Analyst Dick Bovet retires and provokes with his predictions of the dominance of the Chinese economy at the expense of the American one
One of the heretical legends of Wall Street in terms of his analyzes especially in the field of banking and finance, Richard X. Bovet, known simply as Dick Bovet, has decided to retire at the age of 83, but even now through a series of interviews and statements in American and international Media gave his own view on the future and the… fall of America.
Beauvais for at least four decades is one of the most recognizable American analysts, as he had almost daily contact with the American (and not only) media: print, radio and channels. His constant de facto reporting often exposed his views to criticism, particularly when some of his analysis was inaccurate (such as when he predicted that US banks would survive the 2007-08 crisis). But Bovet had and still has a significant audience and enjoys the esteem of famous businessmen and influential people such as JPMorgan Chase CEO Jamie Dimon.
Cryptocurrencies are coming
On the occasion of his retirement from active activity, his prediction in an interview with the “NY Times” literally went around the world, since according to Beauvais: “The dollar is finished as the reserve currency of the world.” Among other things, the analyst argued that it is certain that the Chinese economy will exceed the size of the American one and for this, among other things, the American companies that transfer their production to other countries are responsible. According to him, this trend has given other countries more control over international production, the global economy and global financial flows. On the topic of cryptocurrencies, Bovet believes that digital currencies like bitcoin can fill the void that the dollar’s declining influence in the global economy will and already leaves.
Just because Bovet was unconventional in his career (he has worked for 17 financial institutions and brokerage firms), in the west of his career he argued that analysts no longer tell things like they are because “they are like monks who pray to money” and thus do not they want to speak out against the dominant financial system they live off of. Characteristic of his style as well as the depth of his analysis is that when in the distant 2005 everyone believed that the real estate market in the USA was not facing any problems, Bovet had described it as a “dustbin” and just two years later… it was confirmed in the worst possible way .
His prediction about the dollar, which has also made the biggest splash, comes as alternative analyzes of the issue, which talk about the “de-dollarization” of the global economy, are increasingly being sidelined. of public dialogue. According to the IMF, currently around 60% of global reserves are in dollars, but the trend is for this to decrease, particularly after the US response to the war in Ukraine and sanctions against Russia.
Bypass through BRICS and experiments
The main vehicle of this idea is none other than the association of states known as BRICS. The promotion of the “breaking” of the dollar by the BRICS countries is aided by various agreements between these states for transactions with their own currencies – that is, bypassing the dollar – but also experiments regarding the creation of alternative payment systems or for reserves using digital currencies such as bitcoin for example.
Wounded but “Dragon”
The American analyst’s prediction that the Chinese economy will overtake the American one in the near future comes as the “Asian dragon” is shaken by the collapse of the real estate giant Evergrande and while the American economy is doing better than in the previous quarter. In this regard, his valuation brings together all the characteristics that have over the years ranked him among the heretical analysts of Wall Street, since the real estate sector represents about a quarter of China’s economy. On the other hand, his view coincides with the basic scenario of the analyzes for some years, according to which the Chinese economy will succeed in surpassing the American one within the next decade.
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