Former banker Everett Christian says he is not taking very seriously the talk that the United States dollar is being devalued and will be replaced by a stronger currency.
Recent media reports have expressed concern about inflation and the closure of banks across the United States, among other financial issues.
However, Christian says that Antigua and Barbuda, the region, and even the rest of the world should not panic over this talking point.
As a matter of fact, he says, he sees it as “much ado about nothing,” since the US dollar is still the major currency in which business is conducted worldwide – in both goods or services.
Additionally, Christian says it is the currency held by most central banks around the world.
Most countries, he explains, would have to show how their currency is backed; and for the majority, this backing is by the US dollar – either cash or US Government securities.
The former banker notes that most of the commodities traded – gold, oil and copper, among others – are priced in US dollars, making it the currency of international trade.
While Christian is careful not to say the US dollar cannot be replaced eventually by another currency, he asserts that this is not something that will happen overnight. In his estimation, it would take decades.