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Chinese Yuan Not Serious Threat to US Dollar Hegemony, Says Economist
23.8.2023
An economist has dismissed the Chinese yuan as a significant threat to the U.S. dollar’s dominance. “The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,” he asserted, adding that “many commentators have...
Economist Peter Schiff Says Fed Policies Significantly Harm Economy — Warns of More Inflation
23.8.2023
Economist Peter Schiff has warned that the Federal Reserve has gotten its policies wrong for 20 years, which has “significantly harmed the economy and made dire consequences inevitable.” Emphasizing that the Fed cannot win its fight against inflation, he stressed: “The markets...
BRICS Not Focusing on Creating Common Currency, Indian Official Says
22.8.2023
A top Indian official has downplayed the creation of a shared BRICS currency. Emphasizing that “common currency discussions have several prerequisites before you can even talk about a common currency framework,” the official stressed that the BRICS nations have focused on boosting settlements...
Over 40 Heads of State Will Attend BRICS Summit, South Africa Confirms
22.8.2023
South Africa, the host of the BRICS summit this year, has confirmed that more than 40 heads of state will participate in the summit that will take place on Aug. 22-24. South Africa has also claimed that 23 countries have formally applied for BRICS membership. 40+ Heads of State to Participate...
Nobel Laureate Paul Krugman States Argentina Should Adopt the Euro Instead of the US Dollar
21.8.2023
Economics Nobel laureate Paul Krugman recently stated that Argentina might be better off adopting the euro instead of the U.S. dollar amidst the devaluation of the Argentine peso. Krugman argued that Argentina has almost twice as much trade with the European Union as it does with the U.S., stating...
Volatility in Chinese Yuan, Russian Ruble Makes De-Dollarization Harder, Market Analyst Says
21.8.2023
A market analyst says that the recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, “will only add further challenges to the idea of de-dollarization.” He stressed that countries are “unable to agree on a clear path to de-dollarization...
BRICS Bank Could Issue Digital Currency for the Economic Bloc, Analyst Says
21.8.2023
A Trace Finance analyst has suggested that the BRICS nations could launch a single digital currency issued and regulated by the New Development Bank, also known as the BRICS Bank. He stressed that the U.S. is facing the biggest crisis in history. Many expect a common BRICS currency that would...
Consensus Pause: Majority of Economists Predict No Rate Hikes for 2023, With Cuts Delayed Until March 2024
20.8.2023
A newly published Reuters poll reveals that most economists concur: the U.S. Federal Reserve has likely capped its rate hikes. Yet, rate cuts aren’t anticipated until March 2024. This survey drops just as markets approach the annual Jackson Hole Economic Symposium scheduled for next week. All eyes...
Legendary Investor Jeremy Grantham Predicts Inevitable US Recession, Challenges Fed’s Forecast
20.8.2023
A significant portion of investors and financial organizations surmise that the U.S. could avert a recession, but Jeremy Grantham, the co-founder of investment firm Grantham Mayo Van Otterloo (GMO), deems it inescapable. Grantham contends that the Federal Reserve’s optimistic prognosis...
Morocco Denies South Africa’s Claim That It Has Applied to Join BRICS: Report
20.8.2023
Morocco has reportedly denied the claim made by South Africa, the host of the BRICS summit this year, that it has formally applied to join the economic bloc. According to South African officials, over 40 countries are interested in joining the BRICS group, including 23 nations that have formally...
Dollarization Can Lead to ‘Economic Contraction and Collapse’ of Argentine Economy — Former US Treasury Official
20.8.2023
The U.S. chairperson of the Official Monetary and Financial Institutions Forum (OMFIF) has characterized the Argentinian presidential hopeful’s plan to fully dollarize the economy as “a far too risky gamble.” Mark Sobel said full dollarization without an exit policy “could...
BRICS Expansion Will Speed Up De-Dollarization, Chinese Expert Says
20.8.2023
As more countries join the BRICS economic bloc, there will be a significant increase in settlements using national currencies, leading to an acceleration in the de-dollarization process, a Chinese expert says. “For most developing countries, development is a top priority. That is why the BRICS...
Economist Lord Jim O’Neill Calls BRICS Currency Idea ‘Ridiculous’ — Says China and India Never Agree on Anything
20.8.2023
Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, calls the creation of a common BRICS currency “ridiculous,” emphasizing that the BRICS nations have “never achieved anything since they first started meeting.” He added: “It’s a good job for the West that...
BRICS Summit Looms: Expert Warns of ‘Dramatic’ Shifts, US Dollar’s Wane, and Wall Street’s Blind Spots
18.8.2023
Market expert Peter Grandich is urging the masses to keep a close eye on the BRICS bloc of burgeoning countries, hinting that specific partnerships might usher in “dramatic” ramifications. In just five days, the much-awaited BRICS Summit will convene, and Grandich believes...
‘Our Country Is Going to Hell’ — Trump Warns of US Losing Global Currency Dominance
17.8.2023
The 45th president and previous White House occupant, Donald Trump cautions that America is in danger of losing its global influence. In an interview with Larry Kudlow, Trump stated while the U.S. retains significant power, its position is “waning” concerning its currency. The Diminishing Dollar?...
Robert Kiyosaki Predicts Bitcoin Rising to $1M, Gold $75K, and Silver $60K if World Economy Crashes
17.8.2023
Rich Dad Poor Dad author Robert Kiyosaki has shared his predictions regarding the prices of gold, silver, and bitcoin if the world economy crashes. Emphasizing that the national debt is “too high,” he cautioned that holders of the U.S. dollar will be in trouble. Robert...
Xi Jinping, Vladimir Putin Advancing China-Russia Strategic Partnership, Says Chinese Official
16.8.2023
Chinese leader Xi Jinping and Russian President Vladimir Putin “will continue to advance the China-Russia comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. The two leaders are set to participate in next week’s BRICS summit. Xi and Putin Advancing...
Russian Ruble Plunges to 16-Month Low vs the US Dollar — Experts Cite Oil Price Cap
15.8.2023
The Russian currency’s exchange rate versus the U.S. dollar recently dropped below RUB100 per greenback — its lowest in 16 months. Economists attribute the ruble’s latest plunge to the effectiveness of a price cap imposed on Russian oil by Western countries. Russ Mould said...
Libertarian Javier Milei Wins Argentine Primaries: Experts Weigh In on Dollarization as the Peso Fades
15.8.2023
Javier Milei, a libertarian politician, won the Argentine primaries with more than 30% of the total vote, causing experts to weigh in on the dollarization plans he has vowed to apply. Milei’s government plan contemplates reducing the political apparatus in Argentina and axing the central...
Goldman Sachs Expects Fed to Start Cutting Interest Rates in Q2 Next Year
15.8.2023
Goldman Sachs has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. The global investment bank’s economists also expect the Fed officials to forego hiking rates at their upcoming meeting. “We are penciling in 25 basis points of cuts...