Paul Krugman says not to worry about the dollar weakening despite recent challenges to its dominance
"The idea seems to be that some regimes will turn away from the dollar to protect themselves against sanctions in the event they do something America disapproves of," he said Friday.
"And so we have reports that China is trying to promote oil trade in yuan and Russia and Iran are considering creating a gold-backed cryptocurrency," Krugman added."And for some reason Brazil and Argentina are talking about creating a common currency along the lines of the euro, which is a really terrible idea."
Krugman also noted that some of the chatter about the dollar's potential decline had come from the rise of crypto.as a future alternative to the greenback, although the token lost a lot of its shine last year when a combination of rising interest rates and the implosion of high-profile companies like FTX led to its price plunging over 60%.
"Where is the death-of-the-dollar buzz coming from all of a sudden? Some of it is coming from the crypto cult," Krugman said."Although cryptocurrencies have been around for many years and still haven't come to play any significant role in legitimate business — not to mention the astonishing scale of the scandals that have plagued the industry — they're still being hyped.
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