President Trump just issued a chilling warning: The U.S. dollar is being bypassed by other nations.10
Could this impact retirement savings for Americans?
With the battle against inflation continuing11 and international confidence in the dollar declining12 retirement savings could be impacted.
Trump says going off the dollar would be “like losing a revolutionary war.”13
>>>Take action now before the probability of the dollar situation escalates.
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9 “We will keep the US dollar as the world’s reserve currency”, Trump promised at a campaign rally in Mosinee, Wisconsin on September 7, 2024.
“It is currently under major siege. Many countries are leaving the dollar”, the Republican presidential candidate lamented.
10 The global de-dollarization drive has received a big boost from the BRICS bloc, of Brazil, Russia, China, India, and South Africa.
China and Russia have de-dollarized more than 90% of their bilateral trade, instead using rubles and renminbi (RMB, also known popularly as yuan).
China and Brazil signed a deal to drop the dollar in trade, settling with yuan and reais.
Russia and Iran pledged to remove the middle man of the dollar from their bilateral trade.
Even the Association of Southeast Asian Nations (ASEAN) has made agreements to de-dollarize regional commerce.
All of these nations are instead using their own currencies to trade with each other, bypassing the dollar.
11 The Federal Reserve isn’t yet in position to declare ‘mission accomplished’ in the battle against inflation, and the ride to the 2% target continues to be bumpy at times — Mark Hamrick, Bankrate Senior Economic Analyst
12 Recent data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) point to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments.
13 If the United States lost its status as the issuer of the global reserve currency, he argued, “that will be like losing a revolutionary war. That will be, that will be a hit to our country, just like losing a war. And we can’t let that happen”.
“Too many countries now are fighting to get off the dollar”, Trump complained. | | If you no longer want to receive these emails, you may Unsubscribe Here or submit your request to: 24025 Park Sorrento, Suite 210, Calabasas, CA 91302 |
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