Tucker Carlson, the popular Fox News host, recently attributed the de-dollarization movements around the world to the Russian sanctions and the weaponization of the US dollar. In his show, Carlson argued that the US has been using its currency as a tool to exert its influence on other countries, and that this has led to a backlash against the dollar.
The de-dollarization trend refers to the increasing use of other currencies, such as the euro, yuan, or even cryptocurrencies, in international trade and financial transactions. This trend has been gaining momentum in recent years, especially among countries that are targeted by US sanctions or feel threatened by the dominance of the dollar.
According to Carlson, the US has been abusing its privilege as the issuer of the world’s reserve currency by imposing unilateral sanctions on countries that do not comply with its foreign policy objectives. He cited examples such as Iran, Venezuela, and Russia, which have been hit hard by US sanctions that restrict their access to the global financial system and limit their ability to trade in dollars.
Carlson also pointed out that the US has been using its control over SWIFT, the international payment messaging system, to cut off countries from the global economy. He argued that this amounts to a form of economic warfare that undermines the sovereignty of other nations and violates international law.
Moreover, Carlson criticized the Federal Reserve for printing trillions of dollars out of thin air and flooding the global market with cheap liquidity. He argued that this reckless monetary policy has eroded the value of the dollar and undermined its credibility as a safe-haven asset.
As a result of these factors, Carlson claimed that more and more countries are seeking alternatives to the dollar and diversifying their reserves into other currencies or assets. He cited China’s efforts to promote the yuan as a global currency, Russia’s accumulation of gold reserves, and Iran’s adoption of cryptocurrencies as examples of this trend.
While some experts may disagree with Carlson’s analysis and argue that the de-dollarization trend is driven by economic and geopolitical factors beyond US sanctions and policies, his perspective sheds light on the growing concerns about the role of the dollar in the global economy.
As the world becomes more multipolar and interconnected, the dominance of the dollar may face more challenges and competition from other currencies and digital assets. Whether this trend will lead to a fundamental shift in the international monetary system remains to be seen, but it is clear that the debate over the role of the dollar will continue to be a contentious issue in the years to come.
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