Treasury Secretary Janet Yellen announces an expected decline in USD | World News - Hindustan Times
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Treasury Secretary Janet Yellen announces an expected decline in USD: Here's how you can prepare

ByJahanvi Sharma
Oct 08, 2023 08:36 PM IST

Janet Yellen has advised people to diversify their interests as USD is expected to decline. Read more below about the announcement and ways to prepare.

In 2022, the U.S. Dollar saw an 8% decline in its share of global reserve. This has led to some questioning if the dollar days were over.

According to her, no existing currency can displace the greenbacks.
According to her, no existing currency can displace the greenbacks.

Janet Yellen on the dollar's decline

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However, in a congressional hearing on Tuesday, Treasury Secretary Janet Yellen shared her opinion on the same.

According to her, no existing currency can displace the greenbacks.

Though it is true that U.S. sanctions and foreign policy have led to countries such as - China, Russia and others dethroning the dollar, Janet insists that “it will not be easy for any country to devise a way to get around the dollar.”

However, she did issue a warning that the currency's share of the global reserve may continue to decline as other countries continue to “diversify”

When questioned if the dollar's international dominant status is declining she said she sees, “virtually no meaningful workaround for most countries for using the dollar as a reserve currency.”

In order to help you look for other options we have brought you three investments that can keep you floating against the submerging dollar:

GOLD

Gold is an amazing alternative due to its credible stability and maintenance over time.

The best way to venture into this investment is by opening a Gold IRA — a type of individual retirement account that allows you to invest in gold and other precious metals in physical forms.

FINE ART

Art never dies, right? Then what better option for you to invest in than artwork?

Treat it as stocks, you buy and sell and earn.

While one can not begin by investing in an expensive one, you can build up your worth slowly and steadily.

REAL ESTATE

Looking for something a bit more tangible? Real estate is a field where investment will be resistant to the decline of the dollar and continue to generate a passive income for you.

While purchasing property might not be everyone's cup of tea, you can always invest in smaller things like vacation and home rentals.

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