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The most important quote might be from Mnuchin yesterday: "Treasury takes very seriously the role of the US Dollar as the world's reserve currency, and will co

The most important quote might be from Mnuchin yesterday: "Treasury takes very seriously the role of the US Dollar as the world's reserve currency, and will continue our efforts to protect our country". [1] Are you supposed to say that out loud? [1] https://youtu.be/zAICzg8ir50?t=370 https://youtu.be/zAICzg8ir50?t=370

ForHackernews 7y ago
Huh? Why not? The US gains strategic advantage from the power of the USD, and signalling their intention to protect that advantage will only help reinforce it.
- thinkloop 7y ago
  Well there's this whole thing about fighting terrorism and money laundering, and individual rights and small government, etc. In this context it's odd for the government to be picking winners. We are also the leaders in crypto. Many US citizens are involved in crypto. It's almost as if the government had a stake in GM and so started making rules against Ford under the guise of public safety. Doesn't it seem like this should have zero effect on policy decision? If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? The latter isn't beneficial to the US, so framing it that way seems like a bit of a slip.
  - adventured 7y ago
    > If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? I'm confused by most of what you wrote. The rest of the world is looking after their own interests, that's why nearly every country has its own currency. It's why the Euro exists. It's why the Federal Reserve isn't literally the global central bank controlling a single currency that everyone on earth must use. The Eurozone - for one example - is and always has been interested in promoting the Euro as a dollar-competing global currency. Russia and China, as the primary military competitors to the US (and China as the sole economic superpower competitor to the US), are persistently attempting to either compete with or undermine the US dollar hegemony. Russia hasn't been subtle about wanting to see the dollar's prominence reduced for most of Putin's time in office.
    - thinkloop 7y ago
      Since crypto is global Mnuchin (rightly) mentioned that he needs to work with the rest of the world to achieve his goals. But if his stated goals are to bolster the US currency that will not be a great motivator for other countries to cooperate.
    - goatinaboat 7y ago
      every country has its own currency. It's why the Euro exists These two statements are contradictory. Ask the ordinary Greeks or Italians if they feel the Euro supports their national interests. The Italians are even talking about rebooting the Lira now.
    - ForHackernews 7y ago
      There's also Eurodollars https://en.wikipedia.org/wiki/Eurodollar https://en.wikipedia.org/wiki/Eurodollar

ForHackernews 7y ago

Huh? Why not? The US gains strategic advantage from the power of the USD, and signalling their intention to protect that advantage will only help reinforce it.

thinkloop 7y ago
Well there's this whole thing about fighting terrorism and money laundering, and individual rights and small government, etc. In this context it's odd for the government to be picking winners. We are also the leaders in crypto. Many US citizens are involved in crypto. It's almost as if the government had a stake in GM and so started making rules against Ford under the guise of public safety. Doesn't it seem like this should have zero effect on policy decision? If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? The latter isn't beneficial to the US, so framing it that way seems like a bit of a slip.
- adventured 7y ago
  > If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? I'm confused by most of what you wrote. The rest of the world is looking after their own interests, that's why nearly every country has its own currency. It's why the Euro exists. It's why the Federal Reserve isn't literally the global central bank controlling a single currency that everyone on earth must use. The Eurozone - for one example - is and always has been interested in promoting the Euro as a dollar-competing global currency. Russia and China, as the primary military competitors to the US (and China as the sole economic superpower competitor to the US), are persistently attempting to either compete with or undermine the US dollar hegemony. Russia hasn't been subtle about wanting to see the dollar's prominence reduced for most of Putin's time in office.
  - thinkloop 7y ago
    Since crypto is global Mnuchin (rightly) mentioned that he needs to work with the rest of the world to achieve his goals. But if his stated goals are to bolster the US currency that will not be a great motivator for other countries to cooperate.
  - goatinaboat 7y ago
    every country has its own currency. It's why the Euro exists These two statements are contradictory. Ask the ordinary Greeks or Italians if they feel the Euro supports their national interests. The Italians are even talking about rebooting the Lira now.
  - ForHackernews 7y ago
    There's also Eurodollars https://en.wikipedia.org/wiki/Eurodollar https://en.wikipedia.org/wiki/Eurodollar