24.1 C
Delhi
Thursday, October 6, 2022

State Department Recap: September 28-October 5, 2022

https://ifttt.com/images/no_image_card.pngHere's a look at what U.S. Secretary of State...

US Appeals Court Sends DACA Case Back to Lower Court

https://ift.tt/XN8mLaQ federal appeals court on Wednesday sent...

Steinbeck’s Letter to Son on Love Goes on Sale

https://ift.tt/XN8mLaQ tender and touching letter that author...

US dollar is ‘a huge black hole,’ expert says

The greenback threatens to swallow the wealth of both countries and individuals, according to Wang Zaibang

The United States has violated the major principles of the capitalist market economy and is poised to break the global political and economic order, Wang Zaibang, a senior researcher at China’s Taihe Institute, told Russia’s RIA news agency on Thursday.

According to the expert, Saudi Arabia and the US’ other Middle Eastern allies have grown dissatisfied with the actions of Washington in recent years.

“Today’s America is unreliable and untrustworthy,” he said, noting it as the reason why Riyadh and Beijing had accelerated discussions on the issue of crude settlements in Chinese yuan. If the talks are successful, they will have a profound impact on China-Saudi oil cooperation, international monetary relations, and the entire financial order, he added.

“The dollar has turned into a huge black hole, which, at any time, could destroy the wealth of countries and individuals,” he said.


READ MORE: Saudi Arabia considers selling oil in yuan – media

Wang explained that, even though the US is the world’s largest economy, there is no solid reason for its currency to continue to maintain a dominant position.

“In recent years, the United States has recklessly used dollar hegemony to unleash boundless liquidity, which has led to a glut of dollars around the world and a sharp increase in financial risk in many developing countries,” the researcher said. “In particular, by creating geopolitical risks, the United States has provoked a surge in commodity prices, at the same time increasing the risk of higher interest rates.”

For more stories on economy & finance visit RT’s business section

https://ift.tt/otSOdmn 18, 2022 at 09:23PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles