The U.S. Treasury Department’s plans to double its long-term bond buybacks have brought Treasury Secretary Scott Bessent’s de-dollarization warnings back into the spotlight.
In an interview on the Money Maze Podcast from October 2023, Bessent cautioned about Beijing’s gold purchases, while adding that India and China have pathways to pay for oil in rupees and renminbi, which he argued reduces the dollar’s role in those flows.
He also said the idea of a "global South" looking for alternatives to the dollar has become a real consideration, adding that it would be notable if even the French Republic sought distance from dollar dependence. The thrust of his argument was that sanction power and financial plumbing are increasingly linked in ways that can change incentives for countries and companies.
"You have this new term, the Global South, that wants out of the dollar system. It will be very interesting if the French Republic also wants out of the dollar system," Bessent said at the time.
Why Gold Is Regaining Its Lost Luster, According To Bessent
