Nassim Taleb: “US Dollar Quietly Dethroned — This Asset Is the New Global Reserve”
In a striking interview with Bloomberg, economist and best-selling author Nassim Nicholas Taleb claimed that the U.S. dollar has quietly lost its role as the world’s de facto reserve currency — and has already been replaced. According to the Black Swan author, the dollar can no longer be trusted as a true safe-haven asset, especially in an era where inflation steadily eats away at purchasing power. “People would rather participate in equity markets than hold a currency that declines in value over time,” he said.
Taleb pointed to the turning point in 2022 when the U.S. and its allies imposed aggressive financial sanctions on Russia following its invasion of Ukraine. By weaponizing the dollar and freezing Russian reserves, Taleb believes the U.S. undermined global trust in the currency. Even individuals and entities not affiliated with Russia began steering away from dollar-denominated assets, seeking alternatives to avoid becoming collateral in geopolitical power plays.
What has emerged in its place, Taleb argues, is gold. “Gold is now basically the reserve currency,” he said. While most global transactions may still take place in dollars or euros, Taleb claims that settlements — in spirit and value — increasingly revert to gold. He highlights rising gold reserves and the metal’s resilient performance over the past year as signs that investors and central banks are re-aligning away from fiat.
This, coupled with the growing U.S. deficit, signals a gradual but undeniable shift in global monetary structure. According to Taleb, the implications are profound: the dollar’s decline isn’t loud or sudden — it’s happening quietly, and gold has already stepped up to take its place.