Will the U.S. Dollar Lose Its Place as the World’s No. 1 Reserve Currency?

Some fear stimulus spending to offset the worst of the economic shutdown during the COVID-19 pandemic and the Federal Reserve’s injection of billions into the economy threaten the U.S. dollar’s standing as the world’s reserve currency.

Some investors have moved out of dollars and into gold. While it’s hardly a stampede, it could be seen as further evidence of the dollar’s increasing weakness. Others see Bitcoin as an inflation hedge, and last month investors drove the price of the cryptocurrency to $41,973, an all-time high.

Relax, a Cornell University economics professor said, because the dollar’s place in the world economy is secure.

“During this period of economic uncertainty and human loss during the global pandemic, the U.S. dollar’s role as the reserve currency of the world has been reaffirmed,” Andrew Karolyi, the Harold Bierman, Jr. Distinguished Professor of Management at Cornell University said in comments sent to Newsweek. (Read more from “Will the U.S. Dollar Lose Its Place as the World’s No. 1 Reserve Currency?” HERE)

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