Aug 06, 2020 Letters
The US council on Foreign Relation published an article entitled: ‘It Is Time to Abandon Dollar Hegemony’, on July 28, 2020. Goldman Sachs Group Inc. placed a spotlight on the US economic deterioration by issuing a bold warning on 28 July 2020 that the dollar is in danger of losing its status as the world’s reserve currency.
Ratings agency Fitch on Friday downgraded the outlook for the United States to negative from stable, warning of high debt and deficits made worse by the coronavirus downturn. Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the US Commerce Department. Neither the Great Depression nor the Great Recession, or any other slump over the past two centuries has ever caused such a drastic decline in the US economy.
Guyana’s number one trading partner is the US and most of our tourists; most of our remittances come from the US and thousands of Guyanese who live there. The US debt is US$26.6 trillion and 136.5% of GDP. Currently, the US is borrowing 62 cents out of every dollar it spends. This situation is getting worst because US legislators are planning at least, another trillion dollar stimulus which will be borrowed. Guyana has its own internal problem such as crime, corruption and poverty but we must pay attention because a major geopolitical shift is occurring. I estimate that by the end of 2025, a new global monetary system will occur. Guyana and the Caribbean need a contingency plan. The future is fraught with danger but ripe with opportunity.
Brian Ellis Plummer
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