Janet Yellen Names Factor Eroding Trust in US Dollar
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Janet Yellen, the former US Treasury Secretary, has attributed the declining trust in the US dollar to a specific leader’s actions. She previously mentioned that Biden’s sanctions on Russia in 2022 led to de-dollarization. Now, developing countries are enraged with the White House weaponizing the US dollar, crippling other nations’ economies. The world is increasingly disinterested in trading in the US dollar, seeking to use local currencies to safeguard their economies, shield their wealth, and make local businesses thrive. Ending reliance on the US dollar would also make economies risk-averse to debt, as America’s national debt stands at $36.22 trillion.
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