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Tag "Reserve Currency"

American Exceptionalism Is on the Ropes and the End of the Petrodollar Is Nigh

    American Exceptionalism Is on the Ropes and the End of the Petrodollar Is Nigh

The pressure on the global economy imposed by the measures to curb the COVID-19 pandemic threatens to erode whatever confidence the world still has in the U.S. dollar as a viable reserve currency. A shortfall in U.S. domestic savings, dropping to 1.4 percent of national income, brought on by the drawn-out shutdowns and structural changes to…

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Global De-Dollarization Spells Jolts and Crises for US Economy

    Global De-Dollarization Spells Jolts and Crises for US Economy

BEIJING — In January, President Donald Trump took to Twitter to denounce Pakistan’s commitment to fighting terrorism. Twenty-four hours later, Pakistan’s central bank announced that it no longer would use the U.S. dollar in international transactions, and would instead switch to the Chinese yuan. Four months later, in response to the Trump Administration’s withdrawal from…

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