Dr. Ankit Shah holds interaction on De-dollarization in FISME

New Delhi, May 16 (KNN) One of the biggest proponents of “de-dollarization”, Dr. Ankit Shah, held an animated discussion with entrepreneurs and start-ups in Federation of Indian Micro ad Small & Medium Enterprises (FISME) in New Delhi.

Dollar is under serious threat of being dethroned from the status of World’s reserve currency.  

Dissolution of Dollar or ‘De-dollarization’ as Dr. Shah puts it, will put an end to the hegemony of USA who has been printing Dollars without earning them through trade of goods and services because of the reserve currency status of Dollar.

“We are going to witness a transformation not seen since World War-II which had led to Bretton Woods Institution such as IMF and World Bank and established US Dollar as a reserve currency pegged to its Gold reserves. Later, US quietly de-linked Dollar from Gold reserve and therefore it could print as many Dollars as it needed which were bought by rest of the world”, he says.  

Dedollarization would trigger a Tsunami of change in currencies and a set of new reserve currency might emerge based on assets and reserves of a bouquet of commodities such Gold, Silver, metals etc.

Dr. Shah predicts rise of precious metals like Gold and Silver as countries would scramble to increase of their stocks to ramp-up their currencies.

‘De-dollarization’ would lead to a tectonic shift in geo-politics and economies of countries such as Russia, Saudi Arabia, Brazil, Iran- which are sitting on huge pile of reserves of commodities, he adds.

Indian exporters are well advised to  focus on these countries and reduce there reliance on West as their currencies  might see meltdown as countries sell off their reserve currencies  such as Dollars, Pounds and Euro. (KNN Bureau)