Military Review

Ex-head of the US Treasury announced an impending threat over the US dollar

75

The economic impact of the epidemic could change the status of the dollar as the world's main reserve currency. And only if the American economy will serve as a model of success for other countries, the national currency of the United States will retain its status. Otherwise, a threat looms over the dollar.


This statement was made on the pages of Foreign Affairs by Henry Paulson, Jr., the former US Treasury Secretary, now the head of the Paulson Institute.

The outbreak of the COVID-19 pandemic caused a jump in demand for the dollar in other countries, which is why the US Federal Reserve had to throw a large amount of US currency into the foreign market. The economic halt caused a shortage of money supply in the US domestic market, which also had to be replenished. In addition, the key rate was reduced to zero. According to experts at the Washington Post, such measures should ultimately lead to a devaluation of the US currency.

According to Henry Paulson, it is surprising that the United States still retains the status of the world's only major reserve currency. Immediately after World War II, when the United States accounted for approximately 40 percent of global GDP, this was natural. But now, when it is 25 percent, the sole leadership of the US national currency is already losing its relevance.

Of course, over the past 75 years, the world has become accustomed to the monopoly of the dollar, but not so long ago. For example, in the first half of the 20th century, the British pound was used for international payments in the world along with the American dollar.

Many experts say that it is necessary and possible to diversify currencies for international payments. For example, Alexander Khandruyev, head of the Department of Finance at RANEPA, sees the euro, the British pound, the Japanese yen or the Chinese yuan as the “partner” of the dollar in international payments.

According to Henry Paulson, today the main candidate for becoming the main reserve currency of the world along with the dollar is the Chinese yuan. China's economy is growing rapidly and has every chance of taking a leading position on the planet. But there are a number of restrictions on the part of the Chinese government that prevent the yuan from taking its rightful place in world commodity-money circulation.

The American expert believes that if the US economy after the coronavirus weakens to such an extent that it ceases to serve as a model of success, then the role of the dollar will change and it will lose its status.

Paulson also sees a threat to the rule of the green paper in the US sanctions policy, using the dollar as a baton. This forces other countries to look for alternative options for mutual settlements. For example, it is the pressure of the United States that forces the EU countries to use the euro as much as possible in international payments.
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  1. Threaded screw
    Threaded screw 21 May 2020 12: 02 New
    12
    The former head of the US Treasury can be advised not to read Russian newspapers.
    1. Sling cutter
      Sling cutter 21 May 2020 12: 10 New
      11
      Another "order" on the funeral of the damned dollar.
      Now for the "funeral" urrya-skakuas will be brought up and will again bomb Yellowstone. wassat
      1. Altona
        Altona 21 May 2020 13: 39 New
        +4
        Quote: Stroporez
        Another "order" on the funeral of the damned dollar.

        ----------------------
        If we ignore pathos and hysteria, then we are talking more about the "devaluation" of the petrodollar in the light of recent events, since this paper no longer has any other "significant" content - the gold has been lost, there has been no commodity content for a long time, only oil and gas.
        1. Sling cutter
          Sling cutter 21 May 2020 13: 51 New
          +5
          Quote: Altona
          If we ignore pathos and hysteria, then we are talking more about the "devaluation" of the petrodollar in the light of recent events, since this paper no longer has any other "significant" content - the gold has been lost, there has been no commodity content for a long time, only oil and gas.

          Greetings, Kamrad! hi drinks I agree with your thoughts with one caveat that the basis of the existence of the dollar and its sufficient stability is still a state debt of the states.
          As paradoxical as it may sound, the "machine" itself owes everyone what it produces. wassat
          1. Altona
            Altona 21 May 2020 13: 55 New
            +3
            Quote: Stroporez
            I agree with your thoughts with one caveat that the basis of the existence of the dollar and its sufficient stability is still a state debt of the states.

