There's no need for a single reserve currency. From a long-term...
Labrador Skeptic@SaysSimulation
35 views
Aug 31, 2024
~1 min read
Advertisement
1
There's no need for a single reserve currency.
From a long-term perspective, our current situation is quite bizarre, and likely unstable. The US is no longer economic or military hegemon, it is rapidly losing geopolitical power, the $ has no asset backing & the US is abusing
1/
From a long-term perspective, our current situation is quite bizarre, and likely unstable. The US is no longer economic or military hegemon, it is rapidly losing geopolitical power, the $ has no asset backing & the US is abusing
1/
Katashtu@Katashtu
@SaysSimulation In order to lose its reserve status the dollar needs to be replaced by something else. What would be that? Euro? Pound? Renmibi? No way.
2
it's printing privileges in a blatantly unsustainable manner, for domestic political purposes.
I realize that people look at the moment in history they happen to be living in & think that is the natural state of things, but we are in a deeply unnatural place & it will change
2/
I realize that people look at the moment in history they happen to be living in & think that is the natural state of things, but we are in a deeply unnatural place & it will change
2/
3
Keep in mind as well that as a result of years of very deliberate efforts, China now exports more to the Global South than it does to the US, and more than half of Chinese exports now settle in non-dollar terms.
The hour is later for the USD than most realize.
3/
The hour is later for the USD than most realize.
3/
4
This then necessarily means that the hour is later for US standards of living than most realize.
4/
4/