Fed Chief Powell Says It’s Possible to Have More than One Reserve Currency in the World – Diminishing America’s Financial Dominance

Fed Chief Jerome Powell says it’s possible to have more than one reserve currency in the world. How does this make America great again?

Jerome Powell is planning on raising interest rates this month from the zero percent that Democrats have benefitted from in the White House this century. Rates have been kept at zero percent for almost all the time that Democrats are in the White House since 2000.

He spoke in front of Congress this morning. PBS reports:

Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation.

Fed Chief Jerome Powell also shared the potential to have more than one reserve currency in the world. This is a shocking statement coming from the head of the Fed.

The US has benefitted from having the reserve currency of the world. We’ve reported on this for months and how under Biden the US has reached the lowest point in decades.

THE BIDEN EFFECT: US Producer Price Inflation Soars to 7.8% Annually in July – Highest Jump On Record

As the Biden gang continues to spend the dollar continues to get weaker. Now the US is pushing Russia away from using the US dollar as its reserve currency and this may not be so smart.

Will the Economic Sanctions on Russia Backfire?

In addition, the US has benefitted from having the USD the currency used for oil transactions worldwide. This ‘petrol dollar’ arrangement may go by the wayside as some fear Russia and the Saudis have already made an arrangement to trade oil outside of the dollar.

Back in 2014 under Obama/Biden people were worried about the petrodollar as well. Maybe this was reasonable as Biden/Obama helps Iran gain a nuclear weapon. Iran and Iraq are enemies. When Obama and Biden help Iran, they push the Saudis away. No wonder the Saudis aligned with Russia after Biden stole the election. Also, no wonder they cheered when President Trump joined them early in his Administration. See video below from the Obama era.

Powell may be saying that it’s alright to have more than one world reserve currency because there is little he and the Biden Administration can do to stop it. This could have long-lasting negative impacts on the US and make the US weaker than Biden has already has made the country. 

By Joe Hoft

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