            ---------------------
            It goes without saying that stock "bubbles" and debt filling are our financial everything. hi
        2. Tatyana
          Tatyana 21 May 2020 14: 07 New
          +4
          The American expert believes that if the US economy after the coronavirus weakens to such an extent that it ceases to serve as a model of success, then the role of the dollar will change and it will lose its status.

          After a pandemic, the coronavirus will weaken proportionally to the US economy and all other countries.
          So in this regard, the relative leading position of the dollar in the world as a world reserve currency will not change.

          But the SANCTIONAL attacks on other countries by the United States during and after the coronavirus pandemic will increase even more than before!
          This is the very thing that the same RF must foresee!
        3. mole
          mole 21 May 2020 16: 14 New
          +3
          Oil and gas have not been filling the dollar for a long time. The dollar fills the US policy of squeezing resources from state-controlled states. The controlled states can be roughly divided into:
          1. Fully controlled.
          2. Weakly controlled.
          2.1. Indirectly controlled.
          3. Not controlled.
          How many states fund the US economy in one way or another?
          1. NordUral
            NordUral 21 May 2020 18: 08 New
            0
            Yes, almost the entire planet.
          2. Altona
            Altona 22 May 2020 12: 55 New
            +1
            Quote: Mole
            Oil and gas have not been filling the dollar for a long time. The dollar fills the US policy of squeezing resources from state-controlled states.

            ----------------------------
            Should I give the entire table of resources in the comments, at least 300 items?
      2. awdrgy
        awdrgy 21 May 2020 15: 09 New
        +1
        Be sure to bang but then)
      3. mole
        mole 23 May 2020 20: 44 New
        0
        Quote: Stroporez
        Another "order" on the funeral of the damned dollar.
        Now for the "funeral" urrya-skakuas will be brought up and will again bomb Yellowstone. wassat

        Suddenly this time not a reservation !? wink
    2. Sky strike fighter
      Sky strike fighter 21 May 2020 12: 12 New
      +4
      Quote: Threaded Screw
      The former head of the US Treasury can be advised not to read Russian newspapers.


      laughing Do you think he reads them? And then what would you advise the head of the US Federal Reserve?
      The head of the US Federal Reserve is used to carefully choosing words: any nuances of his speeches are scrupulously analyzed and can provoke either excitement or panic in the market. And when a person like Jerome Powell speaks of “times of great suffering and difficulty” for the US economy, there is no doubt about the seriousness of the situation.
      According to forecasts by the head of the Fed, the US in the second quarter can “easily” miss 20-30% of GDP, and gradual recovery will begin only in the second half of the year, provided that the second wave of coronavirus can be avoided.

      https://www.bfm.ru/news/443981
      1. Threaded screw
        Threaded screw 21 May 2020 14: 04 New
        -4
        And what do you advise the head of the US Federal Reserve?
        Carefully read the instructions for the medicine before using it.
    3. Prisoner
      Prisoner 21 May 2020 12: 37 New
      13
      Let him read your posts? laughing
      1. Paranoid50
        Paranoid50 21 May 2020 13: 10 New
        0
        Quote: Captive
        Let him read your posts?

        Perhaps he writes them. fellow wassat
    4. Civil
      Civil 21 May 2020 12: 41 New
      +6
      Quote: Threaded Screw
      The former head of the US Treasury can be advised not to read Russian newspapers.

      The dollar has long been kirdyk. Leontiev promised in the 2000s. Since it’s so expensive and inaccessible, then it’s not there.
    5. antivirus
      antivirus 21 May 2020 12: 48 New
      +1
      and anonymous articles on all kinds of patriotic sites.
      is there an author of this squeeze? rear school graduated? or ac.im Frunze?
  2. Thrifty
    Thrifty 21 May 2020 12: 02 New
    +5
    Wait tired, every year they promise to crash usa crying . Dozens of button accordions tore, and the dollar is not worth until the world then 71 bucks for 1 Russian ruble crying lol
    1. Pilot
      Pilot 21 May 2020 12: 24 New
      -4
      And in front there is still a darn and sticky holey budget of the Russian Federation, dependent on petrodollars. There must be a thick paste mixed in the Central Bank of rubles with evergreen ... wink
  3. Pessimist22
    Pessimist22 21 May 2020 12: 07 New
    +6
    Let them print more dollars so that everyone has enough.
  4. Vasyan1971
    Vasyan1971 21 May 2020 12: 09 New
    +2
    The economic impact of the epidemic could change the status of the dollar as the world's main reserve currency.

