reserve currency

ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

by

There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can…

Economist and Political Scientist Refute Claims of US Dollar’s Demise Despite Trend of De-Dollarization News

by

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…

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

by

According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries…

Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner

by

China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March,…

Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now

by

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was…

Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

by

The Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project. According to a statement by a top representative, the monetary authority has no intention to delay the trials despite not all invited banks being…

IMF Warns Russia Sanctions Threaten to Undermine US Dollar Dominance

by

Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S. currency, according to a high-ranking official at the International Monetary Fund (IMF). The confrontation could lead to fragmentation of the world’s current monetary…