The US dollar has been the world’s principal reserve currency since the end of the Second World War. It is the most widely used currency for international trade and other transactions worldwide and the most commonly held reserve currency. As the issuer of the world’s reserve currency, the United States enjoys a lofty status as it is able to borrow money at low costs and impose painful financial status on other countries. The use of the dollar as a tool for controlling other countries is precisely why experts believe its status as a world reserve currency is now threatened.
For example, data from the US Treasury Department show that China’s holdings of US Treasuries reduced by 40 percent in the decade leading up to August 2023, from a high of 1,316 billion dollars in 2013 to 805.4 billion in August 2023. Like China, other foreign government investors also reduced their holdings in US government debts last year, amounting to a total dump of about 39.1 billion dollars in October. Analysts believe foreign investors are showing less preference for US Treasuries due to concerns about the US government’s increasing federal deficit and the global move toward de-dollarization. According to popular American writer and speculator Doug Casey, the situation will continue to worsen until countries are actively dumping trillions of trillions of dollars on the domestic market.
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Doug Casey - The U.S. Welfare Warfare State is Collapsing
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