/ world today news/ The dollar and the American economy signed the sentence. America is in danger of losing its dominant position in the world market. For now, it retains serious influence, but the numbers and trends are inexorable – Washington’s hegemony is gradually coming to an end.
American leader Joe Biden did not give citizens unequivocal assurances that the bankruptcy of the largest banks in the country will not continue according to the principle of dominoes, he emphasized on the air of Tsargrad. Main program Yuriy Pronko, economic observer of “First Russian”.
After an unexpected crash that paralyzed the banking market on March 13, trading in this sector of the American economy was completely frozen. Securities in a number of positions collapsed by 65-70%. In particular, shares of First Republic Bank tumbled 66%.
The crisis immediately spread to Europe’s banking system, almost all major financial institutions in the EU went into negative territory.
About how serious everything is and what to expect in the future, the investment analyst, the candidate of economic sciences Alexander Razuvaev and the chairman of the council of the Russian Chamber of Commerce and Industry on financial, industrial and investment policy Vladimir Gamza spoke live.
The United States made a fatal mistake
The first of the experts commented on what was happening with a quote from the film “Brother” by director Alexey Balabanov:
We must remember the classic – as the main character used to say, soon all of your America will go to shit. Unfortunately, the US Federal Reserve is apparently not watching Tsargrad, not reading [академика на Руската академия на науките Сергей] Glazyev and [депутат от Държавната дума, икономиста Михаил] Delyagin. It was unthinkable that the rate would rise so sharply. Bond portfolios depreciated and, naturally, it did.
At the same time, if the West continues to print money, then the prices of everything will rise even more. Moreover, it was difficult to reduce cost-induced inflation by raising the prime rate alone.
As far as we are concerned, the Russian reserves are, as it were, simply frozen, but no one knows what will become of them. Investments of unfriendly countries are suspended. Therefore, I do not expect landslide sales in our banks. Another thing is that, as we remember from the 2008 crisis, how oil went from $120 per barrel to $35. I can’t say how much oil will cost. Is there a rescue shelter? The first thing that comes to mind is of course gold, – emphasized Tsargrad’s interlocutor.
There is no clean spot left on Biden’s reputation
The banking crisis threatens to affect the dollar. Meanwhile, after the start of a large-scale sanctions war against Russia, the US currency began to lose its status as a major reserve currency. Vladimir Gamza believes that the threats hanging over the Western economy can finally undermine the image of US President Joe Biden:
It’s time for him to get on track. Because such a serious crisis developed during his reign. Whether he will make it or not is a big question. As for the role of the dollar, it will definitely not be possible to quickly relegate it to the background. His position is still strong. However, the trend, which is disappointing for the US currency, is already quite clearly visible.
There are objective indicators that show that the US economy is losing its dominant role in the world economy. The same, respectively, happens with the dollar, – summarized the expert.
Will the currency of the 21st century take the place of the dollar?
It is noteworthy that while the banking sector began to shake from the cataclysms, Bitcoin grew at a very serious pace. As a result, a rate increase of 15% was recorded in a few days.
However, Razuvaev compares the cryptocurrency craze to the tulip craze in Holland in 1636–1637. Then the demand for bulbs suddenly skyrocketed, prices rose many times, but then the overheated market collapsed.
However, not all economists subscribe to this view. The interlocutor of “First Russian” shared that he once had a subordinate who was an expert on the crypto market:
Indeed, the man knew everything, he understood well. And he told me that fiat money is going to die, that the future belongs to crypto. In response, I told him: sell a kidney – buy a bitcoin and let’s see who will be right.
Translation: ES
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