It has been nearly a decade since China and Russia fired the opening salvo in their quest to dismantle the U.S. dollar’s standing as the chief international reserve currency.
These de-dollarization efforts have accelerated over the past 12 months, with more countries joining Beijing and Moscow’s anti-dollar crusade.
As many governments attempt to undermine the greenback and potentially dethrone the king dollar, more prominent individuals are beginning to pay attention—from former President Donald Trump to House Speaker Kevin McCarthy (R-Calif.).
United States $1 bills are seen on a light table at the Bureau of Engraving and Printing in Washington on Nov. 14, 2014. (Gary Cameron/Reuters)
The House Speaker, currently in the midst of a debt ceiling standoff with the Biden administration, on April 17 said that soaring U.S. government debt will erode the dollar’s standing as the chief international reserve currency, not what other countries are doing….