Former Congressman Ron Paul says the dollar’s prominence has already started to wane as countries around the world tire of American interventionist policies.
Speaking in a new YouTube update, Paul says it shouldn’t be surprising to anyone that other nations are finally trying to compete with the dollar.
While the USD suffered a significant hit to its world reserve status in recent years, the former presidential candidate says things are just getting started.
“We’re an interventionist government. We intervene in personal liberty, we intervene in economic liberty. We intervene in the internal affairs of all the other nations of the world. We tell them what to do, we put on sanctions to punish them. And then we’re surprised: ‘You mean they’re competing with the dollar? Well that’s not fair! We take care of the world, we do everything and now they’re attacking the dollar?’
Those are the cracks that we’re seeing. This past year was a significant decrease in the use of the dollar as the reserve currency of the world. And that is a big number but it hasn’t concluded. I think it will continue in that direction.”
The former Texas representative warns that BRICS, or the economic coalition of Brazil, Russia, India, China and South Africa, is just the first chapter of a coming tidal wave against the dollar. He says to expect more countries to form similar bodies of power.
The dollar system will collapse. It’s already started. Every day you’ll read another story that some major country – it could be India, it could be China especially, it could be Russia – making deals around the world exchanging in their local currencies. And then also the BRICS, that’s five countries getting together and saying ‘we want to compete.’ So there will be a filling in of the vacuum that will occur.”
Russia’s Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, says negotiations on a new BRICS currency are already underway, with an agreement expected to be ironed out this year.
“By linking its economy and currency to politics, the US is practically undermining the foundations of its dominance.
I am sure that the share of the dollar will steadily decline in world trade.”