massive numbers of dollars, which “sets the stage for boom-bust economic bubbles that crash into recessions.”

This article was originally published by the WND News Center.

This post originally appeared on WND News Center.