Kentucky Senator Rand Paul says the government’s foreign and fiscal policies are pushing BRICS and other nations to gang up against the US dollar.
In a new Fox Business interview, Paul says the US is becoming increasingly isolated as outside powers team up to settle trades without using the dollar.
Paul says it’s not China and Russia – two of the largest members of BRICS. The Kentucky Senator says Iran, North Korea and Saudi Arabia are also finding ways to move away from USD.
“When you look at the determination of the world’s trade, quite a bit of it, more than we’ve had for quite sometime, is denominated in things other than the US dollar.
I think our foreign policy has something to do with that, too. We pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just China and Russia being pushed together by foreign policy. Obviously, some of it is their own doing, and it’s a response to things they’ve done that we don’t like.
But North Korea is in that basket as well. Iran is in that basket. But then we have some countries such as Saudi Arabia also being pushed together into this non-aligned or unaligned coalition that wants to denominate their trades in things other than the dollar.”
Paul believes the dollar is clinging to its throne due to the government’s loose monetary policies. According to the Senator, nations are witnessing the devaluation of their dollar reserves as the government continues to debase the USD.
“So I think it is coming. Also if you treat your dollar like scrap paper and you continue to buy up enormous amounts of US debt, your dollar becomes worthless, too.
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 is not an unfounded prediction to say, ‘Yeah, we could possibly lose our status as a reserve currency.’”
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