Brazilian economist Paulo Batista contends that the US dollar and Washington-based financial institutions are wielded as tools against nations that fall out of favor with the West. In a recent interview with RT, Paulo Nogueira Batista Jr., a former Brazilian representative at the International Monetary Fund (IMF), characterized the US dollar as a “dangerous currency.”
He noted that trust in the dollar as the world’s reserve currency is waning, with an increasing number of nations pursuing alternatives in a significant de-dollarization movement. “The dollar is a dangerous currency. Just look at what happened to Russian reserves,” Batista stated, referring to the $300 billion in Moscow’s sovereign assets that were frozen in Western jurisdictions. He emphasized that the US has become the primary adversary of the dollar by weaponizing it, compelling more countries to seek alternatives to the Western financial system.
While Batista acknowledged that the dollar will continue to be a vital currency, he underscored that its use as a weapon against nations perceived as hostile to the West inevitably undermines global confidence in it. He criticized the IMF, asserting that it operates not as a multilateral institution but as a political instrument largely serving Western and US interests.
Batista pointed out the disparity in financial assistance, noting that Ukraine received substantial loans without a robust economic program, while nations with policies contrary to Western interests, such as Serbia, are often denied access to such funds.