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Hopefully not too off topic: I am in the USA and I have always wondered how long we could hold on to having the world’s reserve currency. I have to wonder if ev

Hopefully not too off topic: I am in the USA and I have always wondered how long we could hold on to having the world’s reserve currency. I have to wonder if even some of our close allies take pause in my government’s ability to economically attack commercial competitors like Huawei, and in the past the ‘axis of evil’ oil producing countries that had announced their willingness to sell oil in currencies other than the US dollar. I am concerned this is going to eventually backfire on us.

awt 7y ago
It will and is. Every time the US attempts to control what can be purchased with dollars, it advances the process of turning the USD into a kind of Chuck E. Cheese token.
chii 7y ago
> I am in the USA and I have always wondered how long we could hold on to having the world’s reserve currency. until the US cannot maintain superior millitary power. > I am concerned this is going to eventually backfire on us. it certainly will, the same way any collapsing superpower "backfires". The brunt of it will be felt by the citizens, while the rich and powerful would have an "out".
- pjmlp 7y ago
  I am pretty sure trying to face China on that front will have quite a different outcome than securing oil sources in Middle East countries, sadly for the whole planet.
rswail 7y ago
Being the reserve currency is not relevant to the industrial trade war underway. The US's power here is in its consumer market and its ability to impact other nations by threatening them with secondary boycotts. EU companies have no reason not to trade with Iran under the JCPOA, but US law says that any company that does cannot trade with the US. That's not the currency controlling, it's the trade. There may be legitimate security concerns about 5G and its ability to be penetrated. On that basis, doesn't that mean that the design of 5G is inherently flawed? That is the issue.

awt 7y ago

It will and is. Every time the US attempts to control what can be purchased with dollars, it advances the process of turning the USD into a kind of Chuck E. Cheese token.

chii 7y ago

> I am in the USA and I have always wondered how long we could hold on to having the world’s reserve currency. until the US cannot maintain superior millitary power. > I am concerned this is going to eventually backfire on us. it certainly will, the same way any collapsing superpower "backfires". The brunt of it will be felt by the citizens, while the rich and powerful would have an "out".

pjmlp 7y ago
I am pretty sure trying to face China on that front will have quite a different outcome than securing oil sources in Middle East countries, sadly for the whole planet.

rswail 7y ago

Being the reserve currency is not relevant to the industrial trade war underway. The US's power here is in its consumer market and its ability to impact other nations by threatening them with secondary boycotts. EU companies have no reason not to trade with Iran under the JCPOA, but US law says that any company that does cannot trade with the US. That's not the currency controlling, it's the trade. There may be legitimate security concerns about 5G and its ability to be penetrated. On that basis, doesn't that mean that the design of 5G is inherently flawed? That is the issue.