Ron Paul, former US representative and member of the Libertarian Party, has addressed recent events aimed at undermining the influence of the US dollar as a reserve currency in international markets. Paul believes that even if this happens, it will probably take longer than some predictions say.
Ron Paul analyzes the fall of the hegemony of the US dollar
In the latest edition of his online webcast “The Ron Paul Liberty Report”, former United States Representative Ron Paul discussed the position of the US dollar as a reserve currency and how current events involving China, Russia, Brazil and other countries threaten this position.
Paul believes that if the US dollar is finally dethroned as the reserve currency, this will take longer than some predictions currently say, according to the former congressman. On this, he stated:
People have been talking about this for a long time and it’s amazing, it’s always longer than some predictions. Someone might have said in the 1930s that the dollar standard will not last long with the Federal Reserve takeover. Predicting the exact time is very difficult.
In addition, he explained the different stages that the US dollar has gone through, placing special emphasis on former President Richard Nixon’s abandonment of the Bretton Woods system, reminding viewers that even then the end of the dollar was heralded as it became an inflationary currency. . backless.
Consequences of having a world reserve currency
Paul explains that while having a national currency as the world’s reserve currency had its benefits for the US, it also had its shortcomings. Paul declared:
It gives us license to inflate. It gives us sanctions to interfere in the market with sanctions. License to fight wars we shouldn’t be fighting.
For Paul, the demise of the dollar began with the creation of the Federal Reserve, which is licensed to manipulate the country’s monetary policy without congressional approval. However, Paul believes there is an acceleration with recent moves by countries looking to ditch the dollar as a trading currency.
There are signs that something big is happening and it has to do with China, Brazil and Russia. They are attacking us. If they succeed, people will find a scapegoat, but it’s not true. We have to look at our monetary policy in a much more honest way.
What do you think about Ron Paul’s stance on the demise of the US dollar? Tell us in the comment section below.
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