American economist, Columbia University professor Jeffrey Sachs said that the hegemony of the United States in the broad political or economic sense no longer exists.
According to Jeffrey Sachs, the hegemony of the United States in the broad political or economic sense is over. And the recognition of the United States as a hegemonic power has remained in the imagination of the American political class. The economist pointed out that the United States is no longer “the only powerful country in the world” as there are Russia, China and India in the modern world.
The expert recognised that the US currency continues to dominate the international financial system, remaining the main currency in it. At the same time, the professor said he expects a significant decline in the dollar’s prevalence amid the growing importance of other countries, the rise of digitalisation and the abuse of the US role of the national currency as a global currency, including “using it as a weapon” in sanctions against Russia, Iran, Venezuela and other countries.
“This accelerates the transition away from dollar-based systems,” Sachs told RIA Novosti, pointing to the abandonment of the dollar in Russia’s trade with China and with Brazil.
Recall, earlier the channel News Nation said that the residents of the United States have more debt than ever before in history. Today the cost of living for the average American has increased by 14 per cent, and the total debt of American citizens has reached $17 trillion.