US Senator Rand Paul Warns of US Dollar Losing Reserve Currency Status — Says ‘It’s Not an Unfounded Prediction’ – Economics Bitcoin News

U.S. Senator Rand Paul has warned that the U.S. dollar could lose its status as a global reserve currency. “For a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position,” said the lawmaker.

Senator Rand Paul on U.S. Dollar Losing Reserve Currency Status

U.S. Senator Rand Paul (R-KY) shared his concerns about the growing de-dollarization trend and the USD losing its global reserve currency status in an interview with Fox Business Thursday.

How To Get Free Crypto  

He was asked: “Is king dollar going to be tossed off of its throne because of bad fiscal and monetary policies? Is it going to lose its world reserve status in your judgment?” The senator from Kentucky replied:

I am concerned about it.

“I think our foreign policy has something to do with that … We’ve pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just Russia and China being pushed together by foreign policy and obviously, some of it is their own doing, and it’s a response to things they’ve done that we don’t like,” the lawmaker opined.

He added: “North Korea is in that basket as well. Iran is in that basket. But now we have some countries, such as Saudi Arabia, also sort of being pushed together into this non-aligned or unaligned coalition that wants to denominate their trades in things other than the dollar. So I think it is coming. And also if you treat your dollar like scrap paper and you continue to buy up enormous amounts of U.S. debt, your dollar becomes worthless too.”

Senator Paul continued:

So, for a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position, and I think it’s not an unfounded prediction to say, yeah, we could possibly lose our status as a reserve currency.

Paul additionally warned: “We need to be careful of having some sort of zero trade policy because I think that will make the world a worse place.” The senator concluded:

Coinbase Banner  

You are essentially at war with a country when you quit trading with that country.

Tags in this story

Do you agree with Senator Rand Paul about the dollar losing its status as the world’s reserve currency? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Kevin Helms

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.