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| More and more countries are realizing that they need a reserve currency other than the US dollar. (Source: Getty Images) |
Mr. Trump - the leading candidate in the race for the Republican Party's nomination to run in the 2024 US presidential election - emphasized: "If the USD is no longer the world's reserve currency, that is bigger than losing any war."
Meanwhile, he asserted that the above scenario could not happen under his tenure as US President.
He also raised concerns about the current inflationary spiral and the high US public debt.
The instability of the US economy has been demonstrated when Fitch Ratings recently downgraded the US credit rating from AAA to AA+ for the second time in history. The reason is that the financial and management conditions are getting worse, along with the continued increase in public debt and the US may face the possibility of default in the next few months.
According to calculations by the US Treasury, the US public debt is currently at 32,660 billion USD.
In addition, more and more countries are realizing that they need to have another reserve currency, instead of the USD. This is due to the fear of sanctions from the world's largest economy, like what the US did to Russia because of the special military campaign in Ukraine.
Bolivia is the latest country in the world to officially use the yuan in foreign trade transactions. Before Bolivia, eight countries, including Russia, Saudi Arabia, Argentina, Brazil, Iraq, Bangladesh, Pakistan and Thailand, had implemented the policy.
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