Media Wire Express Correspondent
The United States is taking actions that are widely seen as chipping away at the foundations of the US dollar’s status as the world’s reserve currency, effectively daring the global community to find an alternative, according to financial experts and analysts.
The country’s increased use of economic sanctions, its mounting debt, and recent attacks on the US legal system following the conviction of former President Donald Trump have all contributed to growing consternation, both domestically and internationally, about the potential consequences of American “hubris.”
“The United States is merrily chipping away at the pillars that hold up the dollar as the world’s reserve currency,” stated the Reuters report.
While no credible alternative to the dollar has emerged so far, financial services executives, global investors, and other experts expressed concern about the long-term viability of the US currency’s dominance.
“Perhaps ironically, the US dollar’s strength is, in part, due to its near-unchallenged safe-haven status,” said Steve H. Hanke, a professor of applied economics at Johns Hopkins University. “That said, most investors don’t understand geopolitics and the dangers that lurk below the surface until it’s too late.”
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The dollar’s global preeminence has historically been rooted in the strength of the US economy, the depth of its financial markets, and the principles of democracy that underpin its institutions. However, the “messiness” of US partisan politics and recent attacks on the rule of law are testing these foundational pillars.
“I believe in this constitutional system that we have. It’s messy,” said Gary Gensler, chair of the US Securities and Exchange Commission. “It’s democracy.”
Nevertheless, the growing consternation over the state of US institutions and the country’s economic policies has prompted efforts in Asia and elsewhere to reduce reliance on the US dollar and explore alternative financial systems. However, these attempts have so far been slow-going and have failed to gain significant traction.
As the United States continues to assert its global economic dominance, the world appears to be left with few viable options to challenge the dollar’s status, at least in the near term. But experts warn that the country’s actions may ultimately backfire, potentially leading to a significant depreciation of the US currency if its credibility is compromised.
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