The World Quietly Moves on From the US Dollar
Decades worth of work which kept the US dollar on a pedestal is being eroded not by manipulation, but by currency weaponization. The White House took sanctions too far despite emerging economies repeatedly calling out the weaponization of the currency. From Russia to Iran and Belarus, among other countries, the White House has sanctioned several countries. The move has crippled their economies bringing businesses and revenues to a standstill making it difficult to conduct financial transactions. Also Read: The US Stock Market Is Closed Today, But Why? The British pound, which was the global currency before the 1940s, had no such problem. While the British Empire was militarily powerful in terms of force, it barely weaponized its currency for trade and transactions. Only the US dollar is pushing its weight against other currencies despite being the widely used tender worldwide. Therefore, the world is now quietly moving on from the US dollar by simply diversifying its central bank reser...