Geoffrey Ganglak, the "new debt king" of CEO, a two-line capital, said in an interview on Monday that the way the US economy is running does not seem to care whether the dollar will lose its status as a global reserve currency at all. If the US economy continues to operate in this way, it is only a matter of time before China will overtake it.
Mr Ganglak reiterated his long-held view that the dollar would depreciate further against other currencies in the coming years and blamed current US economic policy for the situation.
"the way our economy is operating now almost gives people the impression that we are not interested in maintaining our status as a global reserve currency," he said. "
Mr Ganglak explained that after the pandemic, the strongest economy "by far" was China, not the US. Although the U. S. economy has rebounded through consumption, a large amount of consumption has gone directly to China, he said.
In fact, China's economy is growing so fast that some economists estimate that China will overtake the United States as the world's largest economy as early as 2028, Mr. Ganglak said.
Coupled with the fact that the United States is "frenzied with debt growth," it is clear that the dollar is losing its reserve currency status, Mr. Ganglak said.