/ world today news/ De-dollarization on a global scale is already an unstoppable trend. Many countries around the world are working hard to reduce their dependence on the U.S. dollar, largely because the U.S. has weaponized its currency through indiscriminate sanctions, according to a May 24 article by the Quincy Institute of National Affairs.
According to the article, de-dollarization is currently accelerating and countries are looking for alternatives to the US dollar. The figures show that the share of world reserves denominated in dollars has fallen from 73% in 2001 to 58% in 2023. The US’s sweeping sanctions against Russia and its attempts to remove Moscow from the global financial system have shaken many developing economies and made them look for alternatives.
The de-dollarization trend is underway whether the US agrees or not. The only way forward for the United States is to take part in restructuring the world monetary system through consultations with developing countries. Otherwise, Washington will face a “depression of economic hegemony.”
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