S&P’s chief economist says US dollar, ‘will no longer be the dominant world currency’

A top economist warns the US dollar will ‘no longer be the dominant world currency’ as trade in Chinese yuan rises https://t.co/E0xI2nLZO4

— Insider Business (@BusinessInsider) July 12, 2023

COGwriter

It is becoming clearer, even to some in the mainstream, that the US dollars days as the world’s primary reserve and trading currency are numbered:

US Dollar Will Lose Status As World’s Reserve Currency, Says S&P Global’s Top Economist

An economist at the world’s largest credit ratings agency says the US dollar’s global reserve currency status is now in the process of fading away. …

With “a fragmentation around the edges,” Gruenwald says that the US’ aggressive sanctions on Russia in response to its conflict with have prompted other countries around the world to begin trading in other currencies besides the dollar, and to start rebuilding their gold reserves.

Says the economist,

“We’ve got other things happening outside of the dollar world.”

Gruenwald also referenced the rise in trade being done in the Chinese yuan and the low financing offered by Chinese banks like the Asia Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), which was started by BRICS, the economic coalition of Brasil, Russia, India, China and South Africa.

“The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency.”

Earlier this month, former House Speaker Paul Ryan said the greenback’s position as the world’s reserve currency was in jeopardy as the US government accumulates massive amounts of debt. https://dailyhodl.com/2023/07/17/us-dollar-will-lose-status-as-worlds-reserve-currency-says-sp-globals-top-economist/

Yes, US debt and sanctions, etc. have gotten many to question its dollar.

While the dollar is not done, its days are numbered.

Forbes reported the following:

… The dollar doesn’t have quite the pull it used to, S&P’s chief economist says

The power of the greenback may be beginning to fade and is being pushed down the global pecking order … a top economist has warned.

Speaking during an S&P Global Ratings event in London, Paul Gruenwald the rating firm’s chief economist, cautioned that the dollar “doesn’t have quite the pull it used to.” …

Another major issue facing the dollar is Russia.

U.S. economic sanctions imposed on the country for its invasion of Ukraine saw the nation turn to the {Chinese} yuan, also referred to as renminbi. …

Last week Paul Krugman, a Nobel Laureate and economist, wrote in the New York Times that “the greenback’s dominance won’t last forever, because nothing does.” …

A major factor working against the dollar is its weaponization against Russia.

Sanctions thus far have included freezing Russia’s ability to use half of its reserves as well as hamstringing its access to the transaction portal SWIFT.

In April, Treasury Secretary Janet Yellen told CNN: “There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar.” …

IMF’s First Deputy Managing Director, Gita Gopinath, voicing similar concerns, Tesla CEO Elon Musk is also wary of the impact of weaponizing the currency.

In April the Twitter owner responded to a video claiming “de-dollarization is real and is happening fast.”,…

In April, while on a trip to China, Brazilian President Luiz Inacio Lula da Silva asked: “Why should every country have to be tied to the dollar for trade?… Who decided the dollar would be the (world’s) currency?”

Lula da Silva continued: “Why can’t a bank like the BRICS bank have a currency to finance trade between Brazil and China, between Brazil and other BRICS countries?… Today, countries have to chase after dollars to export, when they could be exporting in their own currencies.” https://fortune.com/2023/07/12/paul-gruenwald-sp-chief-economist-dollar-dominance-might-fade/

More and more are validating what has been posted here for years about the US dollar, sanctions, gold, debt, and what other countries are now doing.

Regarding sanctions, in August 2018, we put out the following video on our Bible News Prophecy YouTube channel:

15:19

US Sanctions and Tariffs leading to New World Order?

Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted “Somebody must find a solution and stop the USA.” The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are “unintended consequences” of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has ‘Lord’ Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more.

Here is a link to our video: US Sanctions and Tariffs leading to New World Order?

The world is in the process of dethroning the US dollar. And that will happen.

What most Americans do not realize is that the largest export from the USA is actually its currency–which is basically debt notes.

Russia, China, India, some European nations, and others have been trying to see if a gold-backed currency could dethrone the USA dollar.

As far as gold as a partial replacement, in April 2021, we put out the following video on our Bible News Prophecy YouTube channel:

12:30

Gold Backed Currency to Replace the US Dollar?

