The End Of U.S. Dollar Hegemony - Jeffrey Sachs

The End Of U.S. Dollar Hegemony - Jeffrey Sachs

Oct. 1, 2023

THE CURRENCY WAR - FOLLOW THE MONEY

Kim Iversen

Jeffrey Sachs, a renowned American economist and best-selling author, has suggested that the current era of hegemony of the U.S. dollar is drawing to an end due to the misuse of the currency as a geopolitical tool. According to Sachs' statements at the 20th annual meeting of the Valdai Discussion Club, another world currency is anticipated to take the dollar’s place and this process could be complete in the upcoming decade.

Sachs is of the opinion that none of the available fiat currencies will overcome the dominance of the dollar. Rather, he believes that central bank digital currencies (CBDCs) will be at the forefront of international settlements as the mechanism to succeed the U.S. dollar. CBDCs are digital equivalents issued by central banks and offer various advantages as compared to traditional fiat currencies.

For instance, they are better suited for cross-border settlements, offer increased traceability, and more reliable control. In a Bank for International Settlements survey issued in July, 24 central banks are projected to have adopted a CBDC of their own by 2030. This move has been supported by 130 countries that jointly represent 98% of the global gross domestic product (GDP).

It is inevitable that the existing disruption of the U.S. domination of the international financial system, will be followed by a shift of power dynamics. This implies that the transition to a different currency that holds the same influence as the dollar and requires adoption by the multitudes may prove challenging. Nevertheless, the implementation of CBDCs is on the precipice of becoming a global phenomenon.

Original: https://youtu.be/Eb0aWUCLZlM

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