The World Bank has warned that we are entering an age when the US dollar will no longer dominate the global economy.
A new World Bank report, Multipolarity: The New Global Economy, predicts a number of scenarios including one where the predominance of the U.S. dollar will end sometime before 2025. It would be replaced by a monetary system in which the dollar, the euro, and the renminbi would each serve as full-fledged international currencies.
That means one thing: the rise of China, the resurgence of Russia, the process of economic and political integration in the European Union, the emergence of India, and the rise of other regional powers such as Brazil and South Africa will inevitably reduce the relative economic, financial and geopolitical power of the United States. We are indeed slowly moving towards a multipolar world where there will be a balance of Great Powers rather than the hegemony of a single hyperpower.
And potentially, it will be a more unstable world. It would only work if all these different powers and governments co-operated. That's unlikely.
The decline of the US dollar signals that we entering dangerous times.
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