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Citibank Already Starting To Ditch The Dollar, Markets Are Now Freaking Out What happens when 90% of the American population finds out that years of savings and investment into 401 k retirement has disappeared? Calls to move away from relying on the dollar for trade are already growing. More and more countries; from Brazil to Southeast Asian nations; are calling for trade to be carried out in other currencies. The United States dollar has been king in global trade for decades; not just because America is the world’s largest economy, but also because oil is priced in the greenback. Most commodities are also priced and traded in dollars. But since the Federal Reserve embarked on a journey of aggressive rate hikes to fight domestic inflation, many central banks around the world have raised interest rates to stem capital outflows and a sharp depreciation of their own currencies.
