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2:57 34:23 Will a new currency replace the US dollar as the world's ... - YouTube YouTube Start of suggested clip End of suggested clip Well folks the plan is to use blockchain. So everything is transparent. So it's a much easier sell.MoreWell folks the plan is to use blockchain. So everything is transparent. So it's a much easier sell. Than simply saying oh trust us everything will be fine.

The dollar weakened again late in 2022 and in the early months of 2023. By mid-year, the euro continues to trade higher than the dollar.

For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world's reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending.

The U.S. dollar is widely viewed as a reliable “store of value,” or safe haven. In large part because of this stability relative to other currencies, the greenback accounts for nearly 60% of foreign reserves (i.e., the currencies held by central banks to help manage their nation's monetary system and exchange rate).

The euro and U.S. dollar made up more than seven of 10 SWIFT payments worldwide in 2023, outperforming many other currencies. This is ing to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT.

Despite several recent reports of reserve diversification, "geo-economic" realignment and China's move to lift usage of its yuan, there's still no evidence that the world entered 2023 actively selling dollar assets.

That's why an increasing number of nations in Asia, Europe, and Latin America have recently announced plans to dump the U.S. dollar as their sole reserve currency… and instead trade in their own local currencies. For example, China and Russia have normally used U.S. dollars to buy products from each other.

In addition, if the dollar loses its status as the world's reserve currency, it could lead to a decline in the value of the dollar, which could lead to inflationary pressures. This could result in higher interest rates, which could make borrowing more expensive for companies and reduce corporate profits.

2:57 34:23 Will a new currency replace the US dollar as the world's ... - YouTube YouTube Start of suggested clip End of suggested clip Well folks the plan is to use blockchain. So everything is transparent. So it's a much easier sell.MoreWell folks the plan is to use blockchain. So everything is transparent. So it's a much easier sell. Than simply saying oh trust us everything will be fine.

The dollar weakened again late in 2022 and in the early months of 2023. By mid-year, the euro continues to trade higher than the dollar.

For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world's reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending.

The U.S. dollar is widely viewed as a reliable “store of value,” or safe haven. In large part because of this stability relative to other currencies, the greenback accounts for nearly 60% of foreign reserves (i.e., the currencies held by central banks to help manage their nation's monetary system and exchange rate).

The euro and U.S. dollar made up more than seven of 10 SWIFT payments worldwide in 2023, outperforming many other currencies. This is ing to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT.

Despite several recent reports of reserve diversification, "geo-economic" realignment and China's move to lift usage of its yuan, there's still no evidence that the world entered 2023 actively selling dollar assets.

That's why an increasing number of nations in Asia, Europe, and Latin America have recently announced plans to dump the U.S. dollar as their sole reserve currency… and instead trade in their own local currencies. For example, China and Russia have normally used U.S. dollars to buy products from each other.

In addition, if the dollar loses its status as the world's reserve currency, it could lead to a decline in the value of the dollar, which could lead to inflationary pressures. This could result in higher interest rates, which could make borrowing more expensive for companies and reduce corporate profits.