By Llya Tsukanov
March 15, 2022: Information Clearing House -- With a national debt of over $30 trillion, a skyrocketing consumer price index thanks to trillions in new government spending, and renewed efforts by emerging economies to find alternative means of exchange in foreign trade, the greenback’s time in the sun as a harbour of stability in uncertain times could be coming to an end.
Muller pointed to the Soviet experience of the convertible ruble zone within the Council for Mutual Economic Assistance (Comecon) bloc as an example of one possible vision of things to come, saying it appears that the People’s Republic of China is already “on its way to establishing its own” economic bloc.
For fairness sake, the observer admitted that discussions about the imminent decline of the dollar have been taking place for decades, starting with the collapse of the Bretton Woods system in the early 1970s, when the greenback lost its gold-backed status. Since then, the US currency has weathered a series of crises. Not even the US’s transformation in the 1980s from a net creditor into a net debtor nation managed to alter this state of affairs.