Breaking News

US economist expects imminent collapse of the US dollar

Washington (ST): The American economist Steven Rotech expects an imminent collapse for the US dollar that will result in adverse repercussions. Rotech, a former expert in Morgan Stanley Foundation, one of the biggest financial establishments in the US, said in an interview with the US CNBC network that there is a possibility of the collapse of the US dollar by the end of this year or the beginning of the new year as its value is expected to reduce at a rate of 35% against other currencies. 

He added that the current economic crisis will have adverse consequences, especially on the position of the US dollar which has been dominating world currencies for more than 60 years.

Rotech concluded that the current political situation, divisions in the US society and the failure in confronting the Corona virus pandemic lessens confidence in the socio-economic stability in the US and its currency.