The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and America’s shrinking share of the global economy.The role of the U.S.
Speaking at an online session of the latest Annual Columbia China Summit on Friday, Sachs noted that the international payment system is currently based on the dollar, with up to 60% of foreign trade settlements conducted or denominated in the U.S. fiat, and around half of currency reserves based on it.At the same time, the U.S. share of the global economy is around 15%, in purchasing terms. So the role of the dollar is far larger than the role of the U.S. economy, Sachs explained.
Quoted by the Chinese Xinhua news agency, Jeffrey Sachs also pointed out that with the U.S. turning its currency into a political weapon, by confiscating foreign exchange reserves of Russia, Venezuela, and Iran, many countries don’t want to keep their money in dollars anymore. He elaborated: They don’t trust the United States and they think the U.S. is going to confiscate their currency, especially if they get in some kind of foreign policy disagreement with the United States.The economist further remarked that the current role of the U.S. currency is largely due to the dollar-based commercial banking system as the payments are usually settled through commercial banks.
In the near future countries will start to avoid usd
High potential for that. Not abrupt though.
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We will see. Anyway I hold a little more on Ownr wallet
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