Bloomberg: Suddenly Everyone Is Hunting for Alternatives to the US Dollar
King Dollar is facing a revolt.
Tired of a too-strong and newly weaponized greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency.
Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further dollar strength.
No one is saying the greenback will be dethroned anytime soon from its reign as the principal medium of exchange. Calls for “peak dollar” have many times proven premature. But not too long ago it was almost unthinkable for countries to explore payment mechanisms that bypassed the US currency or the SWIFT network that underpins the global financial system.
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WNU Editor: The seizure of Russia's dollar assets was a wake-up call for everyone to start looking for alternatives. Raising interest rates and making the US dollar stronger so that America's inflation crisis can be dumped on everyone else has made this looking for an alternative to the US dollar into a rush.And while I do expect the US dollar to be the main currency that will be used in international trade and contracts, I give it another a decade before this is no longer the case.