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The US dollar is losing its worldwide leadership position since Washington has become the world’s greatest debtor, noted investor Jim Rogers told Sputnik on Wednesday.
The co-founder of the Quantum Fund highlighted that more and more countries are becoming wary of the dollar, since over-reliance on it can lead to a variety of difficulties.
“Many of America’s friends are moving, trying to find something to compete with, and ultimately replace, the US dollar,” Rogers said in an interview with the Russian site.
According to the investor, an international currency should be completely neutral, and the White House’s lack of impartiality, along with mounting fears about the US’s creditworthiness, has stripped the greenback of that attribute.
“Many people are beginning to say: wait a minute, I’m not sure if we want to use that money, because it will have a problem someday,” he explained. “However, the global currency is supposed to be completely neutral.” Anyone can use it for whatever they want. However, Washington is suddenly rewriting the regulations. And if they become enraged, they cut you off.”
Rogers, an increasing number of countries are looking for alternatives to the US dollar, and the Chinese yuan may eventually replace it as the most popular means of conducting international transactions.
Russia has strengthened economic connections with China in recent years, embracing the yuan in international trade. In early April, the Chinese yuan surpassed the dollar as Russia’s most traded foreign currency. Furthermore, the yuan is expanding into a number of other markets around the world.
“It will occur. It has always occurred. And America’s time is running out. “This is the end of the American dollar,” Rogers said. “No currency has dominated for more than 150 years.” Nobody has ever been on top, thus this has always happened.”
