U.S. Dollar is Doomed – David Morgan

December 10, 2023

by Greg Hunter USA Watchdog

Economic analyst and financial writer David Morgan went against the majority of financial gurus and predicted at the end of 2022 that there was no way the Fed was going to cut interest rates. He was 100% correct! Now, Morgan is, once again, going against the majority and doubling down on that prediction. One big reason the Fed is not about to lower interest rates is the news this week that United Arab Emirates (UAE) is cutting back on using the US dollar settling in oil trades or dropping it altogether in some oil settlements with other BRICS counties. Morgan explains, “The US of A has lost its day in the sun. The US dollar is not only further in its demise on a longer-term basis, but it is being less and less trusted over the globe. When things do reset . . . the clout the US dollar enjoyed is no longer there. I am afraid that is the trend established by UAE saying we do not want to settle in US dollars for oil. . . . This is huge.”

Less demand for dollars means it will be harder to roll over the huge debt the US has for cheap Treasury rates. Morgan says, “Interest rates will have to go up to get more suckers to buy our debt. . . .If the world runs on dollars, and they don’t want to use the dollar anymore, it means the dollar is doomed.”