Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies
Personal finance guru and Ramsey Solutions CEO Dave Ramsey answered a question about de-dollarization in an episode of “The Dave Ramsey Show,” aired last week. Ramsey is an eight-time national best-selling author who sold more than 11 million copies. A self-proclaimed personal money management expert, he calls himself “America’s trusted voice on money.”
Zack from Alabama asked him:
I’m reading more and more about de-dollarization and countries moving away from the U.S. dollar as their basis of international trade. Will this affect the strength of the dollar, and should I be concerned about how I’m saving and investing as a result of this?
Ramsey began by telling the Alabama man that he is “spending too much time on the internet” and has gotten into a conspiracy theory about the demise of the U.S. dollar. Regarding countries moving away from the USD for international trade, Ramsey said China, Russia, and Brazil “are the three main players in this.”
He stressed, “They already don’t use the U.S. dollar as their basis of international trade,” emphasizing that all three countries have their own currencies and “there’s a conversion rate” between each of those currencies and the U.S. dollar. The self-proclaimed personal finance guru opined: “The three largest countries … are talking about bringing in some of the oil countries in the Middle East … they’re trying to come up with one currency that they all use.” The BRICS nations (Brazil, Russia, India, China, and South Africa) are working to create a common currency that will reduce their reliance on the USD.
Ramsey noted that the new, common currency they come up with would be used for international trade and “converted back and forth to dollars much like Europe did with the euro which, by the way, kind of didn’t work.” He added: “These countries — if they did all agree to use one currency, it would be much like when Europe went to the euro and then that’s going to exchange for the dollar back and forth.”
He continued:
Are those countries going to be able to devalue the…
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