The dollar has depreciated in value – that’s the very definition of inflation – due to the Biden $6 trillion spending and borrowing spree. But it is still historically strong relative to the two major competing currencies – the euro and the yen as Laffer and Associates data shows.
Now we hear talk of a monetary alliance among China Russia, India, Argentina, and Brazil – among others.
This is from Business Insider:
Really? Would anyone want to have their lifetime savings linked to the yuan, the ruble, or the peso?
The dollar’s share of global foreign-exchange reserves indeed fell below 59 percent in the final quarter of last year. This extended a two-decade decline, when the percentage was just over 70 percent – according to the IMF’s Currency Composition of Official Foreign Exchange Reserves data.