Current location:world >>
U.S. dollar's power reaches tipping point, says U.S. writer
world23People have gathered around
Introduction(Xinhua) 16:01, April 06, 2024NEW YORK, April 5 (Xinhua) -- The power of the U.S. dollar or the U.S. ...
NEW YORK, April 5 (Xinhua) -- The power of the U.S. dollar or the U.S. status as a superpower in the world is at a tipping point amid internal uncertainties, global fragmentation, and weaponization of the American currency, according to Saleha Mohsin, a writer and reporter in the United States.
The U.S. dollar's power is definitely at a tipping point and "we won't know until that moment has actually passed and we've already started to come down," said Mohsin at a recent dialogue around her book at The Korean Society in New York.
Mohsin said the biggest threat to the status of the U.S. dollar is going to come from the inside.
"If we have so much uncertainty, internal political chaos, and...the deficit, then we are gonna hurt ourselves more than anyone else," Mohsin said.
The effects of more uncertainties and volatilities in the United States may last for years, according to Mohsin.
"People are still talking about (former U.S. President Donald) Trump's withdrawal from the Iran (nuclear) deal and people are still adjusting to an America where economic policies are more isolationist, protectionist, rather than globalized."
Global investors are uncertain about America right now because of the lack of predictability and stability, according to Mohsin.
The U.S. dollar became the world's reserve currency asset by design in 1944 at Bretton Woods Conference, and the United States benefited from it through buying goods and other currencies, exerting hegemony and having a cushion in case of a crisis somewhere else, according to Mohsin.
Americans could have the lowest possible mortgage rates and low interest costs in other areas despite massive government deficits because the world has an insatiable appetite for U.S. dollars and its debt, according to Mohsin.
The strong dollar policy in last few decades played a role in the devastating hollowing out of America's manufacturing sector and the United States increasingly turned to the dollar as a weapon of war abroad, according to Paper Soldiers: How the Weaponization of the Dollar Changed the World Order, authored by Mohsin.
If the United States becomes belligerent, it's terrible for the U.S. dollar and its foreign policy objectives, said Mohsin, who works as a senior Washington correspondent for Bloomberg News.
"Nothing can end or curtail the reign of the dollar faster than something like that," he warned.
Mohsin added that there's nothing wrong to pursue diversification of the world's assets and of how they're used, as the U.S. dollar is so central to the global financial system.
It's no big deal if someone else is trading bilaterally in other currencies, especially if it makes other economies stronger and that's good for the global economy, he said.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Global Gazetteer news portal”。http://samoa.carpetcleaningepping.com/html-74a399890.html
Related articles
'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
worldCHICAGO (AP) — The road for Shota Imanaga from Japan to the major leagues included at least one shar ...
【world】
Read moreABBA film chronicling the Swedish band's rise to global stardom includes never
worldA film about ABBA's rise to global stardom shows never-before-seen footage of tense encounters betwe ...
【world】
Read moreExperts warn about Venezuela's broken HPV vaccine promises
worldPUTUCUAL, Venezuela (AP) — Some of the 10 women and teenage girls who recently came to a medical cli ...
【world】
Read more
Popular articles
- Russian theater director and playwright go on trial over a play authorities say justifies terrorism
- Bob Cole, the voice of hockey in Canada for a half
- New home for University of Kentucky cancer center will help accelerate research, director says
- Florida sues ACC seeking records in dispute with FSU over conference exit fees
- Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
- US to pull troops from Chad and Niger as the African nations question its counterterrorism role
Latest articles
Devout Christian doctor, 68, who punched dementia
Amendments to Missouri Constitution are on the line amid GOP infighting
Trump downplays deadly Charlottesville rally with comparison to campus protests
Why Pedro Sánchez is mulling his future as Spain's leader
Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
Orpheus Pledger: Home and Away star is arrested after sparking a three
LINKS
- Chinese small home appliances aim for high
- Xi Meets Nepalese Prime Minister
- Xi Meets Cambodian Prime Minister
- NASA's next Mars mission to probe deep interior of red planet
- Chinese companies retain 2nd place on Hurun Top 500
- World's largest energy corridor generates impressive power
- Shanghai makes great strides in improving business environment
- World should focus more on small businesses, young people: Jack Ma
- Searches for hotels surge 4 times after China
- Hong Kong police hold open day for national security education, police force anniversary