De-Dollarization Occurs at Alarming Pace
The dollar is losing its reserve currency status faster than most people realize. In the 27 months since Joe Biden took the oath of office, central banks around the world have dumped half a trillion dollars from their dollar reserves. The United States currency now represents only 58.4 percent of official global reserves. That is down from 58.9 percent from when Biden took office and 71.5 percent from 9/11.
If current trends hold, the dollar could cease to be the world reserve currency within a generation. The only reason the dollar remains the world reserve currency today is that the euro and yuan are in even worse shape.
Anti-dollar: China and Russia are leading the push for de-dollarization. These two nations are trading with each other using rubles and yuan while urging other nations to follow their example. Argentina, Brazil, India, Iran, Saudi Arabia and Singapore have also taken steps to move away from the dollar. So far, these moves have only been minor inconveniences to America. Yet the de-dollarization trend bears watching.
Convincing the Saudi-led Organization of the Petroleum Exporting Countries to abandon the dollar could be a crippling blow to the American economy. Convincing the German-led European Union to abandon the dollar could be a death blow.
Curses: God instructed the Israelites that blessings come from obedience to His laws, just as curses come from disobedience. In Deuteronomy 28, God specifically warned that debt problems were one of the many curses of disobedience. Specifically, He warned that if the nations of Israel turned away from Him, strangers would lend them money but they would not lend to others (verses 43-44). He also warned that a foreign nation would besiege end-time Israel (verses 49-52). A currency boycott is a form of besiegement that would particularly hurt America.
Learn more: Read “When Will the Dollar Collapse?”