    Will we really see the dream come true of many generations? wassat Like there would be no happiness, but misfortune helped.
  5. Ravil_Asnafovich
    Ravil_Asnafovich 21 May 2020 12: 11 New
    0
    Yeah, and Vaska is listening, but eating!
  6. rocket757
    rocket757 21 May 2020 12: 13 New
    +3
    According to experts at the Washington Post, such measures should ultimately lead to a devaluation of the US currency.

    As long as the striped ones have AUG and other "serious arguments" the dollar will be, will be! afloat, at least.
    1. cniza
      cniza 21 May 2020 13: 23 New
      +9
      As they say, nothing lasts forever ... hi
      1. rocket757
        rocket757 21 May 2020 13: 38 New
        0
        Welcome soldier
        Quote: cniza
        As they say, nothing lasts forever ...

        If you just look at the freak show nestled in the "white temple on a hill", then this is NOT ETERNAL, it may not be very long.
        1. cniza
          cniza 21 May 2020 13: 45 New
          +3
          Well, yes, especially since they now have "peace and harmony" there ... lol
          1. rocket757
            rocket757 21 May 2020 13: 53 New
            +1
            That's right. Someone from the side burst into them, squeezed a lot of corns, is not going to stop!
            "funny kid" this someone!
            1. cniza
              cniza 21 May 2020 14: 12 New
              +3
              And apparently he will "dance" there for everyone's joy ...
              1. rocket757
                rocket757 21 May 2020 14: 40 New
                +1
                Probable and almost obvious ....
                We’ll see, do not wait long, in general.
                1. cniza
                  cniza 21 May 2020 16: 22 New
                  +3
                  That's for sure, we are approaching the very peak of the development of events.
    2. orionvitt
      orionvitt 21 May 2020 13: 36 New
      +2
      Quote: rocket757
      and other "serious arguments"

      The fact of the matter is that there are fewer and fewer "serious arguments". It is impossible to pump up the final system (the world economy), infinitely with something (dollars). When the critical pressure is reached, an explosion is inevitable.
      1. rocket757
        rocket757 21 May 2020 13: 57 New
        +1
        Quote: orionvitt
        The fact of the matter is that there are fewer and fewer "serious arguments".

        I somehow would not be surprised if their SYSTEM breaks into a tailspin.
        The certainty of some analyst of theirs that they will find the optimal, right solution there, looks very much like FAITH! Commendable, of course, but not convincing.
        Wait and see.
        1. orionvitt
          orionvitt 21 May 2020 14: 14 New
          +2
          Quote: rocket757
          there they will find the optimal, right solution

          They found it long ago, very simple, "printing press". There are simply no other solutions in American economic policy. And what, according to their logic, worked for 76 years, why should it not work now? laughing I remember everyone accused the Soviet economic system of slowness, so let them now look at themselves. They have no other recipes except the dollar, the system is so built. Or world war. Also an option, tried twice.
          1. rocket757
            rocket757 21 May 2020 14: 44 New
            +1
            Quote: orionvitt
            Or world war. Also an option

            Bad option, very bad!
            Better to print their "candy wrappers", no, all are "goods"!
  7. knn54
    knn54 21 May 2020 12: 13 New
    +4
    When a threat looms over the dollar, wars / conflicts begin.
    1. Charik
      Charik 21 May 2020 12: 49 New
      +1
      and they once ceased, since 1900 if you look
      1. orionvitt
        orionvitt 21 May 2020 13: 40 New
        +3
        Quote: Charik
        and they once ceased, since 1900 if you look

