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> This is the strongest concerted effort to kill the petrodollar and Bretton Woods. It would have devasting impact to the US economy if this trend continues. I
by xiphias2 4y ago
> This is the strongest concerted effort to kill the petrodollar and Bretton Woods. It would have devasting impact to the US economy if this trend continues.
It's a 100 year long trend that started with the 1933 gold ban in US, later Bretton Woods, decreasing US global bond portfolio recently, and the Russian central bank asset freezing.
Personally I think that defaulting on Russia was a bigger deal than the Yuan bond trade, as it created a precedent for not paying for countries that US not even officially in war.
What's important is neighter to overreact nor underreact: this is a long process in which USD is losing its reserve currency status.
Personally I believe Bitcoin will be taking its place, but I know that that is a controversial statement.
- delfinom 4y agoBitcoin, utterly worthless the moment rockets start flying and knocking out internet infrastructure
- antibasilisk 4y agoBitcoin doesn't rely on the internet, it's a nice to have.
- vkou 4y agoIn a world without internet, your paper wallet will be worth ~as much as my D&D character's inventory sheet. And probably less, because at least the character sheet is big enough that I can make a paper airplane out of it.
- antibasilisk 4y agoWhy's that?
- vkou 4y agoBecause without a working network, it becomes impossible to actually use it as currency. At least bars of gold, or gold-coated tungsten, or pirate treasure, or papiermarks or dollars or lottery scratchers or bottlecaps can physically change hands in exchange for goods.
- antibasilisk 4y agoA postal network is enough of a network
- akimball 4y agoIf the internet stops working, you will have bigger problems than money.