The Future of the US Dollar in a De-Dollarizing Global Economy

Many countries are seeking alternatives to the US dollar to reduce their dependence on the US financial system. The US dollar became the dominant international reserve currency after World War I and gained a greater role in 1944 with the Bretton Woods Agreement. However, the dollar has lost purchasing power since then. Russia and China are working together to reduce reliance on the dollar and establish cooperation between their financial systems. Other countries, such as Brazil, Argentina, and the UAE, are also making efforts to reduce their dependence on the dollar. Despite these movements, the dollar's global sovereign status is unlikely to end anytime soon.