{"id":19651,"date":"2023-04-09T18:00:45","date_gmt":"2023-04-09T18:00:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/economist-jim-rickards-says-us-dollars-greatest-enemy-as-reserve-currency-is-the-treasury-economics-bitcoin-news\/"},"modified":"2023-04-09T18:00:45","modified_gmt":"2023-04-09T18:00:45","slug":"economist-jim-rickards-says-us-dollars-greatest-enemy-as-reserve-currency-is-the-treasury-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/economist-jim-rickards-says-us-dollars-greatest-enemy-as-reserve-currency-is-the-treasury-economics-bitcoin-news\/","title":{"rendered":"Economist Jim Rickards Says US Dollar’s Greatest Enemy as Reserve Currency Is the Treasury \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Jim Rickards, an economist and the author of \u201cCurrency Wars,\u201d says the U.S. Treasury is actually the biggest threat to the U.S. dollar\u2019s status as a reserve currency. However, he cautioned that an increasing number of countries seeking alternatives to the dollar as a payment currency is also \u201ca big deal,\u201d emphasizing: \u201cThe dollar is being attacked from all sides.\u201d<\/strong><\/p>\n

Jim Rickards on U.S. Dollar Losing Reserve Currency Status<\/h2>\n

Economist and \u201cCurrency Wars\u201d author Jim Rickards has warned that despite China and other nations intensifying their efforts to reduce their dependency on the U.S. dollar, the USD\u2019s biggest threat comes from the Treasury. He stressed on \u201cFox & Friends Weekend\u201d Saturday:<\/p>\n

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The greatest enemy of the dollar as a reserve currency is not all those other countries. It\u2019s the U.S. Treasury.<\/p>\n<\/blockquote>\n

Rickards explained the difference between payment and reserve currency. He noted that while many countries are moving away from using the USD for payments, the \u201cbigger threat\u201d to the U.S. dollar is its potential replacement as a reserve currency. He detailed:<\/p>\n

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The U.S. Treasury has weaponized the dollar, frozen the reserves of the Central Bank of Russia and other countries looking around saying, \u2018Hey, what if they don\u2019t like what I did? What if they don\u2019t like one of my policies, are they\u2019re going to freeze my reserves?\u2019<\/p>\n<\/blockquote>\n

\u201cIf you say I want to get out of the dollar as a reserve currency, the only really good alternative is gold,\u201d the economist opined.<\/p>\n

Commenting on efforts by China and several other countries to challenge the USD as a payment currency, Rickards said:<\/p>\n

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That\u2019s a big deal. The dollar is being attacked from all sides. People are looking for substitute payment currencies.<\/p>\n<\/blockquote>\n

A growing group of nations, which includes China, Russia, India<\/a>, Malaysia<\/a>, and Saudi Arabia<\/a>, have made efforts to reduce their reliance on the U.S. dollar. Recently, China and Brazil<\/a> reached an agreement to replace the USD with their own currencies in trade transactions. Moreover, ASEAN countries<\/a> have agreed to reduce their reliance on the U.S. dollar for trade settlements, and the BRICS nations are reportedly working on creating a new currency<\/a>.<\/p>\n

Do you agree with Jim Rickards? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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