Jim Rickards, economist and best-selling author, has accused the Biden administration of destroying the U.S. dollar as a reserve currency. Rickards stated that Biden is to blame for the upcoming marginalization of the U.S. dollar at the hands of a BRICS bloc common currency to be proposed on August 22.
Jim Rickards States Biden ‘Destroyed the Dollar’
Best-selling author and economist Jim Rickards has given his opinion about the Biden administration’s handling of U.S. monetary policy. Rickards, an investment expert with 35 years of experience, accused President Joe Biden of taking down the U.S. dollar as a global reserve currency.
On social media, Rickards stated:
Biden is now a world historic figure. He has destroyed the dollar, not an easy task.
The currency expert noted that one of the biggest rivals for the dollar is the birth of a BRICS bloc-wide currency that could potentially link the economic transactions of Brazil, Russia, India, China, and South Africa (the BRICS bloc). Rickards stated that a gold-backed BRICS common currency will be previewed on August 22 and that it will be implemented in stages.
Reports coming from the Russian embassy in Kenya support this allegation. In contrast, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS bank, recently stated that there was no immediate push to create a common currency, explaining that any alternatives in this area would be part of “a medium to long-term ambition.”
SCO and BRICS Merge
According to Rickards, BRICS and the Shanghai Cooperation Organization (SCO), two of the most significant economic blocs in the world, will merge into an unnamed cooperation group. Rickards believes the size of this new organization will inspire other countries to unite, consolidating an economic unity that will hurt the status of the U.S. dollar as a reserve and transactional currency.
However, Rickards maintains that the dollar will continue to be used as a second-hand currency, being “marginalized.” This is one of the scenarios that Rickards predicted in his 2011 best-seller Currency Wars: The Making of the Next Global Crisis, where he describes the rise of a multicurrency world as dollar dominance continues to fade.
Others have also warned about the destruction of the dollar and its value. Jim Rogers, an investor who predicted the 2008 financial crisis in 2002, recently warned about the effects of the demise of the U.S. dollar, stating that the country is “going to suffer” due to inflation and debt problems.
What do you think about Jim Rickard’s predictions on the dollar’s future? Tell us in the comments section below.