The decades-long hegemony of the US dollar faces a multitude of serious challenges today, Ashraf Patel, a research associate at South Africa’s Institute for Global Dialogue, tells Sputnik.
The insurmountable US national debt, well over $34 trillion and growing at an alarming rate, means “financial volatility and risk” for the United States.
Donald Trump’s protectionist policies make the US dollar less attractive in the eyes of foreign countries as his “disruptive trade and tariff wars” put a dent in the “US image in terms of international economics.”
The “irreversible rise” of the multipolar world order “centered within the BRICS Plus nations” offers the world a viable alternative to the US dollar’s dominance.
So what are the potential competitors for the US dollar on the global scale?
According to Patel, they are:
