Breitbart economics editor John Carney warns the U.S. dollar’s global economic influence is drifting away as Russia and China are building blocks of alternative currency. According to the International Monetary Fund, the U.S. market share has fallen from 71% to 59% in the last two decades. However, ultimately he doesn’t foresee the Chinese yuan dominating as a world currency. “I think Europe and I think our closest allies and Japan will remain on the dollar. And I think the Saudis and most oil countries will want to remain a close relationship with the dollar.” Carney concludes that if the U.S. reduces its trade deficit with China, the situation could even benefit the U.S. economy, saying, “It hasn’t been necessarily great for the U.S. economy to have the whole world work dollars.”
