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Post: Musk criticizes US monetary policy


Tesla CEO Elon Musk. archive photo

Musk: US tight monetary policy fuels desire to abandon dollar abroad

MOSCOW, March 30 – RIA Novosti. Tight monetary policy in the US forces foreign countries to abandon the dollar, “chirp“A well-known entrepreneur is Elon Musk, one of the richest people on the planet.

“US policy is too strict, which is causing countries to want to abandon the dollar. Combined with excessive government spending that forces other countries to absorb a significant portion of our inflation,” the businessman wrote on Twitter.

Musk expressed this view in response to a post from financial analyst Genevieve Roche-Dekte (Genevieve Roch-Decter), who said the dollar had lost its reserve currency status.

On Wednesday, Brazil and China announced the creation of a clearinghouse that would allow for dollar-free settlement as well as lending in their national currencies to reduce the cost and ease of payments between countries and get rid of dollar dependency in bilateral relations. relationships.

The US Federal Reserve has been steadily raising the discount rate since last year to combat inflation. At the same time, the growth rate of consumer prices is still far from the Fed’s “target” of 2%. Thus, annual inflation in the country declined to 6% in February from 6.4% a month ago.

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Source: Ria

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