Countries around the world are vying to take out the U.S. dollar as the world’s dominant currency, according to The Epoch Times. The trend is reportedly being facilitated by the Chinese Communist Party (CCP), which has already begun to make deals in other currencies. The news comes as the U.S. is experiencing rampant inflation and speculation that the debt ceiling will eventually give way.
But adversaries of the U.S. include the U.S. government, according to some experts. While China, Russia, the Saudis, and South American countries reportedly join the “anti-dollar cabal,” the federal government is not innocent. Kevin Freeman, host of the Economic War Room, told The Epoch Times that the government is making it easier for other countries to topple the dollar as they continue to raise the debt ceiling. He notes that unstable foreign policy and ignorance of the threats looming around them are contributing to the problem.
Lawmakers are reiterating the sentiment and saying that the Biden administration is speeding up the toppling of the dollar. Arizona Rep. Paul Gosar attributed the issue to the excessive spending that began under the administration. Although the dollar has held its position as the global reserve for over 70 years, experts say that that reality may be coming to an end. 20 years ago the dollar made up 75 percent of the world’s reserves, but today that number has been reduced to below 50 percent.
Meanwhile, central banking is gaining popularity. The Biden administration has tried to put the U.S. on that path but was met with criticism, especially from Florida Governor Ron DeSantis, who said that it would increase government surveillance.
Brazil’s new far-left President Luiz Inácio Lula da Silva has also been challenging the dollar’s supremacy, according to Newsweek. Brazil, Russia, India, China, and South Africa have met at the New Development Bank (NDB) in Shanghai to discuss their mission of supplanting the dollar.