Seeking alternatives to US dollar dominance in global finance on day one of SPIEF 2018 The first day of the St. Petersburg International Economic Forum (SPIEF) has seen various discussions on ways of ditching the US currency which dominates global trade. Veteran investor Jim Rogers has noted that the US currency will likely lose its leadership status in the next decade.
“Dollar is going to be higher than now because the turmoil is coming. Then, it is going to be overpriced and people will look around and say, ‘America’s got the largest debt in the history of the world. I t’s printing money as fast as it can,’” the investor said at the Valdai Club’s discussion session, held as part of SPIEF.
The alternative is coming from Brazil, Russia, China, India, Iran and other developing countries, according to Rogers, who said these states have enough power to compete with the dolla
Russian Finance Minister Anton Siluanov suggested the euro could substitute the dollar in Russia’s foreign trade if Brussels takes a stand against Washington’s latest sanctions against Moscow. “As we see, restrictions imposed by the American partners are of an extraterritorial nature. The possibility of switching from the US dollar to the euro in settlements depends on Europe’s stance toward Washington’s position,” said Siluanov, who is also Russia’s first deputy prime minister. The minister added that the Chinese yuan, Indian rupee, and Russian ruble can also play a greater role in trade.
Julian Garcia
The US dollar is higher than it has been in years. Post your make belief propoganda somewhere else. The Euro and BP are in the ones in trouble.
Justin Jones
In a blackpilled sense, this. Are the BRICS really going to make waves and get everyone to use their meme currency? The closest thing that could challenge dollar hegemony would be if several countries teamed up with Saudis to trade oil for something other than USD
Adrian Johnson
pure rubbish. Russia has a terminal demographic. after 2022 they won't be able to maintain their army nor ever hope for any economic growth. muh BRICS meme is old
