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US Treasury Secretary Steven Mnuchin recently rejected suggestions that the Trump administration is weaponizing the dollar through its trade-restricting policies with other countries.
Max Keiser is joined by American investor and the CIO of Morgan Creek Capital Mark Yusko to discuss media reports that weaponizing the greenback could kill its status as the world reserve currency. They also examine alternatives to the US dollar.
“We’ve been on this path for decades; we’ve always weaponised the dollar and the United States,” says Yusko.
Weaponizing currency can only be done by the world reserve currency which, historically, has been possessed by the country with the most powerful navy, Yusko explains. Those were, in different times, Portugal, Spain, France, the UK, and the United States, he says.
“China has figured out that the next war will be fought by chips, not ships, it will be a cyberwar. And we are already seeing elements of that… So, I think what’s going to happen is that they are going to win the race to the digital national currency, the digital renminbi that will displace the US dollar hegemony and world reserve currency dominance.”
The hedge fund manager adds that ultimately bitcoin will enter the race. “Bitcoin will be held by central banks, it will establish a world reserve currency status, and it will be part of the system.”
Yusko points out that “you can’t sanction a country if the alternative is they can transfer their bolivars or whatever into bitcoin. It’s unconfiscatable.”