2 ms·
Will dollar dominance give way to a multipolar system of currencies?
- Gollapalli 5y agoSeems that way. If you want to defend Ukraine, okay. But confiscating Russia's sovereign wealth fund was a stupid, stupid move. That wasn't done by western countries even in WW2, fighting (literally) the Nazis. You've put the Russians in a position to have a commodity backed currency in which they no longer need to trade oil in dollars, and in which all of Europe now needs to acquire Rubles in order to not freeze to death. The profound miscalculation of western powers with regards to their sanctions and mishandling of sovereign wealth funds has all but guaranteed the oft-prophecied Thucydides trap and with it WW3 and the sunsetting of the American Empire. Damn fools. EDIT: Archive link: https://archive.ph/8tKpC https://archive.ph/8tKpC
- ggm 5y agoOr not. It's coming in to spring. People won't die of hypothermia, substitutes for some LNG supply will be found, the terms of market trade forced on the Russian arc will be unsatisfying to the money men inside the tent. Being dogmatic about this is silly. None of what you say is certain.
- chrispeel 5y agoNice article Dollar dominance may decrease, yet the dollar is going to be top coin for a long time to come