The decline of the U.S. dollar could happen at ‘warp speed’ in the era of coronavirus, warns prominent economist Stephen Roach

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His comments come as the financial expert has been warning for weeks of an epic downturn of the buck that could signal the end of the hegemony of the greenback as a reserve currency — an event that would ripple through global financial markets. Check out: ‘The dollar is going to fall very, very sharply,’ warns prominent Yale economist “In a COVID era everything unfolds at warp speed,” Roach told MarketWatch on Monday. He pointed to the contraction of the U.S. economy from an employment rate that was hovering around a 50-year low at around 3.5% near the start of 2020 to one that shows some 49 million people unemployed since the pandemic took hold in March.

Roach is calling for the dollar to soon decline 35% against its major rivals, citing increases in the nation’s deficit and dwindling savings.

“This massive shift to fiscal stimulus is going to blow out the national savings rates and the current-account deficit,” he told MarketWatch, reiterating comments he has previously made in interviews and in an op-ed that published by Bloomberg News on June 14.

Last week, the U.S. current-account deficit, a measure of the nation’s debt to other countries, slipped 0.1% in the first quarter, falling to $104.2 billion from a revised $104.3 billion in the 2019 fourth quarter. The current account reveals if a country is a net lender or debtor.

Roach said that his recent warnings about the dollar have garnered intense and emotional responses from readers and critics, because he believes that the U.S. is at a particularly sensitive time in history.

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