The euro became the top currency for global payment transactions last month, having outpaced the US dollar for the first time since 2013, data from SWIFT showed.

RT’s Boom Bust is joined by Michael Pento, the founder and president of Pento Portfolio Strategies, to find out if that means the start of the de-dollarization process.

The Eastern Bloc nations just signed a huge trade pact, Pento says, adding that he doesn’t see “why would there be any sense for them to do that trade conducted in dollars when they can use the Chinese yuan, the Japanese yen or even the euro.”

It just doesn’t make any sense, he says, “Dollar hegemony, by the way, has been losing footing for many years and now this has started to accelerate.”

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