Of all the damage Boss Hogg has done, and continues to do, nothing is as dangerous as his moves to sabotage the US dollar, at the same time that he drives away our former allies. BRICS is waiting, hoping and planning to author the new world currency, and more countries are getting on board, as Trump alienates MOST of the world.

 The dollar is the world’s currency, not just America’s. It is the unit in which most cross-border transactions worldwide are quoted and settled. A remarkable 89 percent of global foreign exchange transactions are in dollars. Nearly 60 percent of the foreign currency reserves of central banks from Beijing to Zurich are held in dollar-denominated bank deposits and Treasury securities. 

For the moment, anyway.

The $40 trillion question is whether this happy situation will persist. Recent turmoil in the market for U.S. Treasury bonds have raised the issue of whether dollar-denominated securities — long viewed as bulletproof and government-resistant — are really as safe and liquid as central banks and private investors had come to expect. Not because of anything market related, but because of the Trump administration’s threats to political and financial institutions, both domestic and international.

The dollar’s champions are still trying to make the case that there is no alternative to the dollar. But Europe and China are working as fast as they can to rectify this deficiency, and more nations continue to get on board, in the ultimate revolt against Trump, and the worldwide chaos he causes.

Wartime Presidents of Russia and Iran Rally With Chinese and Indian Leaders

The two-day summit of the 10-nation Shanghai Cooperation Organization in Kyrgyzstan shows the limits of U.S. economic warfare.