A famous economist weighed in on the current discussion about de-dollarization and cautioned that the US dollar’s value is decreasing.
According to Paul Gruenwald, the global head economist at rating agency S&P Global, the dollar “don’t have half the attraction that it used to,” he stated at a conference in London on Tuesday.
According to Grunwald, quoted by Reuters, “the US dollar is going to keep to be the main world currency.” But “it will never again be the main world currency,” he continued.
Following broad restrictions against Russia that forced the nation out of the US dollar-dominated global economic system, countries all across the world are rushing to safeguard their currencies for trading. This is when Gruenwald made his judgment.
Other nations are now preparing reserve currencies for trading and even bringing back gold reserves for protection due to the Western-led restrictions that have worried them.