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USA has absolutely been in economic decline since the 70s. Which was okay because USD is the global reserve currency and Washington can just print USD to buy th
by pphysch 5y ago
USA has absolutely been in economic decline since the 70s. Which was okay because USD is the global reserve currency and Washington can just print USD to buy things and offset the declines in productivity/etc.
However, once the USD loses global reserve status, USA is in extreme economic trouble. In 2021 alone, it will have over $1T trade deficit in goods.
- daemoens 5y agoThe US won't lose it's global reserve status because anyone that could, doesn't want to. Certainly not China especially.
- pphysch 5y agoOf course China doesn't want a sudden collapse of the global financial system, but China is actively dedollarizing. RCEP and Russia trade is aiming to be 0% USD and may already be there. Russia and India also just announced that their bilateral trade will be 0% USD.
- seoulmetro 5y agoI would hate to see what the US would be like if the US didn't get to the tech space first. It's the only pillar holding them up beyond the 20th century.