Economist Nouriel Roubini, a crypto skeptic known as “Dr. Doom,” is developing a token asset that is intended as a more resilient US dollar. “Our goal is to create a global store of value…this is something like an alternative to lockers, or a digital asset that has payment features in it.”
The Unique US Dollar Alternative to Nouriel Roubini
Economist Nouriel Roubini revealed this week that it is developing a suite of financial products, including a token asset, called the United States Sovereign Governance Enhanced Dollar (USG), to act as a more resilient dollar in the face of high inflation, climate change and civil unrest. , reported Bloomberg.
Roubini is a longtime crypto skeptic who has described bitcoin as the “mother of all bubbles.” He teaches at New York University’s Stern School of Business and has his own business consulting firm called Roubini Macro Associates. Best known for predicting the collapse of the housing bubble in 2007-2008, his grim predictions earned him the nickname “Dr. Death” in the media.
Dr. Doom works with Dubai-based real estate investment and management firm, Atlas Capital Team, to create the new products. He joined the company two years ago and is currently its chief economist.
Roubini explained that the dollar may be at risk because the United States “prints a lot of money and opponents begin to strip the dollar.” It is detailed:
We are aware that the US dollar reserve currency can be at risk and are working to create a new instrument that is effectively a more resilient dollar.
His plan came as a surprise to the crypto community as he has been one of Bitcoin’s most vocal critics for many years.
Roubini also detailed his plan on Twitter on Monday. “Digital Rail will have very strict anti-money laundering/know your customer features, so you will be security backed by digital assets with a serious ESG.” [Environmental, Social, and Governance] Features – no sustainable real estate. So the digital option is only one of the three options and it’s an end point, not a starting point.”
The economist provided more details:
First, the US government starts out as a hedge against inflation, fiat devaluation, financial crisis, political, geopolitical and environmental risks. This is the basic idea and not its digital line.
He added, “Secondly, the USG implementation is first of all an index that you can write TRS on [total return swap]then a fund or ETF [exchange-traded fund]. And then last and last as a security token backed not by vaporware like most crypto junk but by real/financial assets so you know at all times their market value/NAV.”
The economist noted that the new dollar would be backed by “a mixture of short-term US Treasuries, gold, and US holdings (in the form of real estate investment trusts, or REITs),” adding that it would likely be less affected by climate change.
Atlas Co-Founder and CEO Reza Bundy said:
Our goal is to create a global store of value… This is something akin to an alternative to lockers, or a digital asset that has payment features in it.
Roubini expects his new product to attract big investors looking for an alternative to the usual mix of stocks and bonds. He suggested that sovereign wealth funds, pension funds and even central banks with large reserves of dollar-denominated assets might be interested.
What do you think of the alternative Roubini project with a symbolic dollar? Let us know in the comments section below.
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