FX.co ★ Dollar’s global domination under threat

It is highly possible that the US government has finally learnt about the global de-dollarization process. Although the greenback's share in international settlements is still at a record high, that is 46% according to the August report, the de-dollarization supporters have achieved success. This fact has caused concern in the White House.

One may long discuss the failures and successes of de-dollarization, but the fact that it is in progress is undeniable. Sanctions imposed by the US for any reason forced countries to search for a currency to replace the US dollar. Although it became possible to make some settlements in other currencies, the better part is still made in dollars. Nevertheless, analysts at the New York Post think that the US may lose its main financial leverage over other countries. "The dollar's role as the world's key reserve currency is the foundation for America’s global leadership. The BRICS already have a significant presence across the global economy," analysts explained. "De-dollarizing the world economy could have dangerous consequences for the United States," they warned.

At present, the US national debt totals $33.044 trillion. The level of $32 trillion was exceeded in June. The legislation suspends the nation's debt limit through January 1, 2025.