Dollar likely to lose its global dominance, economist says
Dollar will eventually lose its global dominance – as noted by Russian economist Yegor Klopenko in his talk with the Belarus 1 TV channel
The Russian Rouble has been demonstrating a steady and rapid recovery recently. In March, it became the most dynamic currency in the world, and the fact was even recognised by the US National Public Radio. After Moscow's decision to establish settlements for gas in Russian Roubles, this currency is gaining an increasing weight on world exchanges, while confidence in American money is falling – primarily due to large-scale anti-Russian sanctions. The US Dollar has actually exhausted itself as the only currency, and many governments have already started looking for alternatives.
“The Dollar will eventually lose its global dominance. Active steps are already made to change the global financial system. All the major players have got interested in trading with each other in national currencies, and most of them are thinking over the withdrawal of some of their assets from Dollars and US securities to further invest them in assets of large countries with which they are liaising economically. Saudi Arabia, India, Brazil, and China declare that they will develop trade in national currencies – and this is a very serious step. The US economy is largely based on the fact that the Dollar is the world's reserve currency which enjoys a great demand due to international settlements. We are observing a serious increase in inflation and a pre-crisis – or even crisis – state of the US economy. The situation will only get worse," Mr. Klopenko explained.
