Your current location:HOME >entertainment >U.S. dollar's power reaches tipping point, says U.S. writer 正文
TIME:2024-04-30 05:01:19 Source: Internet compilationEdit:entertainment
(Xinhua) 16:01, April 06, 2024NEW YORK, April 5 (Xinhua) -- The power of the U.S. dollar or the U.S.
NEW YORK, April 5 (Xinhua) -- The power of the U.S. dollar or the U.S. status as a superpower in the world is at a tipping point amid internal uncertainties, global fragmentation, and weaponization of the American currency, according to Saleha Mohsin, a writer and reporter in the United States.
The U.S. dollar's power is definitely at a tipping point and "we won't know until that moment has actually passed and we've already started to come down," said Mohsin at a recent dialogue around her book at The Korean Society in New York.
Mohsin said the biggest threat to the status of the U.S. dollar is going to come from the inside.
"If we have so much uncertainty, internal political chaos, and...the deficit, then we are gonna hurt ourselves more than anyone else," Mohsin said.
The effects of more uncertainties and volatilities in the United States may last for years, according to Mohsin.
"People are still talking about (former U.S. President Donald) Trump's withdrawal from the Iran (nuclear) deal and people are still adjusting to an America where economic policies are more isolationist, protectionist, rather than globalized."
Global investors are uncertain about America right now because of the lack of predictability and stability, according to Mohsin.
The U.S. dollar became the world's reserve currency asset by design in 1944 at Bretton Woods Conference, and the United States benefited from it through buying goods and other currencies, exerting hegemony and having a cushion in case of a crisis somewhere else, according to Mohsin.
Americans could have the lowest possible mortgage rates and low interest costs in other areas despite massive government deficits because the world has an insatiable appetite for U.S. dollars and its debt, according to Mohsin.
The strong dollar policy in last few decades played a role in the devastating hollowing out of America's manufacturing sector and the United States increasingly turned to the dollar as a weapon of war abroad, according to Paper Soldiers: How the Weaponization of the Dollar Changed the World Order, authored by Mohsin.
If the United States becomes belligerent, it's terrible for the U.S. dollar and its foreign policy objectives, said Mohsin, who works as a senior Washington correspondent for Bloomberg News.
"Nothing can end or curtail the reign of the dollar faster than something like that," he warned.
Mohsin added that there's nothing wrong to pursue diversification of the world's assets and of how they're used, as the U.S. dollar is so central to the global financial system.
It's no big deal if someone else is trading bilaterally in other currencies, especially if it makes other economies stronger and that's good for the global economy, he said.
Foreign diplomats impressed by traditional culture, high2024-04-30 04:50
San Francisco finally opens its long2024-04-30 04:15
Buxton, Kirilloff help Twins rally past White Sox 62024-04-30 04:05
Annie Kilner steps out in Cheshire with her baby son just seven days after giving birth2024-04-30 04:02
Chemical and biological methods help restore ancient books in north China2024-04-30 03:55
The Latest2024-04-30 03:32
Homeowners share their incredible DIY renovations2024-04-30 03:07
Arizona Democrats attempt to repeal the state’s 19th century abortion ban2024-04-30 02:40
Ecuador announces complaint against Mexico at top UN court in diplomatic spat2024-04-30 02:31
Supreme Court torn over Oregon's homeless: Kavanaugh says they shouldn't be 'micromanaging' cities2024-04-30 02:23
7 Minnesotans accused in massive scheme to defraud pandemic food program to stand trial2024-04-30 04:37
Solomon Islands PM Sogavare commands largest bloc in Parliament after election — Radio Free Asia2024-04-30 04:27
Emily Blunt looks sensational in a white vegetable2024-04-30 04:00
Sydney church stabbing: Seven teenagers accused of violent extremist ideology arrested2024-04-30 03:42
'Flying Apsaras' takes flight in Beijing, set for nationwide tour2024-04-30 03:30
Witt's 22024-04-30 03:17
Shawn Mendes, 25, REUNITES with chiropractor pal Dr. Jocelyne Miranda, 52, for morning walk in LA2024-04-30 03:10
Livvy Dunne hints she may NOT return to LSU for a fifth year2024-04-30 03:07
Goldman Sachs upbeat on A shares2024-04-30 02:50
Solomon Islands PM Sogavare commands largest bloc in Parliament after election — Radio Free Asia2024-04-30 02:46