Debunking the Myth of De-Dollarization: Hugh Hendry's Perspective on the BRICS Summit
As the BRICS summit takes place, discussions around membership expansion and de-dollarization are at the forefront. However, Hugh Hendry, Founder of Eclectica Macro, argues that de-dollarization is detached from economic logic and reason, stating that those who see it as a major threat have no understanding of how the world works. Hendry believes that the BRICS countries lack the necessary depth in their markets and currency trading to make de-dollarization a viable strategy. He also highlights the importance of America's democratic system and open capital markets in maintaining the dollar's status as the dominant currency.