        Yes, but earlier countries fought each other on their own, so to speak, initiative. And in the 20th century, most armed conflicts have the ears of the United States sticking out. And after "Bretton Wood", so almost everyone.
  8. skobars
    skobars 21 May 2020 12: 18 New
    +3
    Green cut paper with no backing, but backed up with ovish bayonets should finally turn into toilet paper.
  9. Beringovsky
    Beringovsky 21 May 2020 12: 20 New
    +9
    From Paulson's article, the author pulled a little of everything, completely distorting its meaning, exactly the opposite. That's how professional propagandists work, bravo!
    In fact, to summarize briefly, the meaning of Paulson’s article is that the dollar will continue to be the hegemon, while the yuan has no chance, provided that the right financial strategy is chosen, which Paulson, however, has no doubt.
  10. +5
    +5 21 May 2020 12: 24 New
    +4
    The sneaky squid caused an increase in demand for bucks in the world (everyone knows that at the sight of a pack of 100-dollar squid guards it is bent) and that’s why the Fed printed 3 bucks and 3 more are ready ... everything was fine in the American economy and finances Well, think of it, the public debt for 2 years has increased from 20 to 25 tricks, so that a half of the trick per year only interest needs to be paid.

    About alternative settlement mechanisms - ex-Finance Ministry 10 years on the islands without internet chtol rested?
    1. Snail N9
      Snail N9 21 May 2020 14: 11 New
      0
      About alternative settlement mechanisms - ex-Finance Ministry 10 years on the islands without internet chtol rested?

      Well, yes, about "fighters for palm oil" he somehow missed ...
      1. +5
        +5 21 May 2020 14: 13 New
        +2
        The snails do not know that somehow most of the sales of military equipment in the world are offset?
        1. Snail N9
          Snail N9 21 May 2020 14: 16 New
          -1
          Oh, and we in "bird's language" turns out to be able to talk .... And what, as a pledge? You can also snails, but who will take them ...
          1. +5
            +5 21 May 2020 14: 17 New
            +1
            What is the guarantee? Google what it is in principle ...
            1. Snail N9
              Snail N9 21 May 2020 14: 23 New
              0
              Well, and you google, as in general, any major purchase abroad is carried out.
      2. NordUral
        NordUral 21 May 2020 18: 19 New
        -2
        And GMO products are also for us, though so far in the form of animal feed. But along the food chain, we will try, if we again die.
  11. svp67
    svp67 21 May 2020 12: 29 New
    +1
    Ex-head of the US Treasury announced an impending threat over the US dollar
    Yes ... he can get sick and die ... that's just a tenacious reptile. One virus he will have
  12. BIABIA
    BIABIA 21 May 2020 12: 33 New
    +4
    Just as a fact - over the past 5 years or so, all contracts are translated into euros (regardless of the location of the partner, with the exception of the states, of course). Previously, the vast majority were in dollars.
    1. cniza
      cniza 21 May 2020 13: 21 New
      +3
      So maybe in the yuan, Europe is occupied?
  13. veritas
    veritas 21 May 2020 12: 43 New
    +3
    As long as there is no alternative, the dollar will remain in its position.
    1. orionvitt
      orionvitt 21 May 2020 13: 48 New
      +1
      The world economy tied to the dollar, led by the United States, is very ill. This fact cannot be denied. As soon as the dollar collapses, an alternative will quickly appear. That's just this process, world shocks and wars will accompany. What can you do, the world has become very small.
  14. Barmaleyka
    Barmaleyka 21 May 2020 12: 51 New
    +2
    Ex-head of the US Treasury announced an impending threat over the US dollar

