Dollar Decoupled: Donald Trump warns US currency 'crashing, will no longer be the world standard'

New York: Dollar is "crashing" and "will soon no longer be the world standard," said former US President Donald Trump, accusing his successor Joe Biden of destroying the country.

During his first public address since being arraigned, 76-year-old Trump said: "Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat frankly, in 200 years. There will be no defeat like that will take us away from being even a great power."

Trump, frontrunner in the race for the 2024 Republican nomination, has been outrightly critical about the state of the economy of America.

Several countries ditch dollar

Several countries have started settling overseas trade in their local currency and are in process to dump the dollar. The de-dollarisation has got fillip in the recent times, especially after the Russia-Ukraine war that began on 24 February, 2022.

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Last week, the deputy chairmen of the State Duma, said the BRICS nations are in the process of creating a new medium for payments — established on a strategy that “does not defend the dollar or euro”.

Also Read: Dumping the Dollar: Will a new BRICS currency replace the US currency for trade?

BRICS - made up of Brazil, Russia, India, China and South Africa - are mulling creating a new currency to facilitate trade. It is being said that the new financial agreement could be seen as soon as in August when the countries come together for their annual summit in South Africa.

Malaysia too has proposed creation of an Asian Monetary Fund to reduce dependence of the US dollar. The idea of Malaysian Prime Minister Anwar Ibrahim was welcomes by Chinese President Xi Jinping who assured to discuss it further.

Recently, China and Brazil struck a deal to ditch the U.S. dollar in favor of their own currencies in trade transactions.

Indian rupee could be the new dollar

India has also been reaching out to countries to settle cross-border trade in Indian rupee. So far, 18 countries, including UK, Malaysia, Germany, Russia and UAE have been given permission to trade in INR.

Don't Miss: Rupee closer to replacing dollar as 18 nations agree to trade in INR

Renowned economist Nouriel Roubini, also known as 'Dr Doom' by Wall Street, in February had said that the Indian rupee over time could become one of the global reserve currencies in the world.

“One can see how the rupiah could become for some of the trade that India does with the rest of the world, especially South-South trade could become a vehicle currency," said Roubini, who warned overall there will be a process of de-dollarisation over time.

Must Read: Indian rupee could be the new dollar, says ‘Doctor Doom’ Nouriel Roubini

“It (Indian rupee) could be a unit of account, it could be a means of payment, it could become a store of value. Certainly, rupiah over time could become one of the variety of global reserve currencies in the world,” the economist added.

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