Hudson, N.Y.: The BRICS economic alliance led by Russia and China is aggressively pursuing the development of its own currency to replace the American dollar as the dominant global currency. They are now asking members of the alliance to invest in gold instead of dollars.

Foreign investment in the dollar and the U.S. has permitted our country to operate with an out-of-control deficit for the past few decades. Without this, the U.S. will face inflation at a rate never before experienced in our country. People who have invested in their retirement will be impacted as the value of the dollar diminishes. People on fixed incomes will fair far worse. Am I being fatalistic? I think not. In just a few short years, the world’s financial reserves in American dollars — once 75% — has been reduced to less than 50%.

The global economy has lost confidence in the dollar because of the Biden administration’s decision to not only freeze Russian assets but also American dollars in Russia while imposing sanctions. Countries now worry about what will happen to their investment in dollars when their policies differ from ours.

Many OPEC countries have joined BRICS in the past two years. Nearly all oil produced and exported from these countries were paid for in American dollars since the early 1970s. This will change dramatically. Can you imagine the U.S. being required to purchase oil in a different currency? To survive as a global economic and military power, the U.S. will need to produce and consume its own oil and gas. This at a time when some politicians and academia are calling for a move away from our natural resources. Tom Fisher

Larchmont, N.Y.: To Voicer Tom Scott: What exactly did President Biden do to cause the inflation problem? Exactly what legislative initiative did he institute to cause it? Was it the pandemic (not Joe)? Was it all the PPP money that flooded the economy (not Joe)? Was it........

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