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U.S. Senator Rand Paul has warned that the U.S. dollar could lose its status as a global reserve currency. \u201cFor a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position,\u201d said the lawmaker.<\/strong><\/p>\n U.S. Senator Rand Paul (R-KY) shared his concerns about the growing de-dollarization trend and the USD losing its global reserve currency status in an interview with Fox Business Thursday.<\/p>\n He was asked: \u201cIs king dollar going to be tossed off of its throne because of bad fiscal and monetary policies? Is it going to lose its world reserve status in your judgment?\u201d The senator from Kentucky replied:<\/p>\n I am concerned about it.<\/p>\n<\/blockquote>\n \u201cI think our foreign policy has something to do with that \u2026 We\u2019ve pushed all of our adversaries farther and farther away from us and closer and closer together. It\u2019s not just Russia and China being pushed together by foreign policy and obviously, some of it is their own doing, and it\u2019s a response to things they\u2019ve done that we don\u2019t like,\u201d the lawmaker opined.<\/p>\n He added: \u201cNorth Korea is in that basket as well. Iran is in that basket. But now we have some countries, such as Saudi Arabia, also sort of being pushed together into this non-aligned or unaligned coalition that wants to denominate their trades in things other than the dollar. So I think it is coming. And also if you treat your dollar like scrap paper and you continue to buy up enormous amounts of U.S. debt, your dollar becomes worthless too.\u201d<\/p>\n Senator Paul continued:<\/p>\n So, for a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position, and I think it\u2019s not an unfounded prediction to say, yeah, we could possibly lose our status as a reserve currency.<\/p>\n<\/blockquote>\n Paul additionally warned: \u201cWe need to be careful of having some sort of zero trade policy because I think that will make the world a worse place.\u201d The senator concluded:<\/p>\n You are essentially at war with a country when you quit trading with that country.<\/p>\n<\/blockquote>\nSenator Rand Paul on U.S. Dollar Losing Reserve Currency Status<\/h2>\n
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