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War is a racket. But to imply that the little guy does not profit is disingenuous. 330 million Americans profit from the fact the US dollar is a reserve currenc
by credit_guy 5y ago
War is a racket. But to imply that the little guy does not profit is disingenuous. 330 million Americans profit from the fact the US dollar is a reserve currency. Countries and people park their money in dollars, and as the world economy grows, there's a need for more dollars, and the US Government obliges by running mind blowing deficits. In the old times, vassals would pay tribute, today, they simply buy US Treasuries. Tribute (or if you prefer, protection money) is the very definition of racket.
Putin and Xi don't like to pay protection money. In fact, they'd rather be racketeers themselves [1].
[1] https://www.washingtonpost.com/politics/2021/04/09/china-russia-announced-joint-pledge-push-back-against-dollar-hegemony/ https://www.washingtonpost.com/politics/2021/04/09/china-rus...
- onepointsixC 5y agoHaving the dollar as the reserve currency resulted in at first the draining of American gold reserves, and now the draining of American manufacturing. So it hasn't been without a cost.
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- deleted 5y ago[deleted]