Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of "catastrophic" consequences if the U.S. dollar loses its status as the world's reserve currency. "That would mean the end of the U.S. dollar," she said, predicting that "there would be a complete implosion of the global economic system."

Crowley Warns of 'Catastrophic' Consequences if the U.S. Dollar Loses Global Reserve Currency Status

Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, explained on Fox News Saturday what would happen if emerging economies move away from the U.S. dollar towards the Chinese yuan and the USD is no longer the world's dominant currency. She stressed: It's really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world's global reserve currency.