US author Perkins warns dollar's global position is weakening

American author John Perkins said the dollar's global status and U.S. influence worldwide face growing challenges, with increasing skepticism toward the United States, the dollar and the Federal Reserve. Perkins, known for his book "Confessions of an Economic Hit Man," said geopolitical and economic shifts are pushing some countries to seek alternatives to reliance on the U.S. financial system. He noted that China's efforts to reduce its dependence on the dollar have encountered major obstacles because it holds large amounts of dollar-denominated assets, and said a sharp decline in the dollar's value could hurt the Chinese economy. Perkins added that the United States' military power has come under greater scrutiny after wars and foreign interventions of recent decades. He argued that every global empire rests on three pillars: a dominant world currency, military strength and the spread of its language. The weakening of the dollar's position could erode U.S. global influence, according to Perkins. Reports indicate that several countries are working to expand the use of their own currencies in international trade and to increase the role of alternative currencies in financial transactions.