Countries all around the globe are trying to make the US dollar less important in the world, says The Epoch Times. This idea is getting help from the Chinese Communist Party (CCP). They’re already starting to do business in different currencies. This news comes as the US is dealing with too much inflation and guesses that the debt ceiling will break at some point.
Who’s Challenging the Dollar? Surprisingly, some of the people trying to weaken the US dollar include the US government itself, experts suggest. Along with China, Russia, Saudi Arabia, and some countries in South America, the US government is also playing a part. Kevin Freeman, who hosts the Economic War Room, told The Epoch Times that by raising the debt ceiling, the government is making it easy for other countries to challenge the dollar. He believes that not having a steady foreign policy and ignoring the dangers close by are adding to the problem.
What Are Lawmakers Saying? Some lawmakers echo this view. They say that the Biden administration is making the dollar’s fall happen quicker. Arizona Representative Paul Gosar linked the problem to spending too much money, a habit that started with this administration. Even though the dollar has been the world’s reserve for over 70 years, experts think this might not last. Two decades ago, the dollar was 75 percent of the world’s reserves. But today, that number is less than 50 percent.
Central Banking on the Rise. More and more people are starting to like the idea of central banking. The Biden administration has tried to steer the US this way, but many didn’t like it. For instance, Florida Governor Ron DeSantis said it would mean the government could watch us more.
New Challenges from Brazil. The new President of Brazil, Luiz Inácio Lula da Silva, who leans far to the left, is also testing how strong the dollar is, Newsweek reports. Brazil, Russia, India, China, and South Africa met at the New Development Bank in Shanghai. They talked about their goal to replace the dollar.