Why Are Some Countries Looking Beyond the US Dollar? 💰
Did you know that the US dollar is used all over the world? It’s like the world’s money! But lately, some countries are thinking about using less of it. Let’s find out why!
The US Dollar and the World 🌎
For many years, the US dollar has been the main currency for buying and selling things between countries. It’s like if everyone at school used one kind of trading card to swap, even if they came from different places!
Why Is This Changing? 🤔
Imagine if the kid who makes the trading cards starts having problems and the cards might not be worth as much anymore. Other kids might decide to use different cards.
Similarly, the United States can make more dollars whenever it wants. While this can be helpful, it also makes some countries worried. They think that if the US makes too many dollars, those dollars might not be worth as much.
What Are Other Countries Doing? 🏦
Countries like China and members of the BRICS group (that’s Brazil, Russia, India, China, and South Africa) are starting to use their own money when trading with each other. This way, they don’t have to worry about what happens with the US dollar.
How Does This Affect Us? 🌐
When countries use different currencies, it can change how money works around the world. It might make things more fair for some countries, especially those in the Global South (that’s a term for countries that are developing).
Why Is This Important? 💡
It’s important because money connects all of us! Understanding these changes helps us learn more about the world and how countries work together.
The Future of Money 🧐
No one knows exactly what will happen, but it’s exciting to see countries finding new ways to trade and cooperate. Maybe one day, there will be many important currencies used all around the world!
Reference(s):
Beyond the dollar: The Global South's exit from US fiscal fragility
cgtn.com
