{"id":19901,"date":"2023-04-16T02:38:09","date_gmt":"2023-04-16T02:38:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/usd-will-no-longer-be-king-were-at-turning-point-for-us-dollar-economics-bitcoin-news\/"},"modified":"2023-04-16T02:38:09","modified_gmt":"2023-04-16T02:38:09","slug":"usd-will-no-longer-be-king-were-at-turning-point-for-us-dollar-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/usd-will-no-longer-be-king-were-at-turning-point-for-us-dollar-economics-bitcoin-news\/","title":{"rendered":"USD Will No Longer Be King, We’re at Turning Point for US Dollar \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a growing de-dollarization trend. \u201cThe dollar\u2019s just not going to be king,\u201d he warned, adding that history will record recent events \u201cas the turning point for the dollar.\u201d<\/strong><\/p>\n

Jeffrey Tucker on De-Dollarization, USD\u2019s Turning Point<\/h2>\n

Jeffrey Tucker, an author and publisher who worked for former U.S. Representative Ron Paul and the Mises Institute for many years, shared his view on the growing de-dollarization trend and its effects on the U.S. economy in an interview with NTD News on Wednesday.<\/p>\n

Responding to a question about whether de-dollarization is actually happening and when we will feel its effects, he explained that the U.S. has held dominance in the global currency market since 1944, which has enabled it to influence policies worldwide. However, referring to the attack and sanctions imposed by the U.S. government on Russia following the outbreak of the Russia-Ukraine war, he opined:<\/p>\n

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History will record that was the turning point for the dollar. Since 1944, the dollar has been dominant even after the end of the gold standard in 1971 \u2026 That has really changed with the attack on Russia and the sanctions because a lot of those assets that were confiscated by the U.S. just arbitrarily were denominated, of course, in dollars.<\/p>\n<\/blockquote>\n

\u201cIf the U.S. puts its political might behind other people\u2019s willingness to hold its currency and bludgeons them and attacks them and criticizes their own policies and actually confiscates assets, then that just discourages people from holding the dollar. So, suddenly we have a situation where all these very powerful, important countries are saying: \u2018We need to do something about this. Let\u2019s dump the dollar. We\u2019ve got to move on to something else.\u2019 They can do it and it\u2019s starting to happen,\u201d he detailed.<\/p>\n

Noting that the BRICS countries (Brazil, Russia, India, China, and South Africa) are starting to \u201cmarginalize\u201d the USD, he stressed that it will affect the status of U.S. debt which could really restrain the Federal Reserve.<\/p>\n

Inflation Is \u2018Sticky\u2019<\/h2>\n

Regarding how de-dollarization affects Americans in terms of a potential recession, Tucker explained: \u201cThe impact domestically is not going to be as pronounced as people might think. The big thing we have to worry about domestically is domestic de-dollarization, namely inflation.\u201d<\/p>\n

He stressed that inflation is \u201csticky,\u201d adding: \u201cIt\u2019s with us. It\u2019s not going anywhere. The Fed hasn\u2019t been able to reverse it.\u201d He further noted that the USD has lost 15 cents of its value over the past two and a half years. \u201cThat\u2019s inflation,\u201d he exclaimed, emphasizing that it\u2019s the \u201cdirect consequence of the Fed\u2019s mismanagement.\u201d<\/p>\n

Tucker cautioned: \u201cDe-dollarization will affect us as we travel internationally. Right now, the dollar is basically gold anywhere you travel in the U.S. \u2026 That will definitely come to an end.\u201d Furthermore, he said it will \u201calso seriously hurt international business that\u2019s domiciled in the U.S.\u201d He concluded:<\/p>\n

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The dollar\u2019s just not going to be king. This isn\u2019t going to happen tomorrow or next year or even the next five years, but looking at the long-term trajectory, I think we are at a turning point.<\/p>\n<\/blockquote>\n

Do you agree with Jeffrey Tucker about de-dollarization? 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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