Is the US dollar losing the trust required of a global reserve currency?
The dollar isn’t just America’s currency. It is the plumbing of global trade—the world’s settlement mechanism, safe haven, and store of value. But Trump’s tariff agenda, political interference in the Federal Reserve, and broader institutional instability are changing how the rest of the world assesses US credibility.
This video explains:
- Why reserve currencies depend on trust, not “strength”
- Why the US deficit is not an accident but a structural feature of the system
- Why one-currency global trade has become fragile
- What Keynes proposed instead: the bancor
- Why the BRICS alternatives don’t solve the core design problem
- Why the IMF / World Bank have failed to lead reform
- Why we now need a neutral clearing system for global trade
The question is not “does the dollar collapse tomorrow?”
It’s whether the world should keep accepting a reserve system built around one national currency—and one increasingly erratic politics.
Let us know your thoughts by voting in our poll: https://www.youtube.com/post/UgkxWG7fo94LPFIbVpGkYoiI6LbDwPtHquM5
00:00 – Is the Dollar Failing?
01:14 – Trump, Tariffs and Currency Risk
02:32 – Why the Dollar Still Dominates
03:48 – Trust and the Reserve Currency Problem
05:04 – Why the US Must Run Deficits
06:20 – Fragility of a One-Currency World
07:41 – Keynes and the Bancor
09:02 – How the Bancor Would Work
10:28 – Surpluses, Deficits and Global Imbalance
11:52 – Bretton Woods and Dollar Hegemony
13:14 – Why the System Is Now Breaking
14:32 – BRICS and the Limits of a New Currency Bloc
15:48 – A Neutral Global Currency
16:38 – Why the World Must Act Now
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
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ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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📝 Transcript
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Top Comments
@nickbarton3191
The real economy certainly needs to be disconnected from the tech bros.
490 likes
@ccv3237
Back in 1971 the world should not have accepted Nixon's imposition of unlinking the gold to the USA-Dollar.
@L-K-Jellyfish
It's a terrible thing that it is so much easier to destroy than to create, build and maintain important structures.
212 likes
@darylwilliams7883
Americans are now too divided and too prone to electing madmen and psychopaths as leaders.
207 likes
@davers5857
Other Nations dumping the dollar to save there own currency's is what i believe will determine a lot of what come's next, Japan could be a big nail in the coffin, great video.
158 likes
@vittoriorabagliati8532
the USD currency problem is the main reason of all the wars and undercover operations of United States around the world, aimed to control large stakes of commodities since the end of WW2. And Venezuela is just the last one.
233 likes
@greatmovies298
You left out weaponizing of the $ & sanctions
115 likes
@ccv3237
Siendo muy estudioso de las profecías, solo quisiera contribuir a tu excelente análisis diciendo que para mi Mr. T es "un instrumento" del cual Dios se está valiendo para traerse abajo al otrora más fuerte imperio de los últimos siglos debido a su arrogancia y alejamiento de Dios, pese a haberse fundado bajo buenos conceptos básicos como el que cita su Constitución, "In God we trust". Dios no puede estar contento con una nación tan bendecida y que ahora está tan alejada de Dios en muchos aspectos contaminando al mundo de pecado. Todo está profetizado y escrito.
@OddRagnarDengLerstl
When was USA committed to the law? A little biased, are we? 😂😂😂
42 likes
@Pulsonar
Yes this is great news, I recently heard African countries are cleverly finding ways around doing business amongst themselves without the US dollar gatecrashing their transactions and taking a cut.
79 likes
@lonevoice
Interesting. We do seem to be on the fast train to chaos. Our politicians should be talking about the real issues that are going to matter but remain silent.
61 likes
@c.augustin
Linking the Bancor to actions against the climate crisis? Won't happen, because all in power don't want that!
44 likes
@PaulWebsterLincoln
Cheers for the upload Richard, Happy Friday
16 likes
@scottharding4336
The best thing the world can do for the US right now is boycott our debt and products. We need to put the squeeze on the wealthy so that they jettison the crazy cheetoh
18 likes
@marsupialdungbucket
Africa has been trying to create a pan-African transactional system that no longer requires the dollar for international trade. I think it's called Onafriq, but the idea is for African countries to stop paying the US to trade with each other. Things are finally changing.