The greenback’s share in global reserves slid last year at 10 times the average speed of the past two decades as a number of countries looked for alternatives after Russia’s invasion of Ukraine triggered sanctions, Jen and his Eurizon SLJ Capital Ltd. colleague Joana Freire wrote in a note. Adjusting for exchange rate movements, the dollar has lost about 11% of its market share since 2016 and double that amount since 2008, they said.
“The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions,” Jen and Freire wrote. “Exceptional actions taken by the US and its allies against Russia have startled large reserve-holding countries,” most of which are emerging economies from the so-called Global South, they said.
Don’t give me hopium. I want to be a doomer in peace.
The most beautiful line going down, as a tear of joy rolls down my cheek. I never dared to hope seeing something like this during my lifetime.
Oh no… how terrible… :shrug-outta-hecks:
I mean, its going to suck if you’re in the imperial core and measure your wealth in dollars. All that cash flooding back into the core is going to amplify inflation and set off another round of Fed-induced interest rate increases. That’ll stall the domestic economy further and push us closer to the recessionary brink.
No One Could Have Predicted The Things We Were Explicitly Warned About
Americans will be like “countries we’ve never even heard of have to trade in our currency” and then give Canadian tourists shit for trying to buy lunch using a USD$20 bill with a rip in it
