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Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world’s reserve currency as long as democratic institutions and the rule of law remain in place in the U.S.

“The status of the dollar as the world’s reserve currency is a very important thing to us,” Powell told the House Financial Services Committee. “I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we have, generally speaking, had strong levels of price stability.”

US Federal Reserve chair says additional rate hikes likely

“I think the dollar will remain the reserve currency as long as those things are in place,” he said.

The dollar share of official FX reserves fell to a 20-year low of 58% in the fourth quarter of 2022, according to International Monetary Fund data.

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Rebirth Jun 22, 2023 12:52am
Russia had 10% of all USD reserves that were frozen, leading to this decline. It exports 10% of the world’s oil, which was also done in dollars. After Nixon asked the Arabs to use dollars to trade oil, countries hoarded them to buy oil. China has 50% of all USD reserves, which means out of that 58%, it has around 29%. It has about 5% of all US debt, and 20% of their foreign debt. The interest is paid in USD. If these payments and China’s reserves are also frozen for invading Taiwan, the ratio of USD as a reserve currency will go down to less than 30%. With Russia already selling 10% of all of the world’s oil in currencies other than USD, countries don’t have an incentive to use the dollar. China imports 15% of the world’s oil. It has already made deals to buy it in Yuan. Geopolitics and declining hard power, caused by declining and aging populations, wasteful spending on things like mind control, pointless mass scale collection of metadata, and monitoring and surveillance are to blame.
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Bill Jun 22, 2023 02:35am
Hes talking through his hat.the dollar is an exposed and soon to be dead ponzi scheme
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Love Your Country Jun 24, 2023 08:55pm
It would be foolish to expect him not to say so.
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