U.S. Senator Rand Paul has actually alerted that the U.S. dollar might lose its status as an international reserve currency. “For a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position,” stated the legislator.
Senator Rand Paul on U.S. Dollar Losing Reserve Currency Status
U.S. Senator Rand Paul (R-KY) shared his issues about the growing de-dollarization pattern and the USD losing its worldwide reserve currency status in an interview with Fox Business Thursday.
He was asked: “Is king dollar going to be tossed off of its throne because of bad fiscal and monetary policies? Is it going to lose its world reserve status in your judgment?” The senator from Kentucky responded:
I am worried about it.
“I think our foreign policy has something to do with that … We’ve pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just Russia and China being pushed together by foreign policy and obviously, some of it is their own doing, and it’s a response to things they’ve done that we don’t like,” the legislator suggested.
He included: “North Korea is in that basket as well. Iran is in that basket. But now we have some countries, such as Saudi Arabia, also sort of being pushed together into this non-aligned or unaligned coalition that wants to denominate their trades in things other than the dollar. So I think it is coming. And also if you treat your dollar like scrap paper and you continue to buy up enormous amounts of U.S. debt, your dollar becomes worthless too.”
Senator Paul continued:
So, for a range of factors, both diplomacy in addition to financial irresponsibility, yes, the dollar remains in a precarious position, and I believe it’s not an unfounded forecast to state, yeah, we might perhaps lose our status as a reserve currency.
Paul furthermore alerted: “We need to be careful of having some sort of zero trade policy because I think that will make the world a worse place.” The senator concluded:
You are basically at war with a nation when you gave up trading with that nation.
Do you concur with Senator Rand Paul about the dollar losing its status as the world’s reserve currency? Let us understand in the comments area below.
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