China introduced something that was called the gold-petro-yuan back in 2018. Since then, the global share of US-dollar-dominated exchange reserves have dropped to 59.0%. In April 2021, China became the first major economy to unleash a Central Bank Digital Currency. China also has given its banks permission to import large amounts of gold. Is China preparing for a gold-backed yuan to push aside the US dollar or to help it survive a US dollar cataclysm? Are other nations preparing to push the US dollar aside? Do Europeans seem to have the most gold? Are Europeans prophesied to gain more gold? Is the US debt trajectory sustainable per Fed Chairman Jerome Powell? Does the Bible warn of the end coming to the highly indebted in Habakkuk 2:6-8? Why does it looked like a gold-backed currency will replace the US dollar? Will the US dollar, ultimately, become essentially worthless? Dr Thiel addresses these issues and more.

Here is a link to our video: Gold Backed Currency to Replace the US Dollar?

Furthermore, here is something related to debt and the US dollar being the primary reserve currency from my January 2021 book Biden-Harris: Prophecies and Destruction:

Joe Biden and many other American politicians have not run away from increasing U.S.A. debt—that will be to the nation’s peril.

The Bible warns about something that will happen to a heavily indebted nation. Notice what the Hebrew seer Habakkuk wrote over 2,600 years ago:

³ For the vision is yet for an appointed time; But at the end it will speak, and it will not lie. Though it tarries, wait for it; Because it will surely come, It will not tarry … ⁵ Indeed, because he transgresses by wine, He is a proud man …⁶“Will not all these take up a proverb against him, And a taunting riddle against him, and say, ‘Woe to him who increases What is not his—how long? And to him who loads himself with many pledges’? ⁷Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. ⁸ Because you have plundered many nations, All the remnant of the people shall plunder you… (Habakkuk 2:2-3,6–8).

Notice that what is to happen is so bad, that people who read the prophecy should run, when it is time for it to be fulfilled. Since that prophecy is to be fulfilled at the appointed time of the end, it is still for the future, but perhaps not too far distant in the future. No nation has ever been in as much total debt as the U.S.A.

The “U.S. is highly vulnerable to loss of confidence by foreign creditors.”[i] U.S. government debt is “extremely vulnerable to foreign attack because of the high percentage of foreign ownership — almost 40% of the market.”[ii]

Interestingly, in the past, one foreign creditor, China, has raised concerns about the U.S. debt that are so serious, that its potential dumping of that debt has been called China’s “nuclear option”[iii] against the U.S.A.—an option that involves no military intervention, but that could greatly harm the U.S.A.

Others have been concerned that Russia will perhaps encourage something like this when the timing is right. European leaders have been working for years to establish a new reserve currency for the world, partially with the intent to remove the U.S. dollar from its position as the world’s primary reserve currency.

Those in Iran and some of the Arab lands, along with nations such as Brazil and India have discussed plans for the removal of the dominance of the U.S.A. in global trade as well. The former President of Brazil, Lula, even claimed that eliminating the U.S. dollar’s reserve currency status was one of the reasons that the BRICS alliance (Brazil, Russia, India, China, and South Africa) was formed. [iv]

The Bible clearly warns against cheapening the money supply and encourages having money hold its value (Proverbs 25:4 Isaiah 1:25, Ezekiel 22:18-22). Yet policies enacted under the Obama and Trump Administrations, following certain other administrations, have ignored these warnings.

No nation in the history of humankind has ever accumulated as much debt as the United States of America (because the U.K. may have close to the highest amount of per capita debt,[v] its fate would be similar). Destruction is coming.

However, the relationship between debt accumulation and prophesied destruction remains unapparent to many. Because there is a time lag, many ignore that there will be real consequences (cf. Ecclesiastes 8:11; Habakkuk 2:3,6-8). Yet, these increases of debt are utterly dangerous.

When the time comes when the Federal Reserve is no longer able to keep interest rates artificially low, the U.S.A. will continue past the point of no return. That will become one of the final factors that will cause creditors to rise up and destroy the U.S.A.

The Economy

While pushing biblically immoral ideas is bad for the economy, it should be noted that economies vary. A modern reality is that being the world’s de facto reserve currency has helped prolong the U.S.A.’s dominance.

When the U.S. dollar is no longer the world’s reserve currency, this will hurt the U.S.A. financially. Increasing debt, including “quantitative easing,” is a form of dishonest profits that is not something that God approves of and will punish the U.S.A. for (cf. Ezekiel 22:13-16).

