https://sputnikglobe.com/20230517/us-dollars-time-as-top-currency-coming-to-an-end—investor-1110409965.html
US Dollar’s Time as Top Currency ‘Coming to An End’ – Investor
US Dollar’s Time as Top Currency ‘Coming to An End’ – Investor
WASHINGTON (Sputnik) – The time of the US dollar as the world’s top currency is coming to an end due to Washington’s lack of neutrality and concerns over the… 17.05.2023, Sputnik International
2023-05-17T01:04+0000
2023-05-17T01:04+0000
2023-05-17T01:00+0000
economy
jim rogers
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“Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar,” Rogers said. “No currency has been on top more than 150 years. Nobody has always been on top, so it’s always happened,” Rogers said. “People have moved away from whatever currency it is.” Rogers pointed out that the countries are now moving away from the US dollar partly because the United States is the largest debtor nation in the history of the world. US sanctions against Russia, he added, are accelerating the move for people to look to something to compete with the US dollar. Russia has in recent months been strengthening its economic cooperation with China and adopting the yuan currency for trade. In early April, the yuan replaced the dollar as the most traded currency in Russia, and the Chinese currency continues to penetrate a number of other markets around the world.World Yet to Find Currency to Replace or Even Compete With Dollar The renowned investor further pointed out that countries are making efforts to move away from the US dollar, but that there has yet to be a currency that could substitute or at least compete with it.In early May, International Monetary Fund Managing Director Kristalina Georgieva said that she does not see an alternative to the US dollar in the near future even as more and more countries have started switching to national currencies in trade.”Yes, the world is trying to accelerate its move away from the US dollar, and obviously bigger countries have more influence in doing that and more reason to do it faster than other countries,” Rogers said. In April, the International Monetary Fund said the US dollar has depreciated since October 2022 but remains stronger than it has been since 2000.The same month, World Bank President David Malpass said that the US dollar’s dominance has been put into question by competitors such as blockchain technology and the Chinese yuan.
https://sputnikglobe.com/20230427/toxicity-of-us-dollar-fuels-growing-sway-of-chinas-yuan-in-mercosur-trade-1109880129.html
https://sputnikglobe.com/20230507/if-china-ditches-dollar-amid-emerging-new-trade-order-consequences-for-us-could-be-stark–1110163827.html
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jim rogers, washington, world bank, china, dumping the dollar, ditching dollar, currency, reserve currency
jim rogers, washington, world bank, china, dumping the dollar, ditching dollar, currency, reserve currency
WASHINGTON (Sputnik) – The time of the US dollar as the world’s top currency is coming to an end due to Washington’s lack of neutrality and concerns over the United States’ creditworthiness, renowned American investor Jim Rogers told Sputnik.
“Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar,” Rogers said.
“It will happen. It has always happened. And America’s time is coming to an end. The American dollar this time is coming to an end.”
“No currency has been on top more than 150 years. Nobody has always been on top, so it’s always happened,” Rogers said. “People have moved away from whatever currency it is.”
Rogers pointed out that the countries are now moving away from the US dollar partly because the United States is the largest debtor nation in the history of the world.
“Many people are starting to say: wait a minute, I don’t know if we want to use that money, because it will have a problem someday,” he said. “But also, the world’s international currency is supposed to be completely neutral. Anybody can use it for anything you want. But now Washington is changing the rules. And if they get angry at you, they cut you off.
US sanctions against Russia, he added, are accelerating the move for people to look to something to compete with the US dollar.
“Even America’s friends are worried that something could happen to them. And so the world is moving more rapidly,” he said.
Russia has in recent months been strengthening its economic cooperation with China and adopting the yuan currency for trade. In early April, the yuan replaced the dollar as the most traded currency in Russia, and the Chinese currency continues to penetrate a number of other markets around the world.
World Yet to Find Currency to Replace or Even Compete With Dollar
The renowned investor further pointed out that countries are making efforts to move away from the US dollar, but that there has yet to be a currency that could substitute or at least compete with it.
“So far, the world hasn’t found something to replace or even compete with the dollar,” Rogers said. “The Chinese currency, sure you would think, but the Chinese don’t let you buy and sell the currency, it’s not completely converted … Many friends of America are moving, trying to find something to compete with and ultimately replace the US dollar. It will happen.”
In early May, International Monetary Fund Managing Director Kristalina Georgieva said that she does not see an alternative to the US dollar in the near future even as more and more countries have started switching to national currencies in trade.
“Yes, the world is trying to accelerate its move away from the US dollar, and obviously bigger countries have more influence in doing that and more reason to do it faster than other countries,” Rogers said.
“So, many countries… are trying to figure out what do we do to find something to replace the US dollar, or to compete with the US dollar.”
In April, the International Monetary Fund said the US dollar has depreciated since October 2022 but remains stronger than it has been since 2000.The same month, World Bank President David Malpass said that the US dollar’s dominance has been put into question by competitors such as blockchain technology and the Chinese yuan.