Economist Stephanie Pomboy has warned that the “demise of the U.S. hegemony is really upon us,” emphasizing that the Biden administration and many U.S. policymakers in Washington “are just sleeping right through it.” She pointed out that a growing number of nations are reducing their reliance on the U.S. dollar and opting to use local currencies in international trade.
‘The Demise of the US Hegemony Is Really Upon Us’
Economist Stephanie Pomboy discussed the future of the U.S. dollar in an interview with Tucker Carlson last week. Pomboy is a financial analyst, market strategist, and economist, who founded Macromavens, a research firm specializing in emerging global economic trends. Before launching her firm, she worked as a managing director at an independent economic research firm ISI Group from 1991 to 2002.
“Here, in the U.S., policymakers still have their blinders on, and they imagine that the U.S. dollar will never be challenged as the world’s reserve currency, and that we can continue to print money … indefinitely,” she began.
The economist explained that in reality, a growing number of countries are moving away from the U.S. dollar. “They are not buying Treasury bonds anymore and they are diversifying [away from] our dollar into gold, into oil, and strategic resources,” Pomboy detailed. “And they’re starting to trade in local currencies. They don’t have to transact in dollars.” She stressed:
The demise of the U.S. hegemony is really upon us, and the Biden administration and so many in Washington are just sleeping right through it.
An increasing number of countries are shifting away from the U.S. dollar, opting for trade in their national currencies. Notably, the BRICS nations (Brazil, Russia, India, China, and South Africa) have advocated for the use of local currencies. Six additional countries, namely Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, have received invitations to join the BRICS. The economic bloc has also explored the possibility of creating a common currency. Sergey Lavrov, Russia’s foreign affairs minister, recently stated that approximately “30 countries would like to establish partner ties with BRICS.”
Multiple people have similarly warned of the U.S. dollar losing its world reserve currency status. Rich Dad Poor Dad author Robert Kiyosaki has repeatedly cautioned about the end of the USD. Economist Peter Schiff has said many times that the U.S. dollar is near a historic crash. Renowned investor Jim Rogers has warned of the dollar’s dominance ending, seeing the Chinese yuan as a USD competitor.
Do you agree with economist Stephanie Pomboy about the demise of the U.S. dollar? Let us know in the comments section below.
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