The US financial economy has been going through its fair share of a tumultuous roller-coaster ride with the fall of prominent banks. To add to this turmoil, global nations have been shifting away from the US dollar for settling transactions.
With nations like Russia announcing their intention to move towards de-dollarization, US media companies, including CNN and Fox News, are conducting separate segments on this pressing topic.
Fox News talks about Russia and Saudi Arabia’s de-dollarization move
The segment hosted by Fox News on de-dollarization speaks about Russia turning to the Chinese yuan for international payments instead of US dollars. The host also highlights Saudi Arabia’s intention to follow the same actions.
A Fox News segment on de-dollarization also spoke about the possible economic alliance between Saudi Arabia, Iran, and China, Russia. The host also stresses the possibility of the BRICS countries doing the same.
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Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, joins the live to speak about how catastrophic the de-dollarization could be. Crowley also stresses the strength of the dollar, which is used for settling oil trades. She mentioned that it could be the end of the US dollar if such a thing happens. Crowley mentions that if de-dollarization happens, there would be a complete implosion of the economic system which could trigger sky-high inflation.