Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status

• Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status
  by Kevin Helms, https://www.bitcoin.com/
  Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.”
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  Crowley Warns of ‘Catastrophic’ Consequences if the U.S. Dollar Loses Global Reserve Currency Status
  Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, explained on Fox News Saturday what would happen if emerging economies move away from the U.S. dollar towards the Chinese yuan and the USD is no longer the world’s dominant currency. She stressed:

  It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency.

  Crowley explained that since the end of World War II, the dollar has been considered a safe haven. Initially, it was backed by gold, but after President Nixon took the U.S. off the gold standard, there has been no hard asset backing the dollar for the last 50 years. Instead, it has been backed by “the strength and economic power” of the U.S., she said.
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  The former Treasury official added that another important factor is “the fact that oil has always been traded in dollars,” warning:
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