Global dominance of dollar is on decline

Behrouz Mohebbi
Iranian lawmaker
US Treasury Secretary recently warned against the weakening of the dominance of the dollar in the world and said that countries like Iran, China, and Russia are considering alternative currencies to the dollar in their trade exchanges.
Many experts have already predicted that the dominance of the dollar on the world’s commercial and financial markets is declining similar to what has happened to the American civilization.
The dollar has been one of the tools of US hegemony over the past decades. For years, the US created high inflation in other countries by printing more greenbacks. Many countries including Saudi Arabia, which is one of the most important allies of the US, have uncovered the hegemonic approach adopted by Washington and now have come to the conclusion that the US cannot be reliable for them. At the same time, China emerged as a serious rival to the US economic dominance over the world, overtaking Japan to become the world’s second-largest economic power in a relatively short period. Now, China is looking to replace the US as the world’s biggest economy.
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