Bloomberg: Suddenly Everyone Is Hunting for Alternatives to the US Dollar
King Dollar is facing a revolt.
Tired of a too-strong and newly weaponized greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency.
Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further dollar strength.
No one is saying the greenback will be dethroned anytime soon from its reign as the principal medium of exchange. Calls for “peak dollar” have many times proven premature. But not too long ago it was almost unthinkable for countries to explore payment mechanisms that bypassed the US currency or the SWIFT network that underpins the global financial system.
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WNU Editor: The seizure of Russia's dollar assets was a wake-up call for everyone to start looking for alternatives. Raising interest rates and making the US dollar stronger so that America's inflation crisis can be dumped on everyone else has made this looking for an alternative to the US dollar into a rush.And while I do expect the US dollar to be the main currency that will be used in international trade and contracts, I give it another a decade before this is no longer the case.
5 comments:
Some one is either getting old or thinks yahoo news are real just like Trump and being pleaser to she or he old farts thinking and making websites .
During the Obama administration they spent a lot after the crash in 2008. they said there was no inflation as a result of their spending. Others said it ended up in places like Vietnam.
This time they spent even more and the inflation was felt in the US as well as Asia this time.
That's what they do, they weaponize, both at home and abroad, whether it's the dollar, or federal law enforcement agencies, or the media, or elections. Either toe the line, or get canceled.
Well you stay on top by making correct decisions, not pushing woke agendas
You stay on top by being trustworthy. Countries can no longer trust that their money won’t be stolen if their reserves are largely in dollars and they fall afoul of US foreign policy agendas.
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