Donald Trump: The Dollar Will Soon no Longer be the World Standart
Former US president Donald Trump has voiced his concerns about the unprecedented diminishing strength of the dollar.
The Republican stated during a press conference in West Palm Beach, Florida, that the dollar’s status as a global reserve currency is in jeopardy. He also said that this is the most significant loss for America in the last 200 years.
According to Trump, the US dollar will soon cease to be the world’s reserve currency which will hinder the United States’ position as a leading economic power.
More and more people are discussing how the USD is at odds with most economic leaders, such as China, which is seeking to liberate itself from the currency.
The countries from BRICS recently announced they will create a currency, most likely backed by gold, to try and dethrone the dollar.
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In an interview at the beginning of April, French president Emmanuel Macron suggested that Europe should work towards reducing its reliance on the US dollar amidst escalating tensions between China and the United States.
He warns that if a conflict were to arise, Europe would not have the time or resources to maintain its strategic autonomy and would become subservient to one of the superpowers.
As per a spokesperson from the Ministry of Foreign Affairs of China, the financial and foreign strategies of the United States are resulting in an uneven global financial system that may cause unpredictability.
For a long time, the US currency has been the primary player in global trade and the international monetary system. Nevertheless, current initiatives have been aimed at reducing the world’s dependence on the dollar.
At the current speed and global developments, only time and patience can tell the direction in which the new world order will unfold. One thing is certain: decentralized finance, which is beyond the control of governments, will be a most welcome savior.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
