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The global economic crisis will inevitably break out. Until then, states should, like China, secure their economic system so as to no longer depend on the dollar, reports Al Hadath.
The US dollar will carry weight until there is a currency that can compete with it. It could be Chinese yuan. China is actively moving away from using the dollar and building a self-sufficient economy. Meanwhile, Russia, Saudi Arabia, India and South Asian countries have decided to use national currencies in mutual settlements.
In this context, the American minister warned of a critical level of public debt, threatening the bankruptcy of American banks. This, in turn, will affect the entire global economy. UN Secretary General António Guterres has warned of the possibility of a repeat of the Great Depression scenario.
In this case, the depreciation of the dollar will cause hyperinflation, unemployment, many countries will lose access to finance and credit. A number of states dependent on oil revenues will lose them. In such a scenario, the United States will extend the restriction on imports of goods, the dollar will try to stay afloat, and business transactions will be conducted through cryptocurrencies and PayPal.
Earlier, Representative Marjorie Taylor Green said the United States would not be able to recover from a potential drop in the dollar caused by the conflict in Ukraine.
