Economist Jim Rickards worries about the future of the US dollar

Jim Rogers is an investor known for having predicted, as early as 2002, the financial crisis of 2008. Recently, he warned of the harmful effects of the collapse of the dollar.

Jim Rickards apprehends the threats to the US dollar

Jim Rickards, a renowned US economist and best-selling author, says he is concerned about the future of the US dollar. In question, the monetary policies carried out under the Biden administration.

In effect, the expert is convinced that the actions of President Joe Biden have had a negative impact on the American currency. Choices which, according to him, have affected the position of the dollar as the world’s reserve currency. “Joe Biden is now a world historical figure. [Mais] He destroyed the dollar, which is not an easy task,” did he declare.

For Jim Rickards, the danger lies above all in the proposal for a common currency for the member countries of the BRICS. The eventual adoption of this gold-backed currency is expected to be unveiled on August 22. This, with a step-by-step implementation plan.

If this prospect materializes, it would be bad news for the dollar. The US currency would thus find itself in a bad position. Especially since the BRICS could merge with the Shanghai Cooperation Organization (SCO) to form a powerful cooperative entity.

According to the expert, the size and influence of this new organization would be such that they would motivate other States to join the movement. A dynamic that would further weaken the status of the US dollar as a reserve and transaction currency.

Because, the currency and the system envisaged could easily, according to the expert, overshadow the American dollar. In turn, he continues, the latter would continue to be used as a secondary currency, yet remain marginalized overall.

For Leslie Maasdorp, Jim Rickards concerns about the dollar seem light. The vice-president of the New Development Bank believes that such a prospect would be part of a medium and long term ambition.

For now, some analysts have indeed announced the end of the dollar. A prediction that would be, according to others, pixie dust. Some have even called it a conspiracy against the United States. One can imagine that the crypto market would benefit from the possible materialization of this development.