Jim Rickards, a renowned economist and author, has voiced his concerns about the Biden administration’s handling of U.S. monetary policy. According to Rickards, President Biden’s actions have led to the downfall of the U.S. dollar as a global reserve currency. While this news may be disheartening, there are some key points to consider:
– A gold-backed currency for the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, is set to be introduced on August 22.
– Reports from the Russian embassy in Kenya support the claim of a potential BRICS common currency.
– Leslie Maasdorp, a representative from the BRICS bank, has stated that creating a common currency is a long-term ambition, rather than an immediate plan.
– The merging of BRICS and the Shanghai Cooperation Organization (SCO) is anticipated, leading to a larger economic bloc that could challenge the dominance of the U.S. dollar.
– Despite these developments, the U.S. dollar is expected to remain in use, albeit in a marginalized position.
It is not just Jim Rickards who has expressed concerns about the future of the U.S. dollar. Investor Jim Rogers has also warned about the potential consequences of its decline, including inflation and debt problems. In conclusion, the fate of the U.S. dollar as a global reserve currency seems uncertain, but its role in the international market is likely to diminish.
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