'The Dollar is Finished' as World Reserve Currency


Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention... American Banker once called him "the country's most quotable bank analyst." Last week, a few hours after completing a spot on Bloomberg television, the 83-year-old announced his retirement. He took that weekend off — and then jumped right back in. In an interview with The New York Times, Mr. Bove (pronounced "boe-VAY"), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession.

"The dollar is finished as the world's reserve currency," Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, "monks praying to money," unwilling to speak out on the mainstream financial system that employs them...

As he spoke, a technician was trying to restore his home internet after his final employer, the boutique brokerage Odeon Capital, pulled the plug on his last day...

He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because "the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money."

The article notes that Bove was once called "The Loneliest Analyst."
"One way that's still true is that he endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar."

'The Dollar is Finished' as World Reserve Currency 'The Dollar is Finished' as World Reserve Currency Reviewed by Kanthala Raghu on January 28, 2024 Rating: 5

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