Nations worldwide are embarking on an irreversible course to break away from the US dollar, according to seasoned investment expert Matthew Piepenburg. In a recent interview at the Deutsche Goldmesse conference with the Soar Financially YouTube channel, Piepenburg, partner at emerging markets-focused Matterhorn Asset Management, claims that major economies are now evidently trying to distance themselves from dollar dominance.
He asserts that the US Federal Reserve’s interest rate hikes are driving countries like China and Russia to adopt settlement systems that don’t depend on the USD. In addition to China and Russia, both members of the BRICS coalition, Piepenburg reveals that 41 other nations are following suit, possibly concerned about how the US has treated Russia during its conflict with Ukraine.
Piepenburg explains, “So when that dollar gets higher, because Powell is raising the rates, that becomes more onerous and painful for the rest of the world and they begin to break ranks.” He further adds, “Asia in general, China and Russia in particular are very big rank-breaking nations. And, of course, they’re bringing 41 other countries alongside to have trade settlements outside the US dollar.”
The BRICS group, representing the economically-aligned nations of Brazil, Russia, India, China, and South Africa, is considering launching a global currency that does not rely on the US dollar. Several nations reportedly want to participate, including Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed East African countries, and one from West Africa.
While Piepenburg doesn’t foresee the yuan or any other currency replacing the dollar as the world reserve currency in the near future, he does identify a “clear trend” of countries worldwide bypassing the dollar as the primary, trusted medium of trade. He concludes, “The clear trend of breaking ranks with the US dollar as a trusted, reliable, dependable trade currency and payment system is now I think irrevocable.”
The World Health Organization (WHO) advises against using sugar substitutes for weight loss, as new guidelines reveal that non-sugar sweeteners (NSS) do not provide long-term benefits in reducing body fat for adults or children. Francesco Branca, director of WHO’s Department of Nutrition and Food Safety, stated, “Replacing free sugars with non-sugar sweeteners does not help people control their weight long-term.” The guidance applies to everyone except those with preexisting diabetes.
While the review identified potential undesirable effects from long-term sugar substitute use, such as a mildly increased risk of type 2 diabetes and cardiovascular diseases, Branca clarified that the recommendation doesn’t comment on the safety of consumption. He added, “What this guideline says is that if we’re looking for reduction of obesity, weight control or risk of noncommunicable diseases, that is unfortunately something science been unable to demonstrate.”