Posted on 06/14/2023 10:21:36 AM PDT by EBH
Speaking today, US Treasury Secretary Janet Yellen said that there should be an expectation of a slow decline in the US dollar as a reserve currency. Moreover, the statements arrive amidst international de-dollarization efforts employed by a host of countries, including the BRICS economic bloc.
Yellen had previously stated her expectation that the US dollar would remain unchallenged as the global reserve currency. However, it appears as though recent developments have shifted her stance on the matter.
The global reserve currency status of the US dollar has been a constant headline over the past several months. Indeed, as international trade has worked to de-dollarize itself, the currency has seen a lessening prevalence. Subsequently, appearing at the US House Financial Services Committee meeting today, one prominent voice in American finance spoke on the matter.
US Treasury Secretary Janet Yellen, says that there should be an expectation of a slow decline in the US dollar as a reserve currency. Specifically, in statements that differ from others she had made last month discussing the same issue.
Speaking to Reuters, Yellen maintained her confidence in the US dollar. Specifically, the confidence that it would remain the global reserve currency. Despite the de-dollarization action that has been taken by countries like China and Russia. Subsequently, she acknowledged attempts by these nations to create an international trade alternative but described them as difficult to conceive.
Yellen’s appearance before the Committee on Finance Services regarded what was described as “treasury oversight,” in testimony that has since been revealed. Moreover, Yellen discussed international financial institutions (IFIs) and their role “as part of our broader economic and foreign policy toolkit.” Additionally, she referenced these institutions as “fostering a more resilient global economy.”
Slow, huh. Well, we have another word they’ve stolen and turned the definition upside down.
To all the Anti-Trump Chimps! Trump had an excellent Economic Team.
https://time.com/4440711/donald-trump-economic-advisors/
They were brilliant!
I am sick and tired of the nonsense Dump on Trump Chumps post. When you ask what the other candidates have done or to provide names of non swamp candidates, all I get are crickets.
But they’re trying to speed it up.
Ha! Tranny Captain Kangaroo. Hysterical.
First photo explains it all worth a thousand words.
D.C. Mafia not happy
“The interest rate will be fixed by another party.”
Who is the party that will fix it?
And will the interest rate for U.S. dollars be set high or low?
I’m not disputing your explanation; just want to understand the basis for it.
Whoever rules the reserve currency sets the rules. Obviously the Fed could set rates in the US, but rates tend to be international. They are used to attract capital or soak up extra liquidity. If debt is set in Yuan instead of dollars, for example, China would have more influence. There are a lot of reasons why that isn’t likely…but as more debt is denominated in non dollar currency, the US will lose control of rates and markets.
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