Whether he is aware of it or not, Joe Biden may be overseeing the death of the U.S. dollar as the world's reserve currency, critics say.
One business leader who is sounding the alarm is former President Donald Trump:
"China is trying to displace the U.S. Dollar as the NUMBER ONE CURRENCY throughout the World. Unthinkable three years ago! If this happens, and under Biden’s leadership it probably will, this would be the biggest defeat for our Country in its history," Trump posted on Truth Social on April 5. "We will be reduced to SECOND TIER STATUS. AMAZING. MAKE AMERICA GREAT AGAIN!"
The dollar's demise would mean a major drop in the standard of living and quality of life for middle-class Americans, economists say. Globally, it would mean a realignment of the economic and financial order.
Though China's yuan only makes up 3 percent of current global currency reserves, but "things may go gradually for a long time, and once a threshold, usually unpredictable, is reached, collapse comes swiftly," South China Morning Post columnist Alex Lo noted on April 4. "Lenin supposedly said: 'There are decades where nothing happens; and there are weeks where decades happen.' That applies as much to revolutions as financial regime change and collapse. And they almost always come without warning."
In 2014, Russian strongman Vladimir Putin and Chinese leader Xi Jinping signed an agreement aimed to promote trade and investment between China and Russia using their own currencies, the yuan, and the ruble. The move challenged the dominance of the U.S. dollar in international trade and finance. This year's meting between Xi and Putin further strengthened the partnership between China and Russia and raised concerns for the U.S. as the two countries increase cooperation and trade using their own currencies.
The shift also raises concerns about the impact of American sanctions on countries like Iran and North Korea.
The Wall Street Journal reported last month that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan.
Late last year, Saudi Arabia Crown Prince Mohammed bin Salman reportedly told associates that he was no longer interested in pleasing the U.S., as per a Wall Street Journal report. MBS said anything his country would do for the Western nation would need a favor in return.
On April 4, Malaysia's Prime Minister Anwar Ibrahim said that China is open to talks on the creation of an Asian Monetary Fund in an effort to gain independence from the U.S.-led International Monetary Fund.
"There is no reason for Malaysia to continue depending on the dollar," the prime minister told Malaysian parliament.
Trump wrote in an April 7 Truth Social post: "The good ol’ USA is losing so much, so fast, that at the end of the 1 1/2 years remaining in the most incompetent administration in history, we may not even have a Country left. There’s an INVASION at our Border, we’re about to lose our “Dollar” as the World Standard, and we could, because of “Stupid People,” end up in World War III. The only things they do well is CHEATING ON ELECTIONS, DISINFORMATION CAMPAIGNS, and WEAPONIZING THE JUSTICE SYSTEM. We are a Nation in Decline, a Failing Nation!!!"
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