China and India Could Bring US Dollar Demise

It looks like the attack on the US dollar is still going strong. Check out the latest reports about the matter below.

According to the former chairman of Goldman Sachs Asset Management, two major global economies have the ability to challenge the US dollar’s position as the world’s reserve currency.

Lord Jim O’Neill recently gave an interview to RT, which is a Russian government-funded news outlet, in which he expressed doubt that the United States can maintain its USD hegemony for an indefinite period of time.

“Eventually, as we saw in the United Kingdom, the world’s most actively used currency will ultimately be that of that world’s most important economies. So the idea that the dollar will remain king forever is probably unlikely.”

According to O’Neill, he is uncertain about when the dollar may lose its dominant position and mentions that discussions regarding the currency’s downfall have occurred periodically over the years.

The term BRIC was first introduced by O’Neill, referring to the economic alliance of Brazil, Russia, Iran, and China. With the inclusion of South Africa, BRICS now aims to counteract the financial dominance of the United States. O’Neill believes that China and India can achieve this goal by collaborating and aligning their agendas.

“This is not the first time that people have talked about the end of the dollar, but it happens every other year, if not with the same intensity, and it’s never happened yet. If you look at the history of the pound sterling and its domination of the world financial markets, it persisted well beyond when the UK economy became much smaller as a share of global GDP…” according to the official notes.

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