Economist Peter St Onge has issued a warning that the weaponisation of the US dollar could lead to a significant fall in the standard of living. St Onge, from the Heritage Foundation, posted on Twitter to say that de-dollarisation was happening more quickly than people realised. He said: “The dollar plunged eight percentage points in share in a single year to just 47% so we lost about double the entire share of the Chinese yuan.” St Onge said sanctions had already severely affected the US currency, saying the dollar has gone from the world’s “rock-solid store of value to a political football held hostage to whichever lobbyist or activist caught Joe Biden’s eye this week”. Tesla and Twitter CEO Elon Musk, meanwhile, tweeted: “If you weaponize currency enough times, other countries will stop using it.”
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