Challenges to the US Dollar's Dominance as the Global Reserve Currency: Geopolitical, Economic, and Fiscal Perspectives
DOI:
https://doi.org/10.26821/IJSRC.12.10.2024.121003Abstract
The status of the US dollar as the global reserve currency has been crucial in maintaining US economic and political dominance since World War II. This paper explores how the dollar's role in international finance has bolstered US geopolitical power, enabling the country to leverage its currency for political influence. However, ongoing domestic and international challenges, including rising national debt, economic sanctions, and geopolitical shifts, increasingly threaten the sustainability of the dollar's dominance. Nations such as China and Russia have sought alternatives to reduce their vulnerability to US financial control, while the mounting US fiscal deficit jeopardizes the dollar's long-term credibility. The interplay between US politics, global financial stability, and the dollar's reserve status reveals vulnerabilities that could gradually undermine the dollar's supremacy in global finance. As emerging powers diversify their reserves and confidence in the US economy wanes, the political foundations of the dollar's status may become its greatest weakness, potentially paving the way for a new, multipolar reserve currency system.
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