US dollar at risk of losing dominance, warns Wall Street bank

News Network
April 4, 2022

The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.

According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.

The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,” with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.

The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem. The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. 

International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.

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News Network
November 1,2024

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Bengaluru, Nov 1: Hardline BJP leader and Vijayapura MLA Basanagouda Patil Yatnal wrote a letter to Prime Minister Narendra Modi to "Nationalise Waqf Assets", alleging Waqf board of "blatant violation" in claiming of the lands of Farmers, temples and mutts.

Taking to his social media, Basanagouda Patil Yatnal posted on X, saying "I have written a letter to the hon'ble PM Shri Narendra Modi ji to Nationalize the Waqf Assets in view of the arbitrary, blatant violation in claiming of the lands of Farmers, Landowners, Temples, Trusts and Mutts across the country by the Waqf board. All the citizens of the country have equal rights on the land. If the motive of Waqf is welfare and social service, this has to be done without bias and religious discrimination as India is a secular nation."

Additionally, Vijayapura MLA also attached the letter to Prime Minister Narendra Modi in his post.

Earlier, BJP MP Tejasvi Surya had accused the Waqf Board of encroaching on thousands of acres of farmers' lands with the support of the Karnataka government.

Surya stated, "There have been multiple press conferences and videos in the public domain where the Minister himself has admitted that these Waqf adalats are being conducted under the Chief Minister's instructions. This is a grave matter, where thousands of acres of farmers' lands are being encroached upon by the Waqf Board with the active support and collusion of the State Government."

He mentioned that, in recent days, farmers from various districts across Karnataka have reported that, without prior notice, ownership of their lands has been abruptly transferred to the Waqf Board.

Karnataka Minister Priyank Kharge criticised BJP MP Tejasvi Surya, claiming he has done nothing for Bengaluru. Kharge's remarks came in response to the BJP MP's accusations regarding Waqf Board land encroachment.

The Congress leader assured that the Karnataka government is committed to protecting farmers' properties.

Kharge further questioned the BJP's record on protecting temples during its previous government, stating that the Karnataka government is committed to safeguarding temples and common people's properties.

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News Network
October 21,2024

Mangaluru: The MLC by-election for the Dakshina Kannada and Udupi Local Authorities Constituency commenced at 8 AM on Monday, with voting set to continue until 4 PM. A total of 392 polling booths have been established across the two districts, which form the constituency.

The constituency has 6,032 eligible voters, including 3,127 women. Early reports indicated brisk voting at the Mangaluru City Corporation polling booth, where corporators were seen patiently standing in line in the morning.

In a unique moment, Sharath, a gram panchayat member from Kokkada, cast his vote at Kokkada Gram Panchayat before heading to his wedding ceremony.

The constituency features 53 sensitive polling booths. Eligible voters include members of gram panchayats, corporators from Mangaluru City Corporation, city and town municipal councils, town panchayats, MLAs, MLCs, and Lok Sabha members representing the Dakshina Kannada and Udupi districts.

Notably, Byndoor MLA Gururaj Gantihole and MLC Prathap Simha Nayak, who do not represent local bodies, were left out of the voters' list. According to electoral rules, only those MLAs, MLCs, and MPs who represent city corporations, municipalities, town panchayats, taluk panchayats, or zilla panchayats are granted voting rights in the MLC elections for the Local Authorities’ Constituency.

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News Network
October 25,2024

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A recent survey has exposed a troubling rise in anti-Muslim racism across Europe, fueled by heightened conflicts in West Asia and Europe’s increasingly hostile climate for Muslims. The EU Agency for Fundamental Rights (FRA) revealed on Thursday that nearly half of European Muslims faced discrimination in the past five years, with the situation worsening notably over the last year as violence flared in Gaza.

Nicole Romain, a spokeswoman for FRA, confirmed reports of intensified anti-Muslim hate across several EU countries. "Even before the current escalation, it was already becoming increasingly challenging to live as a Muslim in the EU," she said, pointing to dehumanizing rhetoric and profiling practices that target Muslims based on religion, ethnicity, and even physical appearance.

The survey, conducted prior to Israel’s large-scale assault on Gaza, included data from over 9,600 Muslims across more than a dozen EU nations between October 2021 and October 2022. The results highlighted Austria as having the highest rate of discrimination against Muslims at 71 percent, followed closely by Germany (68 percent) and Finland (63 percent). France, home to Europe’s second-largest Muslim population, reported a rate of 39 percent.

Women and children are disproportionately affected, particularly those wearing religious attire such as the hijab. FRA's report sheds light on the pervasive racial profiling Muslims face, from random police checks to discrimination in employment despite high qualifications. Director Sirpa Rautio warned that as conflicts continue to escalate, the impact on Muslims in Europe is likely to worsen, compounding challenges for the EU’s 26 million-strong Muslim population, which makes up more than 5 percent of the bloc's residents.

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