In a recent discussion on his YouTube channel, former US Congressman Ron Paul expressed his concerns about the US dollar, saying it was even overdue for a significant decline due to rising national debt.
He noted that central banks and private individuals are increasing their gold reserves, indicating a decline in confidence in the US dollar.
As a constitutionalist, Paul believes that the existence of the dollar is only temporary, as is the case with most fiat currencies. He pointed out that some people have predicted the ultimate end of the dollar since the Bretton Woods agreement in 1944, which established the dollar as the main currency in international trade.
According to Paul, the dollar’s longevity is in question, especially given the rapidly rising interest rates on government debt, which are expected to reach trillions of dollars in a short period of time. He mentioned that people with economic knowledge and common sense see that this situation is unsustainable.
The process of replacing the dollar with a new global currency will be long and complicated, although attitudes toward the dollar have already begun to change. Central banks and individuals are increasingly investing in gold as negative sentiment toward the dollar becomes more widespread.
However, Paul acknowledged that abandoning the dollar as the world’s reserve currency will not happen overnight. Despite the shortcomings of the greenback and the mistakes of economic policies, the currency still occupies a dominant position, and it will take considerable effort to create a reserve currency to replace it.
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2023-07-22 16:03:01
#debt #bury #dollar #Ron #Paul
