(MENAFN- Newsroom Panama) This is a very important issue to all of us in Panama who use the Panama Balboa as our currency which is directly tied to the US Dollar at an exchange rate of 1:1 and has been pegged to the US dollar at par since 1904. The US national debt is now growing by $1 trillion every 100 days since 2023. The uncontrolled debt could lead to a financial disaster wreaking havoc not only in the US but across the world.
BRICS and other developing countries are worried that a US dollar debt could make their native economies crash. Keeping the US dollar in reserves is now seen as a threat that could undo years of financial stability.
The US dollar national debt now touched a new high of $34.4 trillion and is barely under control.
Elected representatives at Capitol Hill and officials from the Federal Reserve are unable to tame the ever-growing debt.
Amid the economic turbulence, Bank of America has issued a warning about a possible US dollar collapse.
Moreover, this allows BRICS to spread the de-dollarization initiative across the world. Bank of America warned in the latest piece that the US dollar and economy face a
“blowout year”
in 2024. The growing national debt is the main reason why the US economy could be poised to head south. The collapse of the US dollar is imminent if the debt grows out of control this year.
BRICS is now waiting for a possible US dollar decline and could advance with a new currency in the global market. Most of you have heard this story before and we will be discussing BRICS and USD now and again on Newsroom Panama and ask you for your opinions.
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