U.S. Global Influence Gradually Shrinking as Role of Dollar Diminishes, Says Analyst

Jeffrey Sachs, Director at Columbia University’s Center for Sustainable Development, said that the trend of the U.S. reserves comes amid a steady decline in the U.S. political and economic status. The diminishing dominance of the USDollar will lead to the continued shrinking of the United States’ economic and geopolitical influence and an overall erosion of its global standing, Sachs said. This global trend has been reflected since the beginning of this year, with Egypt, Israel and other countries in the Middle East have adopted a diversified strategy on their foreign exchange reserves, further reducing the share of the USDollar. Meanwhile,…