The two-plus years of the Biden administration have not been a roaring success. Despite the fact that the administration tells us the economy is strong and doing well, there seem to be a few problems, two or which are very obvious when you go to the grocery store or fill up your gas tank. There is another problem looming that is far more serious than the two I just mentioned.

On Thursday, The Daily Caller reported the following:

Joe Biden is dethroning King Dollar in real time. The US dollar’s financial dominance is under siege from a uniquely bad combination of foreign and domestic policies, and Americans should be deeply concerned by the fallout if the dollar loses its 80-year reign as the world’s reserve currency.

In just the past weeks, China conducted the first major LNG sale in renminbi instead of dollars, struck a major deal with Brazil to conduct trade in their own currencies, and just announced the sale of 65,000 tons of LNG to France denominated in yuan. This dovetails with the Biden administration’s inflationary policies and ham-handed sanctions on Russia that accelerated foreigners’ flight from the dollar at the very moment the world doubts if the dollar remains a safe and reliable store of value.

Since the Bretton Woods agreement in 1944 and the petrodollar deal in 1945, the dollar has enjoyed preeminent status around the world, especially for international trade and exchange. This created huge demand for dollars abroad and allowed the US to export inflation, to spend beyond our means and leaving foreigners to soak up the extra.

As the Federal Reserve created billions for the government to spend in the 1960s, it threatened America’s gold reserves. At the time, all major currencies were redeemable for dollars, and dollars were redeemable for gold. When “guns and butter” policy led to a run on gold, President Nixon ended the dollar-gold-exchange standard with what was supposed to be a temporary measure.

The article concludes:

If the de-dollarization progresses what becomes of the trillions of dollars accumulated around the world since 1944?

If foreigners no longer want them for trade, central bank reserves, private wealth funds, and the official currency of about a dozen countries, all those dollars have nowhere to go but back to us in a flood like our country has never seen. This flood will compete for goods and services in the US against the dollars already here as decades of accumulated trade deficits come flooding back all at once.

At that point, hyperinflation will not be hyperbole.

Please follow the link to read the entire article. My only investment advice is “PRAY.”