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Cuban President Miguel Diaz-Canel has asked developing countries to dump the US dollar as it would set them free from Washington's 'sanctions, blackmail, aggression, and slander'
The US dollar's hegemony, which is based on the currency's dominant role in fundraising and international commerce, is unlikely to be challenged by the proposed petroyuan or a common currency for the BRICS grouping. However, blockchain technology may be able to eliminate the need for the dollar as a middleman in illiquid currency corridors, reducing transaction costs by up to $120bn a year. While the coordination and trust required to create a multicurrency central bank digital currency network makes the idea unfeasible, the New York Federal Reserve has shown that a wholesale token of the US c...
According to a survey by the World Gold Council, 62% of central banks expect gold will have a greater share of total reserves in coming years.
China doesn't want de-dollarization. Yuan overtaking the dollar comes with its own set of problems — like Beijing's unwillingness to open its capital accounts, or running a deficit.
Jim Rogers, the cofounder of George Soros' Quantum Fund, warns that excessive borrowing has paved the way for a worse bear market than in 2008.