The End of the US Dollar
Gold, Silver, Yuan, Bitcoin,... which is the next one?
Brazilian President Luiz Inácio Lula da Silva's recent speech questioning the necessity of trading in the U.S. dollar has sparked debates on the future of the greenback.
The U.S. Federal Reserve's decision to print 80% of all U.S. dollars in existence in 2020 has caused a ripple effect across the global economy. Other countries have had to devalue their currencies to remain competitive, creating an ironic situation where 'made in America' goods became cheaper for export.
The speech reflects growing concerns over the U.S. dollar's status as the global reserve currency. Currently, the dollar dominates global trade and finance, and most countries hold a significant portion of their foreign reserves in dollars. However, this has created an over-reliance on the dollar, making the global economy vulnerable to shocks.
If the U.S. dollar loses its status as the global reserve currency, it would have significant implications for the U.S. economy and the world.