The USD is gradually losing its position as the world's leading currency.
(Baonghean.vn) - The US dollar is starting to lose its leading position as the US becomes the world's largest debtor, famous investor Jim Rogers commented.
"People are starting to reject the use of the dollar, especially because the US is the most indebted country in history. Many people are starting to wonder if they want to use it anymore when it might have problems in the future," Rogers said. He reiterated that the international currency needs to have absolute neutrality. "Anyone can use it for any purpose, for anything. But now Washington is changing the rules of the game and if they get angry with you, they can disconnect you," the expert added.
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| US dollar. Photo: AP |
Even countries friendly to the US today are acknowledging the possibility of such restrictions, the investor said. "So now many of America's friends are looking for something that can compete with the dollar. This process is accelerating as many of America's partners are concerned that something might happen to them," he said. Rogers said that today the world has not yet found an equivalent or even a competitor to the US dollar.
As the investor asserts, the Chinese yuan could play such a role, but it is not a fully convertible currency. "So I don't know what's going to happen, but the world is moving. A lot of America's friends are trying to come up with something that will compete with the dollar and eventually replace it. That's going to happen. It always happens. And America's time will come to an end," Rogers said. The same thing will happen to the US currency, Rogers concluded./.