Inflation will eventually hit the U.S.A. extremely hard. As the world becomes less attached to the American dollar, many financial jobs and opportunities will be in places other than the U.S.A. Eventually, but not yet, the U.S.A. dollar will become worthless (worth no more than the scrap or sentimental value of the cotton-paper it is printed on).

Will it always be straight downhill for the economy of the U.S.A.?

No.

There are some reasons to have some temporary optimism. The longer there is some economic stagnation in parts of the economy that governmental COVID-19 policies contributed to, the more demand tends to build up, and an increase in demand may prolong the economy. In addition, technological and other developments may temporarily support the U.S. economy—as can reductions of regulatory burdens.

Some policies of the Biden-Harris Administration may help. Others see problems. The Biden-Harris team looks to increase various regulations and impact some industries negatively (such as the fossil fuel industry). Various ones see their proposed policies and cabinet selections as a refreshing change that they hope will fuel economic growth and shared prosperity.

Notice what was told to a king whose was prophesied to lose his kingdom:

²⁷ Therefore, O king, let my advice be acceptable to you; break off your sins by being righteous, and your iniquities by showing mercy to the poor. Perhaps there may be a lengthening of your prosperity. (cf. Daniel 4:27)

Repentance can prolong prosperity, but promotion of sin leads to destruction. But, it is not expected that Joe Biden or Kamala Harris will push for scriptural national repentance.

[i] Rickards J. Axis of Gold. The Daily Reckoning, December 20, 2016

[ii] Ibid

[iii] Gertz B, China Debt Threat. Washington Times, March 2, 2011

[iv] Escobar P. BRICS was created as a tool of attack: Lula. Asia Times, August 28, 2019

[v] Conway E. Britain showing signs of heading towards 1930s-style depression, says Bank. Telegraph, March 16, 2009

A dominant world reserve currency loses its position if enough nations do not want it to be.

Historically, world reserve currencies have come and gone–remember that the British pound held that role for over a century.

The end of US dollar dominance is coming. This will greatly hurt the economy of the USA–no matter who becomes its next president.

There will be a new world order coming and it will not be one dominated by the Anglo-Americans.

If you think that the USA will continue to be number 1 and claim to believe the Bible, please consider biblical prophecies such as Daniel 11:39; Habakkuk 2:6-8; Isaiah 10:5-11 (see also USA in Prophecy: The Strongest Fortresses and/or watch Do these 7 prophesies point to the end of the USA?).

Some items of possibly related interest may include:

The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is a link to a related sermon: Could God be Calling You? A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? A related sermon is also available titled: Real Christian Repentance.
The New World Order Is Leaving the US Behind Bloomberg reported that the New World Order is leaving the USA behind. Other secular news sources are also reporting the rise of a new world order and decline of the influence of the USA. What about NAFTA, the Paris Accords, TPP, TWO, and NATO? Russia, China, and Europe are all working towards reducing dominance of the USA. Is this consistent with biblical prophecy? When did the time of Anglo-American dominance begin? Will the coming world order be dominated by a European Babylonian power? What will happen to the USA, United Kingdom, Australia, and New Zealand after military actions by the coming order and the Great Tribulation? Are there any ties to Armageddon? Dr. Thiel addresses and more from the Bible. This is a video.
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
Might the U.S.A. Be Gone by 2028? Are there prophetic reasons to believe that the USA will not last two complete presidential terms? Yes. There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
The Great Tribulation: What Happens First? What events have happened? What are some events that are now happening? And what events need to happen for the Great Tribulation to start? Here is a link to a related sermon video: Counting Down to the Great Tribulation . Here is a video in the Spanish language: Contando los eventos y el inicio de la Gran Tribulación.
When Will the Great Tribulation Begin? 2023, 2024, or 2025? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Notice also: Can Jesus return in 2023 or 2024? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Is a Great Reset Coming? Klaus Schwab of the World Economic Forum has proposed a societal change that has been basically endorsed by the Vatican and many world leaders. Does the Bible prophesy a major reset? Here is a link to a related video: Will there be a “Great Reset”?
Biden-Harris: Prophecies and Destruction Can the USA survive two full presidential terms? In what ways are Joe Biden and Kamala Harris apocalyptic? This book has hundreds of prophecies and scriptures to provide details. A Kindle version is also available and you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to your free Kindle reader app (or if you already have one or a Kindle), you can go to: Biden-Harris: Prophecies and Destruction (Kindle) to get the book in seconds.