A weakening dollar in itself makes foreign goods and services more expensive for American consumers and businesses, and should the dollar lose the reserve currency status, costs that businesses would pass on to US consumers.
The dollar’s share of global reserve currencies has been in steady decline over the past 20 years as central banks turn to nontraditional currencies.
But some economists predict the era of dollar dominance is drawing to a close, a process that could be hastened if there’s a repeat of the shenanigans at the Capitol that brought the country to the brink of not being able to pay its bills and had the Chinese calling a “de-Americanized world order.”
Reserve managers have moved out of dollars in two directions, with one quarter headed into the renminbi and three quarters into currencies of smaller countries that have traditionally played a limited role as reserve assets.
While China’s currency is gaining some ground, there’s also a notable shift into currencies including the Australian dollar, Canadian dollar, Singapore dollar, Korean won, and Swedish Krona, according to the IMF paper.
The findings come as global sanctions against Russia in response to its invasion of Ukraine have triggered a fresh debate about the dollar’s dominance of global finance and trade and whether the conflict will accelerate the use of rival currencies, such as the renminbi.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
Luke 16:11 If therefore ye have not been faithful in the unrighteous mammon, who will commit to your trust the true riches?
Proverbs 6:6 Go to the ant, thou sluggard; consider her ways, and be wise:
Proverbs 6:7 Which having no guide, overseer, or ruler,
Proverbs 6:8 Provideth her meat in the summer, and gathereth her food in the harvest.
Proverbs 6:9 How long wilt thou sleep, O sluggard? when wilt thou arise out of thy sleep?
Proverbs 6:10 Yet a little sleep, a little slumber, a little folding of the hands to sleep:
Proverbs 6:11 So shall thy poverty come as one that travelleth, and thy want as an armed man.
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