Weekly Recap

In recent news, there has been a shift away from the US dollar in international trade and finance. Countries like Saudi Arabia, China, Brazil, and Kenya are beginning to settle trades in their own currencies, while the Association of Southeast Asian Nations is considering dropping the US dollar for local currency financial settlements.

This move away from the US dollar comes as these countries seek to reduce their reliance on the currency and its associated risks, such as inflation and instability in the global economy. Instead, they are turning to their own currencies and those of other countries in trade alliances, such as China's recent alliance with Russia, India, Pakistan, and four Central Asian nations.

Additionally, there has been a rise in the adoption of cryptocurrencies, which offer a decentralized and potentially more stable alternative to traditional currencies. However, there has also been pushback from regulators, such as US Senator Elizabeth Warren launching an "anti-crypto" re-election campaign and the US CFTC suing Binance and its CEO over alleged regulatory violations.

Meanwhile, the economic situation in the US continues to face challenges, with the Social Security funds projected to run out by 2033 and former President Trump blaming current President Biden for bank failures and creating an economic catastrophe.

In the midst of these developments, some companies, such as MicroStrategy, continue to invest in cryptocurrencies like Bitcoin, which they see as a hedge against inflation and a potentially more stable store of value.

Overall, the international financial landscape is shifting, with countries and companies looking for alternatives to the US dollar and traditional financial systems. As this trend continues, it will be important for businesses and individuals to stay informed and adapt to the changing economic environment.