It is predicted that China's GDP will overtake that of the U.S. by the end of the 2020s, to become the largest economy in the world, while some also estimate that BRICS countries will also overtake the U.S. and European Union combined around the middle of the century.
The U.S. government officially just posted a record $348 BILLION!!! deficit for the month of May 2024. Yes, you read that correctly. A $348B deficit for just one calendar month. Some of us are old enough to remember when a lot less than $348B ANNUAL!!! deficit was a disaster and now the biggest economy and the leading world country does this in just a month. The Eurozone is no better than that either.
World re-arrangements
It looks like the Western democratic free world is living a luxurious life at the expense of the rest of the world. For example, in 1960, the U.S. GDP was $543 billion and global GDP was $1.367 trillion (based on current U.S. Dollars). Therefore, the U.S. GDP was 40% of the global GDP ($543 billion / $1.367 trillion). This remained stable for nearly a decade despite the distractions of the drug culture, free love, and a strong anti-establishment sentiment among American youth. In 1969, U.S. GDP was still producing 38% of global GDP, but the winds of change were beginning to blow. It was downhill from there. Today, U.S. GDP contributes only 15.5% of the world’s economic output. What happened? Why have America’s and the EU’s roles in the global economy declined so much since 1960? Has this something in common with Nixon dropping gold finally in 1971?
There is other side of the story as well. Even though the European Union and the USA have approximately 30% of the world GDP today both control most of the world institutions and wouldn’t let go. Understandably, the BRICS countries which share of the world GDP is continuously rising are expecting their fair piece of the pie. This could come only after major shifts in today’s world order. We are yet to see.
Conclusions
The world is not dumping the U.S. dollar ... at least not yet. It is just re-evaluating and re-prising it according to recent developments. It is still the preferred FX world currency. It's just not the safe haven it was a couple of years ago. And why is that? Because of God’s money and its increasing role in complicated world relations.
You can obtain God’s money here and be prepared for the New World Order as it comes:
https://europabullion.com/gold-coins/1428-1-oz-lunar-iii-dragon-gold-coin-2024.html
LEGAL DISCLAIMER:
While the author has made every effort to provide accurate data and information in the preparation of this article, neither europabullion.com nor the author assumes any responsibility for errors or for changes that occur after the publication. The information referenced is believed to be reliable, accurate, and appropriate, but is not guaranteed in any way. The strategies and forecasts herein are the author’s sole opinion and could prove to be inaccurate. No company, individual, or entity compensated the author or europabullion.com for mention in this article.
The article contains specific names of companies, strategies, different currencies, shares, government bonds, types, and sizes of precious metals, none of which can be deemed recommendations to the readers. Reading this article does not constitute a fiduciary relationship. Data, company-specific or otherwise, will not be updated on an ongoing basis. After the publication of the resources, the author and europabullion.com will not be responsible for future developments.
A registered financial advisor is always the best source of guidance in making financial decisions. The author is not a registered financial advisor and does not address the individual financial condition of the reader.