Economist Jim Rickards Says US Dollar’s Greatest Enemy as Reserve Currency Is the Treasury

Jim Rickards, an economist and the writer of “Currency Wars,” says the U.S. Treasury is really the biggest menace to the U.S. dollar’s presumption arsenic a reserve currency. However, helium cautioned that an expanding fig of countries seeking alternatives to the dollar arsenic a outgo currency is besides “a large deal,” emphasizing: “The dollar is being attacked from each sides.”

Jim Rickards connected U.S. Dollar Losing Reserve Currency Status

Economist and “Currency Wars” writer Jim Rickards has warned that contempt China and different nations intensifying their efforts to trim their dependency connected the U.S. dollar, the USD’s biggest menace comes from the Treasury. He stressed connected “Fox & Friends Weekend” Saturday:

The top force of the dollar arsenic a reserve currency is not each those different countries. It’s the U.S. Treasury.

Rickards explained the quality betwixt outgo and reserve currency. He noted that portion galore countries are moving distant from utilizing the USD for payments, the “bigger threat” to the U.S. dollar is its imaginable replacement arsenic a reserve currency. He detailed:

The U.S. Treasury has weaponized the dollar, frozen the reserves of the Central Bank of Russia and different countries looking astir saying, ‘Hey, what if they don’t similar what I did? What if they don’t similar 1 of my policies, are they’re going to frost my reserves?’

“If you accidental I privation to get retired of the dollar arsenic a reserve currency, the lone truly bully alternate is gold,” the economist opined.

Commenting connected efforts by China and respective different countries to situation the USD arsenic a outgo currency, Rickards said:

That’s a large deal. The dollar is being attacked from each sides. People are looking for substitute outgo currencies.

A increasing radical of nations, which includes China, Russia, India, Malaysia, and Saudi Arabia, person made efforts to trim their reliance connected the U.S. dollar. Recently, China and Brazil reached an statement to regenerate the USD with their ain currencies successful commercialized transactions. Moreover, ASEAN countries person agreed to trim their reliance connected the U.S. dollar for commercialized settlements, and the BRICS nations are reportedly moving connected creating a caller currency.

Do you hold with Jim Rickards? Let america cognize successful the comments conception below.

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