Investor Matthew Piepenburg called the recent decision by the BRICS to align against the US dollar “irrevocable”
According to seasoned financial expert Matthew Piepenburg, countries have begun an irreversible plan to separate from the US currency.
Soar Financially spoke with Piepenburg, a partner at emerging markets-focused Matterhorn Asset Management, at the Deutsche Goldmesse conference, and he said that major economies are openly trying to “break ranks” with dollar domination.
He claims that the Federal Reserve’s rate hikes are leading countries like China and Russia to switch to non-USD settlement methods.
The family office guru claims that, in addition to China and Russia (both of whom are members of the BRICS alliance), 41 additional nations have now joined, probably out of concern for the United States’ treatment of Russia during the crisis in Ukraine.
As a result, the rest of the globe is less likely to stick together when the dollar rises due to Powell’s rate hikes. Asian countries, and China and Russia in particular, are notorious for toppling established order. They are enlisting the support of an additional 41 nations in their pursuit of non-dollar trade agreements.
Threats to the petrodollar market and demand for the petrodollar and the strong dollar mean that weaponization of the dollar is an issue here as well. For years, a strong dollar was a devastating blow, and we militarised that dollar by cutting Russia off the STR and SWIFT and, of course, freezing its foreign exchange reserves. As a result, the other nations looked at us strangely as we considered alternatives to the dollar.
Investor said he believes the current trend away from using the US dollar as a trustworthy, stable, and dependable trade currency and payment system is permanent.