Former Goldman Sachs Chairman Warns of China and India’s Potential to Accelerate the Fall of the US Dollar
According to Lord Jim O’Neill, former chairman of Goldman Sachs Asset Management, the US dollar’s status as the world’s reserve currency could be challenged by two major economies. In an interview with RT, he expressed doubt about the long-term sustainability of the USD’s hegemony, drawing parallels to the United Kingdom’s experience. O’Neill believes that eventually, the currency most actively used in the world will be that of the most influential economies.
While he doesn’t have a specific timeline for the dollar’s potential decline, he acknowledges that discussions about its demise have occurred for decades. O’Neill, who coined the term BRIC (Brazil, Russia, India, China), points out that the addition of South Africa to the coalition, now called BRICS, represents an effort to counter US financial dominance. He suggests that if China and India can align their agendas effectively, it could accelerate the erosion of the dollar’s dominance. Despite past speculations, the dollar has remained resilient, but O’Neill asserts that at some point, it will inevitably lose its predominant status.
Clever Robot News Desk 7th June 2023