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Always take everything that politicians, corporate executives, Twitter talking heads, and other public figures say about macroeconomics at face value, especiall
by cs702 4y ago
Always take everything that politicians, corporate executives, Twitter talking heads, and other public figures say about macroeconomics at face value, especially if it sounds alarmist. Lately many of them have been saying that "the US is in decline," "the dollar's dominance is ending," "a new currency block is emerging," etc. Usually, like most people, they don't understand macroeconomics. They may be parroting something they read on the Web without realizing it.
If I may quote J. M. Keynes: "Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."
- 317070 4y agoPoe's law: "Without a winking smiley or other blatant display of humor, it is utterly impossible to parody in such a way that someone won't mistake for a genuine article." I cannot tell if you are serious or joking. [0] https://en.m.wikipedia.org/wiki/Poe%27s_law https://en.m.wikipedia.org/wiki/Poe%27s_law
- cs702 4y agoNot a joke. But I can see why someone might think it is :-)
- obviouslynotme 4y agoI agree and disagree. The USA and the US Dollar aren't going to evaporate any time soon. People have been predicting that ever since we left the gold standard. The USA may not be a unilateral superpower anymore, but it's still the largest military and has only recently been knocked off its place as the largest economy. The supremacy of the USA and US Dollar aren't going away anytime soon, even if it is in decline. De-dollarization has been attempted for decades. It's not a new thing. Governments around the world have tried to switch away from the dollar only to be squashed in the name of democracy. You only need to look at Gadaffi with his Gold Dinar and pan-African currency push and how that turned out. Only large governments with real militaries like Russia and China can openly defy the Petrodollar, and even then only between themselves and with great ire from the US State Department. That being said, the continued proxy wars are wearing down the US Military and the US Government's ability to get backing for war. Even if the USA wins the current Ukranian proxy war, it no longer has the political will to declare war on BRICS directly. We are likely going to throw people into the meat grinder until both parties are exhausted. What I see as the final compromise is a new UN CBDC used for international settlements, which will still be a US win since the UN is a US puppet currently.
- user_named 4y agoThe USD will lose reserve status first slowly, then suddenly. You dispute the slowly part, but you will not be able to dispute the sudden part.