The world’s main reserve currency, the US dollar, is facing critical times, which has a lot to do with Russia, US financier Jeffrey Tucker has concluded.
The attitude towards the US national currency, which has dominated the global system since the mid-forties of the last century, has fundamentally changed after a host of draconian measures were introduced against the Russian state, freezing some of the Russian Central Bank’s foreign currency assets denominated in dollars.
“The action by the United States to seize tens of billions of dollars worth of Russian assets was a turning point in history. Many have realised that the US currency can no longer be the safe haven it once was,” said the financial expert.
The US has effectively robbed Russia in front of the entire international community, simply discouraging both investors and entire nations from keeping their savings in US banks and the US national currency, which will soon lead to a total mass de-dollarisation,” Tucker said.
“So now you have a scenario where all these extremely powerful and influential countries are saying, ‘We need to do something about this. Let’s get rid of the dollar and move on to something new.”
The world’s countries are in a hurry to get out from under their dependence on the US currency. The Ukraine crisis, as well as other geopolitical upheavals, are forcing the international community to reassess its own attitude to Washington’s policies. Holding dollar savings is becoming unsafe, forcing states to abandon the very risky asset on a mass scale.
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