Future

United

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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance is challenging the US dollar’s global reserve status by putting their local currency forward for global trade. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> aims to suffocate the US dollar by ending dependency on the greenback and promoting local currency for cross-border transactions. Therefore, the US dollar remains under tremendous pressure as oil-producing countries have now joined the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bloc. The new members—Saudi Arabia, UAE, Egypt, Iran, and Ethiopia—export millions of barrels of oil around the world. Argentina is the only new member that is not an oil-producing nation.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Oil Prices Remain Under Pressure as U.S. Dollar Strengthens</strong></p> 
 <h2 class="wp-block-heading" id="h-brics-analyst-predicts-how-long-us-dollar-will-remain-global-currency">BRICS: Analyst Predicts How Long Us Dollar Will Remain Global Currency</h2> 
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  <img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Dollar USD Greenback" class="wp-image-98452 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1500w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 300w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 768w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 380w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 550w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 800w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1160w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1500w" data-eio="j"> 
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   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp" alt="US Dollar USD Greenback" class="wp-image-98452" srcset="https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1024w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 300w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 768w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 380w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 550w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 800w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1160w, https://cdn.thebittimes.com/images/2023/10/02/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1500w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Adobe Image / poundsterlinglive.com 
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 <p>Former US Treasury Secretary Larry Summers predicted that the US dollar would remain the de facto global currency for the long term. He stressed that he does not see the possibility of the US dollar changing its position as the reserve currency.<strong> “If you look at the US share of global GDP, it’s really very high by historical standards right now,”</strong> he said to the Financial Express. Summers expressed that every generation in America experiences a better economy, purchasing power, and lifestyle, among others, than their predecessors.</p> 
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 <p><strong>Also Read: US Economy Could Settle Into a Long &amp; Slow Grind, Predicts Economist</strong></p> 
 <p><strong>“The last generation, if you look at what in some ways is a better, more forward-looking indicator. The share of the United States in total global stock markets is higher than it’s been in a long time. So I look at those things and I see an American economy that I think, for better or for worse, is likely to be fairly central to the global economy,”</strong> he said.</p> 
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 <p><strong>Also Read: US Dollar Reaches 10-Month High, Weakens <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Currencies</strong></p> 
 <p>He stressed that the US dollar will eventually take care of itself when the American economy further booms and added, <strong>“So I think if we keep the fundamentals of what we’re doing reasonably strong, and do things right, the dollar will likely take care of itself.”</strong></p> 
 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currencies are also facing the heat this month as the US dollar is printing new highs. The dollar is also rising against gold, giving <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> the jitters as the bloc is the top buyer of the precious metal this year.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>US DOLLAR</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-former-treasury-secretary-predicts-future-of-the-us-dollar-tbt64822.html">https://thebittimes.com/brics-former-treasury-secretary-predicts-future-of-the-us-dollar-tbt64822.html</a></p>

BRICS: Former Treasury Secretary Predicts Future of the US Dollar

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