He has torpedoed the US petrodollar and you nary hear a word of it. The BRICS are setting up free trade zones left and right. I never even heard of the term ‘de-dollarize’ before this year and now Turkey is the latest to de-Dollarize. Poor chess player, indeed.
For several years now, I’ve been harping about the danger of the U.S. greenback losing world reserve currency status — but, this is also the first I’ve heard of “de-dollarize”. It’s an awkward-sounding word; but, we’re probably going to hear a lot more about it (unless someone comes up with a better term soon). The only way the U.S. gets away with “printing money” to pay its foreign debts, is because of the reserve currency status. However, printing money to pay debts is a major abuse of the privilege of having reserve currency status. If more of the world “de-dolarizes”, Americans will get a painful lesson in real-world economics — i.e. economics where balanced budgets actually matter, and where you can’t inflate yourself out of debt.