The Narrative Is Misleading—This Isn’t Dedollarization, It’s De-Fiatization For years, the media and financial institutions have echoed warnings about “dedollarization”—suggesting that countries are dumping the U.S. dollar in favor of alternative fiat currencies like the yuan or the euro. But according to Daniel Lacalle, economist and Mises Institute contributor, this interpretation is dangerously shallow. The real trend underway is not a pivot away from the dollar toward another fiat, but a broader abandonment of fiat currencies altogether. This De-Fiatization Not Dedollarization Trend signals a deeper global shift away from paper money itself, not just away from the dollar. The implications are enormous: this is not a reshuffling of reserve currency chairs. This is a rejection of fiat itself—a quiet but…
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