Your Evening Briefing: Threat to Dollar’s Status as Reserve Currency Grows
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People struggle to cross flooded streets in Pensacola, Florida, on Sept. 16 as Hurricane Sally made landfall on the Gulf Coast.
Photographer: Gerald Herbert/APThe dollar’s historical position as the global reserve currency is in jeopardy because of steps the U.S. has taken to save its economy during the Covid-19 pandemic, according to Ray Dalio, founder of hedge fund giant Bridgewater Associates. While equities and gold benefited from trillions of dollars in fiscal spending and monetary injections, those efforts are debasing the currency, he warned. —David E. Rovella
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