The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$ 1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross domestic product to contract by 0.2%, down from the … [Read more...]
Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar
Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed. Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies … [Read more...]
Bank of America: Threats to US Dollar’s Dominance Largely Domestic — Not BRICS Currency or Chinese Yuan
Bank of America has warned that the key threats to the U.S. dollar’s dominance are largely domestic, as opposed to competition from other currencies, including a BRICS currency. “U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions,” the bank’s analysts stressed. Bank of America on Threats to … [Read more...]
Texas House Advances Gold-Backed Digital Currency Bill
Texas has taken its first steps in order to approve a bill that would issue a 100% gold-backed digital currency. If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would also allow them to execute redemptions for the gold specie, or coins, backing it. … [Read more...]
Zimbabwe’s De-Dollarization: Central Bank to Issue Gold-Backed Digital Currency in Early May
The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital tokens “would be used both as a means of payment and a store of value.” Gold-Backed Tokens … [Read more...]
Brazil’s President Lula Voices Support for BRICS Currency
Brazil’s president, Luiz Inacio Lula da Silva, has expressed support for the creation of a BRICS currency. His statement of support comes as the BRICS bloc is gaining global influence, with 19 countries seeking to join the group. Brazilian President Lula Supports BRICS Currency Creation Brazilian President Luiz Inacio Lula da Silva reiterated Wednesday that he supported … [Read more...]
Strategists: US Dollar’s Reserve Currency Status Eroding at ‘Alarming Pace’
Asset management firm Eurizon SLJ’s strategists have warned that the erosion of the U.S. dollar’s global reserve currency status has accelerated at an alarming pace in recent years, especially following the onset of the Russia-Ukraine war. They noted that the USD has declined 8% in one year, which is “equivalent to 10 times the average annual pace of erosion in the USD’s market … [Read more...]
Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency
According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries have to base their trade on the dollar?” Brazil’s President Wants to Reduce the U.S. Dollar’s Global … [Read more...]
‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network
The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including cash.” Fednow Won’t Replace Cash, the U.S. … [Read more...]
BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report
The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official. “The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest … [Read more...]
FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money
Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” the governor warned. Governor Ron DeSantis Proposes Law to Prevent Financial ‘Weaponization’ Through a … [Read more...]
US Dollar to Keep Losing Its Appeal as Safe-Haven Currency of Last Resort, Says Strategist
Pacific Investment Management Company (PIMCO) expects the U.S. dollar to “continue to lose its appeal as the safe-haven currency of last resort.” The $ 1.74 trillion asset management firm added that the USD “is likely to fall further in 2023 as inflation falls, recession risks decline, and other shocks abate.” PIMCO Strategist Warns About USD Pacific Investment Management … [Read more...]
Victory of President-Elect ‘Lula’ in Brazil Might Bring the Rise of a Common Currency for Latam
The victory President-Elect Luis Inacio Lula Da Silva obtained on Oct. 30 over the incumbent Jair Bolsonaro in Brazil might open the gates for the proposal of a single currency for the countries of Latam. Lula announced this as part of his campaign, preaching the utility of a common currency as a way of fighting inflation and dependence on the U.S. dollar. Brazil’s Lula Might … [Read more...]
Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar
Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported … [Read more...]
Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’
Federal Reserve Chairman Jerome Powell says the U.S. central bank is looking at whether to issue a digital dollar with a “very broad scope.” He noted that the Fed is collaborating with Congress and the executive branch on whether to issue a central bank digital currency. Fed Chair Powell on Digital Dollar Progress Federal Reserve Chairman Jerome Powell provided an update of the … [Read more...]
