This year, there has been a flurry of news reports and opinion editorials discussing an alleged de-dollarization trend amid a wave of disclosures associated with the BRICS bloc. In a recent article, the American political scientist and author Ian Bremmer insisted that claims of the U.S. dollar dying are overblown. In addition to Bremmer’s comments, economist Paul Krugman also asserted in a recent op-ed that the greenback isn’t going away anytime soon and called some of the speculators “‘Weimarists,’ people who are always predicting hyperinflation.”
Political Scientist Ian Bremmer Insists Dollar Death Speculation Is Greatly Exaggerated
The subject of de-dollarization has been a topical discussion in 2023, as several market observers suspect the United States dollar could collapse in the near future. Many conversations and debates revolve around the BRICS nations (Brazil, Russia, India, China, and South Africa) and the alliances these countries have made. Several decisions have been made with help from members of the Organization of the Petroleum Exporting Countries (OPEC) to ditch the dollar in gas and oil settlements.
Moreover, worldwide Google Trends data shows that the term “de-dollarization” reached the highest score of 100 in terms of search interest during the week of April 2 to April 8, 2023. Google Trends data indicates that the subject began gaining momentum during the last week of March 2023. Prior to that, interest rose during the end of January 2023, but not nearly as high as the week of April 2-8 recorded by Google Trends’ 12-month metrics. Although interest has risen, the internet has been flooded with stories discussing the U.S. dollar’s theoretical doom and its removal from the throne of the world’s dominant reserve currency.
Amid these stories, Ian Bremmer, the founder of Eurasia Group and an author known for his knowledge of global political risk, has offered a different perspective on the alleged collapse of dollar dominance. Bremmer acknowledges the trend of de-dollarization headlines by highlighting eight different articles. The author says that these stories have “provided a fertile ground for gold bugs, crypto shills, hyperinflation truthers, techno-libertarians, anti-imperialists, and run-of-the-mill grifters to stoke fear about the dollar’s imminent death and its supposed catastrophic consequences for the United States and the global economy.”
Bremmer shows USD usage data from the Federal…
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