South Carolina Business Review

Is the US Dollar losing its status as the reserve currency?

By Mike Switzer

Published May 23, 2023 at 5:30 AM EDT

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You may have seen stories recently mentioning the possibility that the US dollar is in jeopardy of losing its reserve currency status, whether that is because it has been weakening relative to other currencies, or because of trades between other nations like China and Russia that are denominated in non-dollar currencies. What could this mean for our money here at home? Mike Switzer interviews Anthony Colancecco, a certified financial planner with Ballentine Capital Advisors in Greenville, SC.

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Mike Switzer

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.

See stories by Mike Switzer