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US Congressman Says Countries Tired of Inflation Tax, Could Abandon US Dollar

© Sputnik / Alexey SuhorukovOne-dollar notes.
One-dollar notes. - Sputnik International, 1920, 20.05.2024
WASHINGTON (Sputnik) - Countries are growing weary of the US dollar and could abandon the currency due to inflation, US Congressman Thomas Massie said on Monday.
“The whole world is holding dollars, so when we devalue the dollar, we’re not just taxing our own people, we’re taxing the entire world,” Massie said in an interview with Glenn Beck.

“The rest of the world is getting tired of being used that way… and when they start using alternate forms of money to do their transactions, or holding different assets in their own sovereign wealth funds, then we’re not going to be able to do that trick on anybody except for US citizens.”

A worker polishes gold bullion bars at the ABC Refinery in Sydney. File photo. - Sputnik International, 1920, 09.05.2024
BRICS Bloc’s Bullion Buy Up Buoys Trend Toward Dedollarization
Last week, Massie introduced bills to audit and abolish the Federal Reserve, citing their contribution to inflation. The Federal Reserve devalued the dollar and enabled free money policies that caused high inflation, Massie said.
The legislation to end the Federal Reserve now has over 20 cosponsors in the House of Representatives, Massie said.

In December, Russian Prime Minister Mikhail Mishustin said that Russia and China achieved nearly complete dedollarization in their bilateral transactions.

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