Status of the US Dollar as Global Reserve Currency: Share Drops to Lowest since 1995. Central Banks Diversify to “Nontraditional” Currencies and Gold | Wolf Street
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  • umbrella@lemmy.ml
    ·
    2 months ago

    yeah that happens when the country controlling the dollar shows clear signs of being a crumbling empire

    • BashfulBob [none/use name]
      ·
      2 months ago

      Petrodollar doesn't look as hot when people are migrating away from petroleum.

      But also, the US Dollar has been defying socio-economic gravity for decades while the Euro and the Yen and the Ruble and the Peso all decline. "Worst since 1995" understates how overvalued the USD continues to be globally.

      Also, not a good sign for anyone's economy when you're stockpiling gold.

        • BashfulBob [none/use name]
          ·
          2 months ago

          It's a speculative commodity. But the real value of gold is its relative portability.

          Precious metals have very limited utility value. If you're seeing resources move out of capital development and into specie accumulation, that's a sign the leadership doesn't have strong long term prospects for your economy.

          That, or you're getting ready to take your nation's financial reserves and run