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Well we know that any power the world gives to the United States can be used by a petulant, insecure man-baby to serve nobody's ends but his own.
So yeah, America, if you had made better decisions, you would still be deserving of the title of the world's reserve currency. But here we are, times are a-changing.
It was never deserving of being the reserve currency.
There were at least face-value arguments for it before.
A universal global currency isn't a bad idea, necessarily, but putting all that power in the US's hands was always bad. Any time anyone tried to do anything the US didn't like they'd get slammed with structural readjustment and sanctions and blockades and regime change. It was always a tool of underdevelopment and imperialism.
Ask Cuba how great it was that the dollar was the reserve currency.
That's a problem no matter who is in charge. Think China, Russia, etc would act any different with that same power? Theoretically, a blockchain currency could be a solution but as is they're either a scam or investment rather than currency.
In a multipolar world there is no one country that gets to be in charge.
It is the solution. You want an asset not liquid as what backs the currency. Proof of stake is scam/gambling. Proof of work is investment/asset. There’s only one established game in town.
Better than global rubels
WHAT ABOUT RUSSIA THOUGH??
No such thing. Kievan Rus getting their name jacked by Moscow trash.
American here, I'm hoping the diminishing of the American empire will finally allow for people's power to take hold in the government. Something about China and crisis and opportunity.
I don't think history supports that prediction. Far more likely that America will follow the trajectory of post-USSR Russia. Not as extreme of course, but I think the normalization of open kleptocracy is already on display.
times are ~~a-changing~~ a-ching-ching 🤑
That doesn't surprise me, because Drump's absurd import tariffs are interpreted by numerous economists as a sign that the US is actually bankrupt.
Judging by its national debt and weak economy, the US would probably have been bankrupt years ago if the dollar weren't a reserve currency. That's precisely why it's so absurd.
The so-called Mar-a-Lago Accord, which is anything but an agreement, seems to me to be a desperate attempt at blackmail, playing off the (conventional) military power of the United States against the rest of the world - as far as I know, most economists consider this to be completely bonkers.
I, on the other hand, think that this serves two main purposes: to maintain the illusion among the US population that the US is still the superpower it was in the 1980s (it is not), and to personally enrich the US president and his partners.
Keep an eye on Hong Kong. It’s locked within a range to the USD. I expect to see an announcement of a switch to the Yuan soon.
Petrodollar has value because its used to purchase petroleum from the Saudis.
If you're not using dollars to buy Saudi petroleum, you need a lot less of them.
Tee Hee. Soon everyone shall realize how futile capitalism is. Tee Hee.
We can only hope