  15. Pvi1206
    Pvi1206 21 May 2020 12: 51 New
    +5
    nothing lasts forever under the moon ... China cannot stop ...
  16. iouris
    iouris 21 May 2020 12: 52 New
    +1
    Euro and ruble are the same dollar. A threat looms over friends of the US dollar. They will all be robbed.
    1. cniza
      cniza 21 May 2020 13: 19 New
      +5
      Unfortunately, they will rob us all.
  17. Whirlwind
    Whirlwind 21 May 2020 13: 18 New
    -1
    Dear, has it not yet come to a conclusion that the matter is that papers with any names will not be needed?
    Terror and control in a concentration camp will completely replace the money.
    The whole problem is how to make a concentration camp global. But this is completely solvable.
    We declare any sneeze a global pandemic and launch compulsory "vaccination". We declare those who disagree and deviate as enemies of humanity. Further according to the plan, and it is not only on paper. Remember bird, pork and other infections, it was a test of strength. Who does not believe, let the Internet look at the corresponding laws of Bush and Obama, a map of concentration camps in the United States, warehouses with coffins and other joys of their freedom and democracy for the handicapped, who will be left to live after the disposal of the surplus population of the planet ...
    Guys, look at the root. We take great risks if we do not understand that this does not concern anyone, but specifically us and our children.
  18. cniza
    cniza 21 May 2020 13: 19 New
    +4
    Ex-head of the US Treasury announced an impending threat over the US dollar


    While the vast majority of international treaties are in dollars, nothing threatens him.
  19. samarin1969
    samarin1969 21 May 2020 13: 26 New
    +2
    If anyone keeps a register of the "funeral" of the dollar, then the article is necessary. laughing
  20. Ross xnumx
    Ross xnumx 21 May 2020 14: 11 New
    0
    This statement was made on the pages of Foreign Affairs by Henry Paulson, Jr., the former US Treasury Secretary, now the head of the Paulson Institute.

    Sounds like a cue from the spot.
    To the “deepest regret” in any country, power belongs to the current presidents and ministers. All sorts of "exs" may (in a good scenario) have the right to an advisory vote.
  21. ximkim
    ximkim 21 May 2020 14: 13 New
    +1
    Quote: Altona
    Quote: Stroporez
    Another "order" on the funeral of the damned dollar.

    ----------------------
    If we ignore pathos and hysteria, then we are talking more about the "devaluation" of the petrodollar in the light of recent events, since this paper no longer has any other "significant" content - the gold has been lost, there has been no commodity content for a long time, only oil and gas.
    The dollar is a currency that embodies thoughts into matter. It cannot be buried, replaced, yes! We have nothing to replace. Because of "devaluation" sad
    1. Altona
      Altona 21 May 2020 15: 32 New
      0
      Quote: ximkim
      The dollar is the currency that translates thoughts into matter.

      ---------------------------
      What I mean is that a strong and long-term "depreciation" of oil casts doubt on the very existence of the dollar. Therefore, the film was hastily rewound back. Moreover, if earlier there was a dispute over who should cut production more, now everyone began to cut production as if on a single command. And the Saudis are ahead of the rest.
  22. bar
    bar 21 May 2020 14: 24 New
    +1
    As soon as officials get the prefix "ex", they immediately get an insight laughing
    1. Altona
      Altona 21 May 2020 15: 34 New
      0
      Quote: bar
      As soon as officials get the prefix "ex", they immediately get an insight

      -----------------------
      And you can write your "value judgments" being no longer bound by corporate ethics and loyalty.
  23. A. Privalov
    A. Privalov 21 May 2020 14: 41 New
    0
    A careful reading of the statements of Henry Paulson referred to in the article reveals a slightly different message:

    The status of the dollar is a reflection of the fundamental health of the American political and economic systems. To protect the dollar, the US economy must remain a model of success and a role model. And this requires a political system that is capable of implementing a strategy that allows Americans to achieve economic prosperity.
    This requires a political system that is capable of supporting the country's fiscal health. In history, there was not a single example of a country that could manage to stay at the top for a long time in the absence of financial prudence.
    The political system of the United States must respond quickly to current economic challenges. The economic course of the United States abroad is also of great importance, because it affects the authority of America and largely determines its ability to effectively influence the course of world events.
    To maintain leadership, the United States must take the initiative to improve the global norms and rules that govern trade, investment, and technology competition to reflect the realities of the 21st century.


