Black Swan Author Is Afraid of What’s Happening to the US Dollar
Black Swan author Nassim Nicholas Taleb, who wrote the best-selling book about unpredictable events, revealed that he’s worried about the US dollar’s de facto position as the world’s reserve currency. The worry stems from the de-dollarization agenda kicked off by Russia, China, and other developing countries. The first step to the decline of the US dollar began right there, he exclaimed. Also Read: Currency: What’s Happening With the US Dollar & Chinese Yuan? While the US dollar is undoubtedly the most used currency for trade, the scale of transactions is on a steady decline. As of 2024, only 58% of all cross-border transactions are settled in the USD, compared to 71% in 2000. The sanctions on Russia in 2022 sparked the de-dollarization agenda, and emerging economies are ditching the USD. This made developing countries rush to alternatives, only to find hope in their native currencies. Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar US Dollar ...