As the BRICS alliance has worked to diminish international reliance on the currency, the world’s richest person has issued a major warning regarding the US dollar. Indeed, none other than X (formerly Twitter) owner Elon Musk has expressed his concern regarding the greenback.
In an exchange on the social media platform, Musk noted his growing worry about the US currency amid current factors. Specifically, the Tesla CEO discussed the increasing national debt that could have the US economy headed toward an impending crisis.
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Elon Musk Shares Major US Dollar Warning
There is no denying the fragility of the US economy. The Federal Reserve has sought to fend off inflation with a two-year interest rate hike. Moreover, the central bank has yet to reverse course, as it has kept rates steady after its tightening campaign.
That reality has only been combined with macroeconomic factors that have infused worry into many in the finance sector. Subsequently, as the BRICS alliance is working to impede the currency’s status globally, the world’s richest person has issued a major US dollar warning.
Specifically, Elon Musk recently expressed his concern about the eventual value of the greenback amid these struggles. In a post to X, he said that action needs to be taken “about our national debt or the dollar will be worth nothing.”
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In his post, Musk is referring to the steadily increasing debt of the US, which surpassed $34 trillion this past year. Moreover, there are heavy concerns that inaction to address its growth will only lead to a crisis further down the line.
Musk has not been the only prominent individual to voice their concerns. Indeed, JPMorgan Chase CEO Jamie Dimon has echoed concerns over what the issue could create in the near future.
There is no denying the accuracy of these concerns. Furthermore, the ballooning of federal debt is occurring alongside global action to decrease international reliance on the greenback. As the BRICS alliance continues to embrace those efforts, things will only become more worrisome for the US dollar.