As a result of the COVID-19 pandemic, we're entering a recession in the world's economy. The US and some other countries are printing money like crazy, leading towards the inflation of national currencies in such a short time. For long, the US has been the leading economy where many countries rely on the USD as the reserve currency in the world. But all of this may soon change, as people are starting to lose trust in The FED. As the US economy plummets, the world will be looking for another substitute of the USD as the reserve currency for the global economy. Depending on how long the outbreak lasts in the mainstream world, the process of the USD's collapse will be either a slow or speedy one.
If the world replaces the USD as its reserve currency, things might change drastically for the global economy. My guess is that either the Yuan or the Euro will become the successor of the USD in the future. Long before the COVID-19 outbreak began, the USD has been in a constant decline in value. Now that COVID-19 has negatively impacted the economy, the USD's stance could be threatened in the long term.
What are your thoughts? Will COVID-19 destroy the US' economy, leading to the rise of another reserve currency (especially when the US is the #1 country with coronavirus cases)? Or will the USD still thrive?
If the world replaces the USD as its reserve currency, things might change drastically for the global economy. My guess is that either the Yuan or the Euro will become the successor of the USD in the future. Long before the COVID-19 outbreak began, the USD has been in a constant decline in value. Now that COVID-19 has negatively impacted the economy, the USD's stance could be threatened in the long term.
What are your thoughts? Will COVID-19 destroy the US' economy, leading to the rise of another reserve currency (especially when the US is the #1 country with coronavirus cases)? Or will the USD still thrive?