Ex-Reagan Official: USD's Reserve Currency Role at Risk as Nations Turn to Domestic Currencies, Gold
BATTLE FOR WORLD / SPUTNIK NEWS | July 7, 2019: The article highlights that Washington’s sanctions policy has prompted world players to start drifting away from the dollar, thus throwing the greenback’s top reserve currency status in jeopardy, says American economist Dr Paul Craig Roberts, an American economist and author of several books, and who has served as the United States assistant secretary of the Treasury for Economic Policy under President Ronald Reagan.
While the Trump administration is turning all stones to “make America great again” and reports about the rapid growth of gross domestic product (GDP) and a plummeting unemployment rate, the clouds are gathering on the horizon of the US economy and the dollar, says Dr Paul Craig Roberts. And said that the Federal Reserve has manipulated the price of gold to prop up the US dollar over many decades giving the US financial power backbone in the dollar major reserve currency status which allowed the US to pay its bills by printing greenbacks.
Paul Craig Roberts: The US dollar’s reserve currency role is in jeopardy, because the sanctions Washington DC imposes are driving other governments away from the use of the dollar and the Western financial system. As the dollar’s role as reserve currency shrinks, so does the demand for dollars. As the demand for dollars falls, so will its exchange value. The Federal Reserve can print dollars with which to purchase financial assets such as stocks and bonds, thus supporting their prices, but the Federal Reserve cannot print foreign currencies with which to purchase dollars.
As global players turn their backs on the dollar by shifting to national currencies and using gold as a hedge, the US economy may find itself in great trouble, according to Roberts.
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