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HomeMoneyUS dollar is ‘a huge black hole,’ expert says

US dollar is ‘a huge black hole,’ expert says

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The greenback threatens to swallow the wealth of both countries and individuals, according to Wang Zaibang.

The United States has violated the major principles of the capitalist market economy and is poised to break the global political and economic order, Wang Zaibang, a senior researcher at China’s Taihe Institute, told Russia’s RIA news agency on Thursday.

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According to the expert, Saudi Arabia and the US’ other Middle Eastern allies have grown dissatisfied with the actions of Washington in recent years.

“Today’s America is unreliable and untrustworthy,” he said, noting it as the reason why Riyadh and Beijing had accelerated discussions on the issue of crude settlements in Chinese yuan. If the talks are successful, they will have a profound impact on China-Saudi oil cooperation, international monetary relations, and the entire financial order, he added.

“The dollar has turned into a huge black hole, which, at any time, could destroy the wealth of countries and individuals,” he said.

Wang explained that, even though the US is the world’s largest economy, there is no solid reason for its currency to continue to maintain a dominant position.

“In recent years, the United States has recklessly used dollar hegemony to unleash boundless liquidity, which has led to a glut of dollars around the world and a sharp increase in financial risk in many developing countries,” the researcher said. “In particular, by creating geopolitical risks, the United States has provoked a surge in commodity prices, at the same time increasing the risk of higher interest rates.”

Source:RT News

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3 COMMENTS

  1. Two-thirds of Americans & British have no saving and live on a pay check by pay check basis. Any large scale unemployment due to recession will hurt very badly in these two countries. NZ-Australia also moving in the same direction. 40% of USD was created just in the last year. Chinese, Japanese, Koreans and Saudis holding USD must be pissed off when US passes on their inflation on to them. Bankrupt US & UK governments borrowed too much and they cant do borrow and run the show once the petro dollar gets replaced in the future. I am sure the legacy media will spread Russophobia and Chinaphobia or the “yellow peril” rhetoric and defend themselves from their public. Most public wont even know who Blackstone Group is thanks to MSM. They will soon enter Australia and NZ once these dollars fall when the petro dollar collapses bringing the over inflated unafforable housing market collapses.

  2. If you look at the debt levels of the US, UK, France and Italy, all over 100% and growing, they will never get this under control and have printed money over the last year. This will lead to a collapse of the US currency and the rise of the world digital currency which will spell the end to our freedoms. NZ is already heading down the path of digital currency and the UK has announced programable digital currency. Watch this space.

  3. I read this on youtube comments

    The hubris of some American’s regarding their own sanctimonious self interest, while criticising the, often lesser, crimes of others, is about the only thing that makes America “exceptional”.

    Once the dollar gets replaced, the evil will fall.

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