    And most importantly:
    The value of the national currency for its holders is ultimately a reflection of the country's main economic and political indicators “According to www.theuk.one. How the United States will develop in the coming years after the end of the coronavirus crisis will be an important test. First and foremost, the United States should pursue a macroeconomic policy that will allow them to resolve issues with national debt and structural budget deficits over time. They should not recklessly waste those foundations that support their economic power and which are based on the spirit of innovation and good governance. If Washington adheres to this course, we will have every reason to trust the dollar.
    1. Altona
      Altona 21 May 2020 15: 40 New
      +1
      Quote: A. Privalov
      First and foremost, the United States should pursue a macroeconomic policy that will allow them to resolve issues with national debt and structural budget deficits over time.

      -----------------------
      I’m saying that all this is continuous pathetics, not binding on anything and not bearing any semantic load. The US has tried all methods of warfare, international terrorism, pseudo-pandemic, trade wars, economic isolationism. So I don’t even know what they have not tried yet. Well, nothing helps, neither the economic prosperity of citizens, nor fiscal policy, nor the problem of public debt. They from one hat immediately fall into another, trying to resolve the consequences. request
      1. A. Privalov
        A. Privalov 21 May 2020 15: 46 New
        -1
        Quote: Altona
        Well, nothing helps, neither the economic prosperity of citizens, nor fiscal policy ... They from one hat immediately fall into another, trying to resolve the consequences.

        Are you sure this is about the USA? lol

        You didn't get it. The main message of Paulson's statements is this: It's too early to bury the dollar. For it is said: "While the fat one loses weight, the thin one will die" (c) hi
        1. Altona
          Altona 21 May 2020 15: 59 New
          +1
          Quote: A. Privalov
          The main message of Paulson's statements is this: It is too early to bury the Dollar.

          ------------------------
          Nobody buries the dollar, just if you strongly "bend" the world economy, then its meaning begins to be lost. It is not for nothing that about 5 years ago there was an explosion in the popularity of crypt. And the US dollar has long been no help to the problems I have listed.
  24. Incvizitor
    Incvizitor 21 May 2020 14: 48 New
    0
    Well, the ex will not say such a thing, it’s too early to bury the paper, for the time being he will definitely survive, but it is necessary to heat as much as possible in any case.
  25. NF68
    NF68 21 May 2020 16: 01 New
    0
    What are you talking about? You have plenty of paper and ink. How many more do you want and print.
  26. reminin
    reminin 21 May 2020 19: 43 New
    0
    Apparently, Soros will still find the collapse of the dollar during his lifetime. Good luck with that. And long life.
  27. reminin
    reminin 21 May 2020 19: 44 New
    +1
    The fall of the dollar will begin after the US elections with the arrival of a new president. By that time, there will be proposals for a monetary system based on the "gold standard" in which the accounting of funds will not be kept in the range from 1 cent to infinity, but in the range from 1 unit to zero. The unit of the value of this currency will be estimated at the sum of the aggregate of the available investment gold in the world. The emission will be carried out by redeeming physical gold for the price of the new currency (and not by maning as in cryptocurrencies). In this case, the amount of the minimum payment from account to account can be arbitrarily small (within reasonable limits). That is, there will be miles, micro, nano, feto, etc. prefixes in the value of the new currency during calculations.

    The emergence of a new type of currency on the market will make it possible to do without the "printing press" of the US Federal Reserve System. Monetary systems such as the Jamaican, based on the uncontrolled emission of money by individual states, will soon become a thing of the past.
    1. 2 Level Advisor
      2 Level Advisor 21 May 2020 20: 29 New
      0
      What are these judgments based on?
  28. Chaldon48
    Chaldon48 22 May 2020 05: 34 New
    0
    Why keep kukesh in your pocket all the time, you need to act and act tough
  29. The comment was deleted.